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NY S07693
Bill
Status
6/5/2025
Primary Sponsor
Shelley Mayer
Click for details
AI Summary
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Requires gas, electric, and combination utilities to return all revenues exceeding their authorized rate of return on equity to customers as a bill surcredit within 30 days after each rate period year ends
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Prohibits the Public Service Commission from approving any rate plan that allows utilities to retain excess equity returns above authorized levels
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Changes the commission's authority from discretionary ("may") to mandatory ("shall") in initiating proceedings to review excess revenue refunds after each 12-month period
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Mandates utilities to annually report excess revenues and amounts returned to ratepayers to the Department of Public Service
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Takes effect 180 days after becoming law and applies only to rate plans approved 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
2/5/2026