Bill > S07693

This bill amends the New York Public Service Law to establish stricter regulations on gas, electric, and combination gas and electric corporations' revenues. Specifically, the bill requires these utility corporations to return any revenues that exceed their authorized rate of return on equity to ratepayers through a "surcredit" on their bills, which must be clearly labeled and provided within 30 days of each year's end. The bill mandates that the Public Service Commission shall (rather than may) initiate proceedings to refund excess revenues and explicitly prohibits approving any rate plans that allow corporations to retain revenues beyond their authorized return on equity. Corporations must also annually report excess revenues and the amount returned to ratepayers. The bill defines key terms like "authorized rate of return on equity" as the return on the equity portion of the rate base that regulated utilities are permitted to collect in rates, and "rate period" as the time during which approved rates are collected. The legislation will take effect 180 days after becoming law and will not apply to rate plans already in effect at that time, providing a transition period for utility companies to adjust to the new requirements.

Budget and Finance, Transportation and Infrastructure

https://www.nysenate.gov/legislation/bills/2025/S7693