NY A09041

Prohibits gas and electric utilities from raising rates if their current fiscal year profits exceed their average profits from the previous three years by more than 10%

Requires utilities to reinvest at least 75% of annual net profits from New York operations into energy infrastructure, grid modernization, reliability improvements, clean energy transition, and safety upgrades

Bans utilities from using revenues for dividend increases or stock buybacks in any year they petition for a rate hike, and prohibits using rate hike revenues for shareholder profits

Mandates annual compliance reports to the Public Service Commission by April 30th disclosing gross and net profits, dividends paid, executive compensation, and infrastructure reinvestment amounts

Imposes penalties of $100,000 per day for noncompliance or inaccurate reporting, forfeiture of improperly used revenues, and up to a two-year ban on filing rate increase applications