Bill > S07229

This bill amends the New York Public Service Law to modify penalties for gas and electric utilities that fail to file or correctly submit their annual reports to the Public Service Commission (PSC). Currently, utilities must file detailed annual reports covering information such as capital stock, bonded indebtedness, financial receipts and expenditures, dividends, salaries, employee wages, and property descriptions. The bill updates the penalty structure so that utilities can be fined up to one-tenth of one percent of their annual net revenues for each day they are in violation, with a maximum penalty of $25,000 and a minimum penalty of $100. If a report is deemed defective or potentially incorrect, the PSC will notify the utility and provide a timeline for correction. Utilities that do not file or correct their reports within the prescribed time will be subject to these escalating financial penalties. The bill will take effect 120 days after becoming law, and the PSC is immediately authorized to prepare for implementing the new penalty provisions.

Transportation and Infrastructure

https://www.nysenate.gov/legislation/bills/2025/S7229