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NY A08150
Bill
Status
5/2/2025
Primary Sponsor
Didi Barrett
Click for details
AI Summary
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Requires gas, electric, and combination gas and electric corporations to return all excess return on equity revenues to ratepayers as a surcredit on their bills within 30 days after each rate period year ends
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Changes the Public Service Commission's authority from discretionary ("may") to mandatory ("shall") in initiating refund proceedings when utilities exceed their authorized rate of return over a 12-month period
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Prohibits the commission from approving any rate plan that allows utilities to retain revenues exceeding their authorized return on equity
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Mandates annual reporting by utilities to the department on excess revenues collected and amounts returned to ratepayers
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Takes effect 180 days after becoming law and applies only to rate plans established after the effective date
Legislative Description
Provides that gas, electric, or combination gas and electric corporations shall not be permitted to retain revenues derived from their actual return on equity in excess of authorized rates of return on equity.
Last Action
referred to ways and means
1/7/2026