NY S06557

Requires regulated utilities (electric, gas, steam, water-works corporations) to adopt annual common equity ratios and rates of return on equity set by the Public Service Commission based on a standardized generic financing methodology.

Mandates the Commission update its generic financing methodology annually using publicly available data and establish a single authorized rate of return on equity for all regulated utilities while setting individual common equity ratios for each utility.

Implements a "true-up mechanism" requiring utilities to return revenues exceeding the authorized rate of return as bill surcharges to ratepayers, and recover shortfalls through surcharges in the following rate period.

Allows utilities to rebut the Commission-set parameters only through a public hearing where they must demonstrate the authorized rates are insufficient for operating needs, capital needs, or financial integrity, with the burden of proof on the utility.

Requires the Commission to submit annual reports to the governor and legislature detailing authorized ratios and returns, analyzing changes in circumstances, and making all non-public data used in calculations publicly available online; takes effect one year after enactment.