Assembly Bill A11578

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11578
 
                           I N  A S S E M B L Y
 
                               June 5, 2026
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Powers) --
   read once and referred to the Committee on  Corporations,  Authorities
   and Commissions
 
 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

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 12 of section 66 of the public service  law  is
 amended by adding two new paragraphs (n) and (o) to read as follows:
   (N)  THE  COMMISSION SHALL REQUIRE EACH APPLICATION FOR A MAJOR CHANGE
 IN RATES FILED BY A GAS  CORPORATION,  AN  ELECTRIC  CORPORATION,  OR  A
 COMBINATION  GAS AND ELECTRIC CORPORATION, TO INCLUDE A PAST PERFORMANCE
 DISCLOSURE WHICH SHALL INCLUDE:
   (I) DETAILED INFORMATION ON ALL DIVIDENDS PAID TO SHAREHOLDERS IN  THE
 PREVIOUS TEN YEARS, INCLUDING AN EXPLANATION OF THE TOTAL DIVIDENDS PAID
 AND THE DATE SUCH PAYMENTS WERE MADE;
   (II)  CAPITAL  INVESTMENTS WHICH THE APPLICANT INDICATED IT WOULD MAKE
 IN MAJOR CHANGE IN RATE FILINGS IN THE PREVIOUS TEN YEARS,  AND  CAPITAL
 INVESTMENTS  ACTUALLY MADE DURING SUCH TIME, INCLUDING AN EXPLANATION OF
 WHY ANY PLANNED CAPITAL INVESTMENTS WERE NOT MADE OR WERE ABANDONED, AND
 WHY ANY UNPLANNED CAPITAL INVESTMENTS WERE MADE;
   (III) OPERATING EXPENSES FOR THE PREVIOUS TEN YEARS, INCLUDING  EXPLA-
 NATIONS  FOR ANY DIFFERENCES BETWEEN THE ESTIMATED OPERATING EXPENSES IN
 A MAJOR CHANGE IN RATE FILING AND ACTUAL OPERATING EXPENSES; AND
   (IV)  DETAILS  OF  PROGRAMMATIC  AND  POLICY  EXPENDITURES,  INCLUDING
 REQUIRED  STATE PROGRAMS, ANY INCOME-BASED ASSISTANCE PROGRAM IDENTIFIED
 BY THE PUBLIC SERVICE COMMISSION, CUSTOMER SERVICE INITIATIVES, AND  ALL
 RELATED  CAPITAL  EXPENDITURES  FOR  THE  PREVIOUS  TEN YEARS, INCLUDING
 EXPLANATIONS FOR ANY DIFFERENCES BETWEEN THE ESTIMATED PROGRAMMATIC  AND
 POLICY EXPENSES IN A MAJOR CHANGE IN RATE FILING AND ACTUAL PROGRAMMATIC
 AND  POLICY EXPENSES. THE APPLICANT SHALL ASSEMBLE SUCH PROGRAMMATIC AND
 POLICY EXPENDITURES IN A SEPARATE AND DISTINCT PART OF THE FILING  IN  A
 STANDARDIZED FORMAT PRESCRIBED BY THE COMMISSION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15111-05-6
 A. 11578                            2
 
   (O)  (I)  THE  COMMISSION  SHALL  REQUIRE EACH APPLICATION FOR A MAJOR
 CHANGE IN RATES FILED BY A GAS CORPORATION, ELECTRIC CORPORATION,  OR  A
 COMBINATION  GAS  AND ELECTRIC CORPORATION, TO INCLUDE, A DIVIDEND FORE-
 CAST COVERING THE REQUESTED RATE PERIOD.
   (II)  THE COMMISSION, IN MAKING ITS DETERMINATIONS, SHALL CONSIDER THE
 DISCLOSURES REQUIRED UNDER PARAGRAPH (N) OF THIS SUBDIVISION WHEN EVALU-
 ATING THE RATE CASE FILING,  WHETHER  SUCH  PERFORMANCE  INFORMATION  IS
 COMPARABLE TO INFORMATION SUBMITTED IN THE APPLICATION, AND WHETHER SUCH
 PERFORMANCE  INDICATES  A  PATTERN  OF  DEVIATION  FROM THE INVESTMENTS,
 EXPENSES, AND OTHER SPENDING REPRESENTED TO THE COMMISSION BY THE APPLI-
 CANT IN PREVIOUS APPLICATIONS FOR MAJOR CHANGES.
   (III) IF THE DISCLOSURES REQUIRED BY SUBPARAGRAPH (I) OF PARAGRAPH (N)
 OF THIS SUBDIVISION SHOW THAT DIVIDENDS WERE INCREASED WITHIN THE PREVI-
 OUS FOUR YEARS PRIOR TO THE  CURRENT  APPLICATION,  THE  APPLICANT  MUST
 ADDITIONALLY  SUBMIT  WITH ITS APPLICATION FOR A MAJOR CHANGE A DETAILED
 EXPLANATION OF THE REASONS DIVIDENDS  WERE  INCREASED  AND  WHETHER  THE
 APPLICANT  COULD HAVE PRESERVED SAFETY, RELIABILITY, OR THE CONTINUATION
 OF ENERGY AFFORDABILITY PROGRAMS, ENERGY EFFICIENCY PROGRAMS, AND  COST-
 EFFECTIVE ELECTRIFICATION UPGRADE PROGRAMS WHILE MAINTAINING PRIOR DIVI-
 DEND  AMOUNTS. THE COMMISSION SHALL MAKE A FINDING OF WHETHER THE AMOUNT
 OF SUCH DIVIDEND INCREASE WAS IN EXCESS OF WHAT IS  THE  MINIMUM  AMOUNT
 NECESSARY  TO  EVIDENCE  THAT THE APPLICANT EARNED A JUST AND REASONABLE
 RATE OF RETURN DURING SUCH TIME PERIOD. IF THE COMMISSION MAKES A  FIND-
 ING THAT SUCH DIVIDEND INCREASE WAS IN EXCESS OF SUCH MINIMUM AMOUNT AND
 THAT SUCH APPLICANT CONTINUES TO BE IN A STABLE FINANCIAL POSITION WHICH
 IS  SUBSTANTIALLY  SIMILAR  TO  OR BETTER THAN THE FINANCIAL POSITION OF
 SUCH APPLICANT AT THE TIME WHEN THE DIVIDEND INCREASE  WAS  MADE,  THERE
 SHALL BE A REBUTTABLE PRESUMPTION THAT THE APPLICANT IS ABLE TO MAINTAIN
 THE SAME LEVEL OF OPERATING EXPENSES, CAPITAL EXPENDITURES, PROGRAMMATIC
 OR  POLICY EXPENDITURES WITHOUT JEOPARDIZING SAFETY, RELIABILITY, OR THE
 CONTINUATION  OF  ENERGY  AFFORDABILITY  PROGRAMS,   ENERGY   EFFICIENCY
 PROGRAMS,   AND   COST-EFFECTIVE  ELECTRIFICATION  UPGRADES  WITHOUT  AN
 INCREASE IN EXCESS OF THE BUDGET CONSTRAINED PROPOSAL IN ACCORDANCE WITH
 THIS SUBDIVISION.
   § 2. This act shall take effect January 1, 2027 and shall apply to all
 applications for major changes in rates filed on and after such date.