Provides for a two percent cap on rate increases imposed by utilities

This bill caps annual rate increases for gas and electric utilities - including municipal utilities - at two percent. It prohibits utilities from raising rates by more than two percent per year without violating the law. Any proposed rate increase above this limit must be reviewed by the Department of Public Service, but the utility authority’s board is barred from approving final rate plans that exceed the two percent cap. The law requires a public hearing if a board seeks to justify an increase above the cap, though such increases remain disallowed.