NY A07850

Authorizes regulated utility corporations to own and operate large-scale renewable energy generation facilities in New York State, individually or in partnership with other entities.

Requires all net revenues from utility-owned renewable facilities to be provided to low-income customers as bill credits, in addition to other assistance programs.

Limits total utility-owned generation capacity to 25 percent of the capacity needed to meet New York's renewable energy goals (70% renewable by 2030, 100% carbon neutral by 2040).

Requires utility-owned renewable projects to include labor peace agreements with bona fide labor organizations, use competitive bidding processes, comply with domestic steel and iron sourcing requirements, and remain subject to Public Service Commission oversight.

Mandates the Public Service Commission commence an implementation proceeding within 60 days of the act's effective date.