TRENTON, NJ – If a new law in New Jersey makes it to Governor Phil Murphy’s desk, veteran and women-owned businesses will have to compete with LGBTQ+ businesses for highly coveted government set-aside contracts.
The Assembly Telecommunications and Utilities Committee has favorably reported Assembly Bill No. 5693, a significant legislative move to foster diversity in the energy sector. The bill mandates the Board of Public Utilities (BPU) to create a program aimed at promoting energy businesses owned by women, minorities, veterans, and LGBTQ individuals in New Jersey.
Key features of the bill include a range of support measures such as public information campaigns, marketing, advertising, and incentives. The BPU will determine the specific methods and means to implement these measures.
A notable aspect of the bill is the establishment of target percentages for energy procurement. The bill sets a goal that, by the fourth energy year following the program’s inception and onwards, 25% of the energy procured by businesses and public entities using third-party energy suppliers should come from businesses owned by the aforementioned groups.
The legislation outlines criteria to identify qualifying businesses and instructs the BPU to develop an application process for interested participants. Additionally, the BPU and the state’s electric and gas public utilities are required to list approved energy businesses on their websites.
To ensure transparency and accountability, the BPU will track and report the program’s effectiveness in achieving the set targets. These updates will be available on the BPU’s website. The bill’s progress marks a significant step toward diversifying New Jersey’s energy sector.