Bill > A08150

This bill amends the New York Public Service Law to prevent gas, electric, and combination gas and electric corporations from keeping revenues that exceed their authorized rate of return on equity. Specifically, the bill requires these utility corporations to return any excess revenues to ratepayers through a surcredit on their monthly bills, which must be clearly labeled and provided within 30 days of the end of each rate period. The Public Service Commission is now mandated (not just permitted) to initiate proceedings to refund excess revenues and is prohibited from approving any rate plan that allows utilities to retain these additional earnings. The bill defines key terms such as "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 frame in which utilities collect authorized rates. 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 adapt to the new requirements.

Agriculture and Natural Resources, Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8150