NY A01540

Amends Public Service Law to authorize the Public Service Commission to direct electric and gas corporations to enter into long-term renewable energy contracts for up to 20 years.

Establishes minimum procurement targets: 2% of annual retail electricity load by 2019, 4% by 2021, and 6% by 2023.

Requires the Commission to prioritize contracts that maximize financial benefits to customers, hedge against fossil fuel price volatility, and preserve property taxes and employment in New York.

Mandates the Commission establish annual competitive solicitation schedules with timelines for negotiation and contract closing, with all costs and benefits allocated to ratepayers.

Requires payments to be made only after contracted energy and capacity have been delivered, and directs the Commission to ensure adequate financial security for ratepayer benefits projected in later contract years.