Governor Signs Legislation to Enhance Transparency and Accountability in Public Utility Rate Changes

Legislation S.9188/A.9827 Requires the Public Service Commission to Publish Supporting Financial Information Prior to a Major Rate Change By a Public Gas or Electric Utility

Legislation S.6710/A.3746 Creates a Monetary Penalty For False Statements Made by a Public Utility

Governor Kathy Hochul signed legislation to increase transparency and accountability in the public utility rate-setting process.

“We are taking bold steps to ensure New Yorkers have greater transparency into the utility rate changes that impact their daily lives,” Governor Hochul said. “New Yorkers deserve to know why there is an increase in rates and how the revenue will be spent. These laws represent a new chapter of a fair, open and trustworthy utility system for New Yorkers.”

Legislation S.9188/A.9827 requires the Public Service Commission to publish certain information prior to a major rate change by a public gas or electric utility, including an explanation of why the rate change is requested and a summary of how the proposed revenue will be spent. The legislation will provide public education about the rate process with minimal additional cost, allowing for expanded transparency and accessibility.

Legislation S.6710/A.3746 establishes civil penalties for making false material statements to the Public Service Commission in relation to a rate proceeding. The penalty will be up to $250,000 for any utility corporation and its officers, agents or employees that knowingly make a false material statement, representation or certification to the Public Service Commission in any rate proceeding.