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Assembly Bill A8150

2025-2026 Legislative Session

Relates to the retention of revenues derived from their actual return on equity in excess of authorized rates of return by gas, electric, or combination gas and electric corporations

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Current Bill Status - In Assembly Committee

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2025-A8150 (ACTIVE) - Details

See Senate Version of this Bill:
S7693
Current Committee:
Assembly Rules
Law Section:
Public Service Law
Laws Affected:
Amd §66, Pub Serv L

2025-A8150 (ACTIVE) - Summary

Provides that gas, electric, or combination gas and electric corporations shall not be permitted to retain revenues derived from their actual return on equity in excess of authorized rates of return on equity.

2025-A8150 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8150
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 2, 2025
                                ___________
 
 Introduced  by M. of A. BARRETT -- read once and referred to the Commit-
   tee on Energy
 
 AN ACT to amend the public service law, in relation to the retention  of
   revenues  derived  from  their  actual  return  on equity in excess of
   authorized rates of return by gas, electric, or  combination  gas  and
   electric corporations

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 20 of section 66 of the public service law,  as
 added by chapter 394 of the laws of 1978, is amended to read as follows:
   20. (A) Notwithstanding any general or special law, rule or regulation
 TO  THE CONTRARY, the commission shall have the power to provide for the
 refund of any revenues received by any gas or electric corporation which
 cause the corporation to have revenues in the aggregate in excess of its
 authorized rate of return for a period of twelve months.
   (B) SUCH CORPORATIONS SHALL BE REQUIRED TO RETURN ALL REVENUES DERIVED
 FROM THEIR ACTUAL RETURN ON EQUITY IN EXCESS OF THEIR AUTHORIZED RATE OF
 RETURN ON EQUITY TO RATEPAYERS IN THE  FORM  OF  A  SURCREDIT  TO  THEIR
 BILLS.  SUCH  SURCREDIT  SHALL  BE  PROVIDED TO RATEPAYERS NO LATER THAN
 THIRTY DAYS FOLLOWING THE END OF EACH YEAR OF A RATE PERIOD AND SHALL BE
 CLEARLY LABELED ON THE RATEPAYER'S  BILL.  The  commission  [may]  SHALL
 initiate a proceeding with respect to such a refund after the conclusion
 of any such twelve month period.
   (C)  THE  COMMISSION  SHALL NOT APPROVE ANY RATE PLAN WHICH ALLOWS ANY
 GAS, ELECTRIC, OR COMBINATION GAS AND  ELECTRIC  CORPORATION  TO  RETAIN
 REVENUES  DERIVED  FROM THEIR ACTUAL RETURN ON EQUITY IN EXCESS OF THEIR
 AUTHORIZED RATE OF RETURN ON EQUITY.
   (D) SUCH CORPORATIONS SHALL BE REQUIRED  TO  REPORT  ANNUALLY  TO  THE
 DEPARTMENT ANY EXCESS REVENUES AND THE AMOUNT RETURNED TO RATEPAYERS.
   (E)  FOR  PURPOSES  OF THIS SUBDIVISION, "AUTHORIZED RATE OF RETURN ON
 EQUITY" SHALL MEAN THE RETURN ON THE EQUITY PORTION  OF  THE  RATE  BASE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11616-04-5

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