Bill > S04936

This bill amends the Public Service Law and Public Authorities Law to implement a two percent cap on rate increases for gas and electric corporations and utility authorities. Specifically, the legislation prohibits gas and electric corporations from increasing their rates by more than two percent annually, and requires that any rate proposals submitted to the Department of Public Service must not exceed this two percent threshold. The bill applies to both utility corporations and public authorities, mandating that their rate increases be limited and reviewed to ensure they do not surpass the two percent cap. The proposed changes aim to protect consumers from significant utility rate hikes by establishing a consistent and predictable limit on annual price increases. The act will take effect 90 days after becoming law, giving utility providers and regulatory bodies time to adjust their rate-setting processes to comply with the new two percent cap requirement.

Transportation and Infrastructure

https://www.nysenate.gov/legislation/bills/2025/S4936