NY A01563

Requires the Public Service Commission to review utility rates annually, unless it determines public interest doesn't require annual review, in which case reviews may occur at no more than three-year intervals.

Forbids market clearing price mechanisms for power purchases through wholesale markets via the Independent System Operator (ISO) of New York, requiring instead a descending clock, pay-as-bid auction process where prices fall until supply meets demand.

Mandates the Commission oversee ISO auction procedures and appoint an independent market advisor to review market practices and recommend actions to prevent bidder behavior that could distort auction results.

Grants the Public Service Commission full jurisdiction over the ISO of New York and authority to regulate the reliability, quality, maintenance, and pricing of generators, transmitters, and distributors.

Permits utilities to purchase power from non-ISO markets or directly from generators at just and reasonable rates, and prohibits the Commission from requiring incumbent utilities to divest generation, transmission, or distribution assets without specific authorizing legislation.