NY A10354

Establishes the Grid Reliability and Energy Affordability Transition (GREAT) Act creating a statewide virtual power plant program that coordinates batteries, electric vehicles, and smart thermostats to reduce peak electricity demand and prevent blackouts

Requires each utility to file a virtual power plant program proposal within 90 days, with commission approval required within 90 days of filing, followed by tariff implementation within 75 days

Sets minimum performance payment rates for participants based on capacity value and demand reduction value as determined by the Public Service Commission's distributed energy resources valuation framework, with 5-year rate locks for enrolled participants

Mandates the commission establish 10-year system peak load reduction targets with annual benchmarks for each utility, including financial incentives and penalties for meeting or missing performance goals

Provides enhanced upfront payments for low-to-moderate income customers (households earning up to 80% of state or area median income) and those in disadvantaged communities through coordination with NYSERDA's energy storage incentive program