NY S09422

Defines "thermal energy" as piped non-combustible fluids used for heating and cooling buildings, and "thermal energy network" as utility-scale distribution infrastructure supplying thermal energy.

Amends Public Service Law to include thermal energy networks within the regulatory authority of gas and electric corporations, bringing them under Public Service Commission jurisdiction.

Requires the Public Service Commission to initiate a proceeding within three months to develop regulatory structure for thermal energy networks, including ownership, market, and rate structures, with final rules within two years.

Mandates each of the seven largest gas and electric utilities submit one to five pilot thermal energy network projects within three months, with at least one pilot project per utility territory in disadvantaged communities.

Requires thermal energy network projects to include labor peace agreements with bona fide labor organizations and prioritize hiring transitioning utility workers displaced by gas system downsizing.