In Re Pub. Ser. Elec. & Gas Co.

Summary

The New Jersey Supreme Court affirmed the Appellate Division’s upholding of the Board of Public Utilities’ Final Order and Bondable Stranded Cost Rate Order, holding that the agency’s interpretations of the Electric Discount and Energy Competition Act regarding the measurement of the initial five‑percent rate reduction, the accelerated amortization of an excess depreciation reserve, and the valuation of stranded costs were within its statutory discretion and supported by the record. The Court rejected the dissent’s arguments that the BPU misread the statute, exceeded its authority, and failed to provide adequate hearings.