The main purpose of the "No Bonuses for Utility Executives Act" is to regulate and limit the bonuses that executives of certain electric utilities can receive. The law aims to ensure that these bonuses are only awarded when customer rates do not increase excessively, promoting fairness and accountability in the utility sector. Key provisions of the law include a requirement that starting January 1, 2025, electric utilities can only pay bonuses to executives if the average increase in customer rates does not exceed the increase in the Consumer Price Index for that year.