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NY S01896
Bill
Status
1/27/2025
Primary Sponsor
Shelley Mayer
Click for details
AI Summary
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Requires the Public Service Commission (PSC) 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 electric, gas, steam, and water utilities
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Mandates a "true-up mechanism" where utilities must return excess revenues to ratepayers as bill credits if their authorized rate of return exceeded the calculated average, or collect additional charges if it fell short
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Requires all regulated utilities to automatically adopt the PSC-determined common equity ratio and rate of return on equity unless they successfully rebut these rates through a public hearing process
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Places the burden of proof on utilities to demonstrate through documentary evidence that the authorized rates are insufficient to meet operating needs, attract capital, or maintain financial integrity
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Requires the PSC to submit annual reports to the governor and legislature analyzing rate determinations, with final decisions giving preference to the best interest of ratepayers and prioritizing benefits to disadvantaged communities
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
2/5/2026