How A 5395 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill amends 1 section(s) of the New Jersey statutes: N.J.S.A. 48:3-60.

• N.J.S.A. 48:3-60

  c. Upon designating a qualified clean firm energy resource project pursuant to section 5 of P.L. , c. (C. ) (pending before the Legislature as this bill), the board shall establish, by board order, a non-bypassable charge to be known as the clean firm development charge, or CFDC, which shall be imposed on all electric utility customers. The board shall determine the amount of the charge necessary to provide the agreed-upon funding, and shall establish, and adjust from time to time as necessary, the amount that each electric public utility is required to collect accordingly. The board shall require each electric public utility to begin assessing the charge on all customer bills no later than 180 days after the designation of a clean firm energy resource project, or other date specified by the board. Monies collected through the CFDC shall be deposited in the "Clean Firm Energy Development Fund" for the purposes described in subsection d. of this section. d. There is established in the Board of Public Utilities a nonlapsing fund to be known as the "Clean Firm Energy Development Fund." The monies in the fund shall be used to support the development of one or more qualified clean firm energy resource projects. The level of funding to be provided to a qualified clean firm energy project shall be established by the board in any order designating a qualified clean firm energy resource project pursuant to section 5 of P.L. , c. (C. ) (pending before the Legislature as this bill). e. The "Clean Firm Energy Development Fund" shall be administered by the board and shall be credited with: (1) monies received from the CFDC pursuant to subsection c. of this section; (2) such monies as are appropriated by the Legislature for this purpose; and (3) any return on investment of monies deposited in the fund. f. The board shall disburse the monies collected in the "Clean Firm Energy Development Fund" to a qualified clean firm energy resource project entity based on the construction milestone and payment schedule agreed to and specified in the board's order issued pursuant to section 5 of P.L. , c. (C. ) (pending before the Legislature as this bill). The disbursement of funds shall be directed by the board upon submission of documentation satisfactory to the board of costs incurred and construction progress, and a determination by the board that such costs were prudently incurred. Submissions shall include proof of actual expenditures and any other information the board deems necessary to verify eligibility for disbursement of funds. The board shall not disburse monies for any qualified advanced nuclear reactor project until the project has been issued a construction permit, combined construction permit and operating license, or Limited Work Authorization by the United States Nuclear Regulatory Commission, as applicable. The board shall report collections to the fund as revenues, and disbursements from the fund as expenditures, for the purposes of the Governor's annual budget message to the Legislature. g. When all disbursements to a qualified clean firm energy resources have been made pursuant to subsection f. of this section, or if the designation of the qualified advanced nuclear reactor has been terminated by the board, the board shall direct each electric public utility to immediately cease collecting the CFDC for that clean firm energy resource. h. As used in this section: "Clean firm development charge" or "CFDC" means a charge imposed by an electric public utility at a level determined by the board, pursuant to the provisions of subsections c. through g. of this section. "Clean firm energy resource" means the same as the term is defined in section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill).

  amended