Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 18, 2023 |
referred to energy delivered to assembly passed senate |
May 17, 2023 |
advanced to third reading |
May 16, 2023 |
2nd report cal. |
May 15, 2023 |
1st report cal.883 |
May 11, 2023 |
print number 6557a |
May 11, 2023 |
amend and recommit to energy and telecommunications |
Apr 26, 2023 |
referred to energy and telecommunications |
Senate Bill S6557A
2023-2024 Legislative Session
Sponsored By
(D, WF) 37th Senate District
Current Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2023-S6557 - Details
2023-S6557 - Summary
Requires electric corporations, gas corporations, steam corporations and water-works corporations to adopt the common equity ratio and rate of return on equity authorized by the public service commission unless such utility can successfully demonstrate that such authorized rates do not meet their capital and/or operating needs.
2023-S6557 - Sponsor Memo
BILL NUMBER: S6557 SPONSOR: MAYER TITLE OF BILL: An act to amend the public service law, in relation to requiring certain utilities to adopt the common equity ratio and rate of return on equity authorized by the public service commission PURPOSE: To require regulated utilities to adopt the rate of return on equity and common equity ratio as promulgated by the Public Service Commission by using an updated generic financing methodology when setting final utili- ty rates, which will provide the lowest possible delivery rates for ratepayers. SUMMARY OF SPECIFIC PROVISIONS: Section 1 outlines the legislative intent, emphasizing the inaccessible and outdated nature in which regulated utilities and the Public Service Commission set final utility rates for consumers.
2023-S6557 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6557 2023-2024 Regular Sessions I N S E N A T E April 26, 2023 ___________ Introduced by Sen. MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Energy and Telecommuni- cations AN ACT to amend the public service law, in relation to requiring certain utilities to adopt the common equity ratio and rate of return on equi- ty authorized by the public service commission THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative intent. The legislature finds and declares that: 1. The increasing burden of high utility rates leaves New York resi- dents with extreme financial difficulties. Soaring electricity rates leave one in five New York residents at risk of having their electricity cut off. Meanwhile, the long-term trend of utilities receiving record profits threatens the livelihood of millions of New Yorkers who struggle to afford utility bills. 2. The current process in which the public service commission (herein- after the "commission") and regulated utilities set rates for utility bills to ratepayers has historically been inaccessible and indeciphera- ble to the public. The balance of power that justifies rate increases more often than not tilts disproportionately in utilities' favor, which runs contrary to the stated goals of the commission to ensure afforda- ble, safe, secure, and reliable utility service for New York residential and business consumers. 3. The generic financing guidance that the commission utilizes to establish the common equity ratio and rate of return on equity, two metrics that determine how much a utility can recoup through utility bills, has not been formally promulgated and adopted through state laws and regulations, and currently exists as policy guidance, a non-legally binding set of interpretations that operate outside the formal rulemak- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10360-03-3 S. 6557 2
co-Sponsors
(D) 26th Senate District
2023-S6557A (ACTIVE) - Details
2023-S6557A (ACTIVE) - Summary
Requires electric corporations, gas corporations, steam corporations and water-works corporations to adopt the common equity ratio and rate of return on equity authorized by the public service commission unless such utility can successfully demonstrate that such authorized rates do not meet their capital and/or operating needs.
2023-S6557A (ACTIVE) - Sponsor Memo
BILL NUMBER: S6557A SPONSOR: MAYER TITLE OF BILL: An act to amend the public service law, in relation to requiring certain utilities to adopt the common equity ratio and rate of return on equity authorized by the public service commission PURPOSE: To require regulated utilities to adopt the rate of return on equity and common equity ratio as promulgated by the Public Service Commission by using an updated generic financing methodology when setting final utili- ty rates, which will provide the lowest possible delivery rates for ratepayers. SUMMARY OF SPECIFIC PROVISIONS: Section 1 outlines the legislative intent, emphasizing the inaccessible and outdated nature in which regulated utilities and the Public Service Commission set final utility rates for consumers.
2023-S6557A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6557--A 2023-2024 Regular Sessions I N S E N A T E April 26, 2023 ___________ Introduced by Sen. MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Energy and Telecommuni- cations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the public service law, in relation to requiring certain utilities to adopt the common equity ratio and rate of return on equi- ty authorized by the public service commission THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative intent. The legislature finds and declares that: 1. The increasing burden of high utility rates leaves New York resi- dents with extreme financial difficulties. Soaring electricity rates leave one in five New York residents at risk of having their electricity cut off. Meanwhile, the long-term trend of utilities receiving record profits threatens the livelihood of millions of New Yorkers who struggle to afford utility bills. 2. The current process in which the public service commission (herein- after the "commission") and regulated utilities set rates for utility bills to ratepayers has historically been inaccessible and indeciphera- ble to the public and often runs contrary to the stated goals of the commission to ensure affordable, safe, secure, and reliable utility service for New York residential and business consumers. 3. Regulated utilities are entitled to earn a fair and reasonable rate of return on their capital investments, pursuant to Supreme Court rulings in Federal Power Commission et al. v. Hope Natural Gas Co. (1944) and Bluefield Water Works and Improvement Co. v. Public Service Commission of West Virginia (1923). However, recent trends suggest that the "fair and reasonable" legal standard is not always reflected in actual utility rates for consumers. Aligning the incentives of regu- lated utilities and ratepayers is essential to protect the interests of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10360-04-3
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