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NY A01028
Bill
Status
1/8/2025
Primary Sponsor
Didi Barrett
Click for details
AI Summary
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Requires the Public Service Commission to annually establish a standardized "generic financing methodology" using publicly available data to set authorized rates of return on equity and common equity ratios for regulated electric, gas, steam, and water utilities
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Mandates a "true-up mechanism" that reconciles authorized returns with actual returns, requiring utilities to issue bill credits to ratepayers when they earn more than authorized, or allowing surcharges when they earn less
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Places the burden on utilities to rebut commission-set rates through public hearings, requiring them to demonstrate with documentary evidence that authorized rates are insufficient to meet operating needs, attract capital, or maintain financial integrity
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Requires settlement negotiations following successful rebuttals to prioritize reducing delivery rates, benefiting disadvantaged communities, and ensuring the lowest possible costs for ratepayers
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Requires the commission to submit annual reports to the governor and legislature analyzing changes to authorized returns and making all non-public data used in calculations available with justification
Legislative Description
Requires electric corporations, gas corporations, steam corporations and water-works corporations to adopt the common equity ratio and rate of return on equity authorized by the public service commission unless such utility can successfully demonstrate that such authorized rates do not meet their capital and/or operating needs.
Last Action
referred to energy
1/7/2026