Bill > A02235

This bill amends existing public service and public authorities laws to establish a two percent cap on rate increases imposed by gas and electric corporations and utilities. Specifically, the legislation prohibits gas and electric corporations from increasing rates by more than two percent on an annual basis, and requires the New York Power Authority and its service providers to submit rate proposals that do not exceed a two percent increase. The bill modifies existing language in the Public Service Law and Public Authorities Law to enforce this cap, ensuring that utility rate increases are limited and more predictable for consumers. The new provisions require rate proposals to be reviewed by the Department of Public Service, and the authority's board is prohibited from approving final rate plans that would increase rates beyond the two percent threshold. The changes aim to provide greater protection for utility customers by constraining potential rate hikes and introducing more transparency in the rate-setting process. The act will take effect 90 days after becoming law, giving utilities and regulatory bodies time to adjust to the new requirements.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A2235