Bill > A09426

This bill establishes several key protections for New York electricity consumers by implementing comprehensive reforms to utility rate-setting and oversight. The legislation caps annual electricity rate increases for residential and small business customers at 2.5%, requiring utilities to exhaust internal cost savings before seeking higher increases and mandating a 180-day review period for proposed rate hikes. The bill creates a new Utility Accountability and Audit Unit within the state government with broad investigative powers, including the ability to conduct independent financial audits, investigate consumer complaints, review executive compensation, issue subpoenas, and impose penalties against utilities that overcharge or misrepresent their financial needs. Additionally, the bill requires utilities to provide itemized monthly bills that break down different cost components, such as infrastructure expenses, surcharges, and policy-related fees, to increase transparency. A new Community Affordability Protection Program will be established to provide electricity bill discounts for households at or below 80% of county-level median income, funded by civil penalties and utility overcharge recoveries. The bill also prohibits utilities from recovering executive bonuses, incentive compensation, or shareholder dividends through ratepayer charges, ensuring that consumer rates are not inflated to support corporate compensation.

Agriculture and Natural Resources

https://www.nysenate.gov/legislation/bills/2025/A9426