NY S08384

Authorizes regulated utility companies providing retail electric service to own and operate renewable energy generating facilities in New York state, individually or in partnership with other entities.

Requires all net revenues from utility-owned renewable energy facilities to be provided to low-income customers in the form of bill credits, in addition to any existing assistance programs.

Establishes that utility-owned renewable facilities must remain in-state, cannot be exported out-of-state, and are subject to Public Service Commission oversight and competitive third-party bidding processes for construction.

Caps total utility-owned generation capacity at 25 percent of the total generation capacity needed to achieve New York's renewable energy goals under the Climate Leadership and Community Protection Act.

Directs the Public Service Commission to commence a proceeding within 60 days of the act's effective date to implement the new regulatory framework.