BILL NUMBER: S8606
SPONSOR: O'MARA
 
TITLE OF BILL:
An act to amend the public service law, in relation to the length of
time orders issued to set the rate of gas and electricity are in effect
 
PURPOSE OR GENERAL IDEA OF BILL:
To amend the existing one-year gas and electric rate structure and
extend it to a three-year period.
 
SUMMARY OF PROVISIONS:
Section 1 & 2 amends Section 66 of the public service law by adding a
new subdivision. Which declares that any change to the price of gas or
electric must be for a three-year period.
Section 3 states the effective date
 
JUSTIFICATION:
This bill would give New Yorkers a clearer and more predictable under-
standing of their electricity costs over a longer period of time.
Dramatic increases in energy prices have become a major concern for
households across the state. According to the U.S. Bureau of Labor
Statistics, energy costs nationwide have risen by more than 50 percent
since 2019, an increase that many New Yorkers are struggling to absorb.
Establishing a multiyear rate plan would help provide greater price
stability and reduce the impact of sudden year-to-year spikes.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLIFIONS FOR STATE AND LOCAL GOVERNMENTS:
None  
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S8606: 66 public service law