Legislation that would increase transparency and accountability in the public utility rate-setting process has been signed into law by Governor Kathy Hochul.
The bill 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.
A second bill Legislation 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.
“Today, 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.”
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