BILL NUMBER: S9433A
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the public service law, in relation to requiring gas and
electric corporations to disclose certain information with an applica-
tion for a major rate change
 
PURPOSE:
To increase transparency and accountability in utility rate cases by
requiring gas and electric corporations to disclose past financial prac-
tices and investment performance when applying for major rate increases.
 
SUMMARY OF PROVISIONS:
Section 1:
Amends subdivision 12 of section 66 of the Public Service Law by adding
new paragraphs requiring gas and electric corporations applying for a
major rate change to submit a past performance disclosure to the Public
Service Commission (PSC). The disclosure must include:
1. Dividend History:
- Detailed information on all dividends paid to shareholders over the
previous ten years.
- Total amounts paid and dates of payments.
2. Capital Investment Accountability:
- Capital investments utilities stated they would make in prior major
rate filings during the past ten years.
- Actual investments made during that same period.
- Explanations for any planned investments that were not completed.
Section 2:
Provides the effective date.
 
JUSTIFICATION:
New York residents continue to face rising energy costs while utilities
regularly seek significant rate increases. When utilities request higher
rates, regulators and the public must have access to a clear record of
the company's financial decisions and infrastructure investments.
Currently, the Public Service Commission reviews proposed rate increases
largely based on forward-looking projections. However, there is often
limited standardized disclosure regarding a utility's historical
performance, including whether prior commitments to infrastructure
improvements were fulfilled or how shareholder dividends compare to
investments in the energy system.
This legislation strengthens regulatory oversight by requiring utilities
to provide a comprehensive ten-year retrospective disclosure when seek-
ing a major rate increase. This information will allow the Public
Service Commission, policymakers, and the public to better evaluate:
* Whether ratepayer funds previously approved were invested as promised.
* The balance between shareholder returns and infrastructure investment.
* The financial management practices of the utility requesting higher
rates.
By ensuring that prior commitments and financial decisions are clearly
disclosed, this legislation promotes responsible utility governance,
transparency, and informed rate-setting decisions. Ultimately, it helps
protect consumers from unjustified rate increases while strengthening
public confidence in the regulatory process.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
None to the State. Any compliance costs would be borne by utilities as
part of their rate filing process.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S9433: 66 public service law, 66(12) public service law
S9433A: 66 public service law, 66(12) public service law