(1) with respect to which the owner of the facility shall have entered into an off-tariff rate agreement with an electric public utility, pursuant to the provisions of P.L.1995, c.180 (C. 48:2-21.24 et seq.);

(2) that manufactures products made from using “postconsumer material,” as that term is defined in 40 C.F.R. 247.3, and other recovered material feedstocks that meet the requirements of the Comprehensive Procurement Guideline For Products Containing Recovered Materials as promulgated by the United States Environmental Protection Agency in 40 C.F.R. 247.1 et seq., pursuant to the “Resource Conservation and Recovery Act,” Pub.L.94-580 (42 U.S.C. § 6901 et seq.) and Executive Order No. 13101, issued by the President of the United States on September 14, 1998, provided that at least 75 percent of the manufacturing facility’s total annual sales dollar volume of such products that are produced in New Jersey meet the recycled content standards within such guidelines;

(3) for which a “comprehensive energy audit,” as that term is defined in section 2 of P.L.1995, c.180 (C. 48:2-21.25), shall have been undertaken within 90 days after the effective date of P.L.2007, c.94 (C. 48:2-21.36 et al.), which audit shall have evaluated cost-effective energy efficiency and conservation measures as part of the efforts to reduce energy costs;

(4) that has been in operation in this State for at least 25 years as of the effective date of P.L.2007, c.94 (C. 48:2-21.36 et al.); and

(5) at which at least 800 employees are employed on the first business or work day after the expiration of such off-tariff rate agreement.

b. An electric public utility or a gas public utility may enter into an agreement with the owner of a manufacturing facility that establishes a price for the transmission or distribution of electricity or natural gas, as appropriate, to that manufacturing facility that is different from, but in no case higher than, that specified in the electric public utility’s or gas public utility’s current cost-of-service based tariff rate for transmission or distribution service otherwise applicable to the manufacturing facility.

c. The board shall approve the agreement if such agreement meets all of the following conditions:

(1) The agreement shall be filed with the board and the Division of Rate Counsel in the Department of the Treasury;

(2) The agreement shall contain a provision that the owner of the manufacturing facility would have relocated the facility outside of the State to a location where electric power or natural gas supply could be obtained at a lower cost, had it not entered into the agreement;

(3) There shall be no retroactive recovery by the electric public utility or gas public utility, as appropriate, from its general ratepayer base of any revenue erosion that occurs prior to the conclusion of the utility’s next base rate case. Subsequent to the conclusion of the utility’s next base rate case, any such recovery shall be prospective only. The board may require the utility to provide proof that there shall be no such retroactive recovery;

(4) There shall be no undue transfer of cost allocation or revenue recovery responsibility by the electric public utility or gas public utility, as appropriate, from the utility to its general ratepayer base. The utility agrees to be subject to an independent audit or such accounting and reporting systems the board may deem as necessary to ensure that costs are allocated properly and that revenue recovery responsibility is not transferred; and

(5) The term of the rate agreement shall begin within one year of the effective date of P.L.2007, c.94 (C. 48:2-21.36 et al.) and shall not exceed seven years in duration.

L.2007, c.94, s.3; 2007, c.94, s.3. amended 2010, c.34, s.14.