NY A08065

Authorizes the Public Service Commission to direct electric and gas corporations to enter into long-term contracts (up to 20 years) with renewable energy resources for energy, capacity, and renewable energy credits.

Establishes procurement requirements: 2% of the state's annual retail electricity load by 2016, 4% by 2018, and 6% by 2020.

Prioritizes contracts that maximize financial benefits to customers, hedge against fossil fuel price volatility, and create or maintain property taxes and employment in New York.

Requires annual competitive solicitation processes with established timelines for negotiation, commission decision-making, and contract closing.

Mandates that all costs and financial benefits from contracts be allocated to ratepayers, and prohibits price differentials between contract and market prices from being considered imprudent.