By Forum Staff
Governor Kathy Hochul on Wednesday signed legislation to increase transparency and accountability in the public utility rate-setting process.
“Today, we are taking bold steps to ensure New Yorkers have greater transparency into the utility rate changes that impact their daily lives,” Governor Hochul said. “New Yorkers deserve to know why there is an increase in rates and how the revenue will be spent. These laws represent a new chapter of a fair, open and trustworthy utility system for New Yorkers.”
Legislation S.9188/A.9827 requires the Public Service Commission to publish certain information prior to a major rate change by a public gas or electric utility, including an explanation of why the rate change is requested and a summary of how the proposed revenue will be spent. The legislation will provide public education about the rate process with minimal additional cost, allowing for expanded transparency and accessibility.
Photo Courtesy of Wikimedia/Beyond My Ken
The new laws will provide public education about the rate process with minimal additional cost, allowing for expanded transparency and accessibility.
“Consumers have for far too long been left in the dark when it comes to utility rate increases, with providers offering little explanation or accountability. With the cost of energy delivery and development constantly rising, these bills will bring greater transparency, protections from unjustified rate hikes, and add a financial deterrent to would-be bad actors,” State Sen. Leroy Comrie (D-St. Albans) said.
Legislation S.6710/A.3746 establishes civil penalties for making false material statements to the Public Service Commission in relation to a rate proceeding. The penalty will be up to $250,000 for any utility corporation and its officers, agents or employees that knowingly make a false material statement, representation or certification to the Public Service Commission in any rate proceeding.
