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NY S09433
Bill
Status
3/12/2026
Primary Sponsor
Kevin Parker
Click for details
AI Summary
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Gas and electric corporations must disclose 10 years of financial history when filing for major rate changes, including dividends paid to shareholders, planned vs. actual capital investments, operating expenses, and programmatic/policy expenditures
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Applications must include an inflation-indexed proposal that caps aggregate revenue increases at the average consumer price index over the prior three years, with separate itemization of dividends, operating expenses, capital expenditures, and policy spending
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If a utility paid dividends within the four years prior to filing, rate increases exceeding the inflation-indexed proposal are prohibited unless the company demonstrates it cannot maintain safety and reliability without the additional revenue
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Utilities that increased dividends in the previous four years must explain why the increase was necessary and face a rebuttable presumption against rate hikes exceeding inflation if the commission finds the dividend increase exceeded the minimum needed for a reasonable return
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Takes effect 90 days after becoming law and applies to all major rate change applications filed after that date
Legislative Description
Requires a gas and electric corporation to disclose certain information with an application for a major rate change; requires information relating to dividends paid to shareholders, capital investments and policy expenditures; requires an inflation-indexed proposal and prohibits exceeding inflation unless the gas and electric corporation is unable to maintain the same level of operating expenses, capital expenditures, and programmatic or policy expenditures without jeopardizing safety and reliability.
Last Action
REFERRED TO ENERGY AND TELECOMMUNICATIONS
3/12/2026