TRENTON, NJ – The New Jersey Assembly Telecommunications and Utilities Committee has reported favorably on Assembly Bill No. 5693. This legislation mandates the Board of Public Utilities (BPU) to develop a program aimed at promoting energy businesses owned by women, minorities, veterans, and members of the LGBTQ community in the state.
This innovative program will potentially encompass public information campaigns, marketing, advertising, and various incentives. The BPU is granted the authority to determine the most effective means and methods for implementation.
A key feature of the bill is the establishment of target percentages for energy procurement. Businesses and public entities using third-party energy suppliers are expected to meet these targets. By the fourth energy year following the program’s initiation and onwards, the goal is for 25 percent of energy procured by these entities to be sourced from qualifying diverse-owned energy businesses.
The bill outlines specific criteria for determining eligible businesses and directs the BPU to create an application process for interested parties. Additionally, it mandates the BPU and state’s electric and gas public utilities to list approved energy businesses on their websites.
An essential aspect of the bill is the requirement for the BPU to track and publicly report the program’s success in achieving the set targets. These updates will be available on the BPU’s website, ensuring transparency and accountability.
This legislative move marks a significant step towards inclusivity and diversity in New Jersey’s energy sector, aiming to create a more equitable and diverse business environment.