S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9041
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             September 5, 2025
                                ___________
 
 Introduced  by  M.  of  A. SANTABARBARA -- read once and referred to the
   Committee on Energy
 
 AN ACT to amend the public service law, in relation to prohibiting util-
   ities from raising rates while reporting high  profits  and  requiring
   utilities  to reinvest revenues into New York's energy infrastructure,
   safety, and reliability

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act shall be known and may be cited as the "Utility
 Profit Reinvestment and Rate Hike Ban Act".
   § 2. Subdivision 12 of section 66 of the public service law is amended
 by adding two new paragraphs (b-1) and (b-2) to read as follows:
   (B-1) NO CHANGE SHALL BE MADE IN ANY RATE OR CHARGE, OR IN ANY FORM OF
 CONTRACT OR AGREEMENT OR ANY RULE OR REGULATION RELATING  TO  ANY  RATE,
 CHARGE  OR  SERVICE, WHICH SHALL HAVE BEEN FILED BY A UTILITY IN COMPLI-
 ANCE WITH AN ORDER OF THE COMMISSION, IF THE UTILITY FILING THE  REQUEST
 FOR  THE  INCREASE  IN RATES OR CHARGES HAS ABOVE-AVERAGE PROFITS IN THE
 FISCAL YEAR DURING WHICH THE REQUEST IS FILED COMPARED  TO  THE  AVERAGE
 PROFITS  OVER THE IMMEDIATELY PRECEDING PREVIOUS THREE FISCAL YEARS. FOR
 THE PURPOSES OF THIS SUBDIVISION, "ABOVE-AVERAGE PROFITS" SHALL MEAN NET
 PROFITS IN EXCESS OF MORE THAN TEN PERCENT OVER THE AVERAGE OF  THE  NET
 PROFITS DURING THE THREE IMMEDIATELY PRECEDING FISCAL YEARS.
   (B-2) NO CHANGE SHALL BE MADE IN ANY RATE OR CHARGE, OR IN ANY FORM OF
 CONTRACT  OR  AGREEMENT  OR ANY RULE OR REGULATION RELATING TO ANY RATE,
 CHARGE OR SERVICE, WHICH SHALL HAVE BEEN FILED BY A UTILITY  IN  COMPLI-
 ANCE  WITH AN ORDER OF THE COMMISSION, IF THE UTILITY FILING THE REQUEST
 FOR THE INCREASE IN RATES OR CHARGES  HAS  FAILED  TO  COMPLY  WITH  THE
 PROVISIONS OF SECTION SIXTY-NINE-B OF THIS ARTICLE.
   § 3. The public service law is amended by adding two new sections 69-b
 and 69-c to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13670-01-5
 A. 9041                             2
              

 
   §  69-B.  USE OF REVENUES. 1. EACH GAS CORPORATION AND ELECTRIC CORPO-
 RATION SHALL REINVEST A MINIMUM OF SEVENTY-FIVE PERCENT  OF  ITS  ANNUAL
 NET  PROFITS  FROM REVENUES RECEIVED FROM SERVICE DELIVERED IN THE STATE
 IN MEASURES TO IMPROVE AND PROMOTE ENERGY  INFRASTRUCTURE,  SAFETY,  AND
 RELIABILITY. SUCH MEASURES SHALL INCLUDE, BUT NOT BE LIMITED TO:
   (A) ENERGY GRID MODERNIZATION AND INFRASTRUCTURE UPGRADES;
   (B) IMPROVEMENTS IN RELIABILITY AND MAINTENANCE OF INFRASTRUCTURE;
   (C) CLEAN ENERGY TRANSITION; AND
   (D) SAFETY IMPROVEMENTS.
   2.  NO  GAS CORPORATION OR ELECTRIC CORPORATION SHALL UTILIZE REVENUES
 RECEIVED FROM THE RENDITION OF PUBLIC SERVICE WITHIN THE STATE  FOR  THE
 PURPOSE  OF  INCREASING  DIVIDENDS  OR AUTHORIZING STOCK BUYBACKS IN ANY
 YEAR THE CORPORATION PETITIONS FOR A RATE HIKE.
   3. NO GAS CORPORATION OR ELECTRIC CORPORATION SHALL UTILIZE NET REVEN-
 UES RECEIVED AS A RESULT OF AN APPROVED RATE HIKE  FOR  THE  PURPOSE  OF
 SHAREHOLDER  PROFITS,  PAYMENT OF DIVIDENDS, OR STOCK BUYBACKS. ALL SUCH
 REVENUES SHALL BE UTILIZED FOR THE PURPOSES SPECIFIED IN SUBDIVISION ONE
 OF THIS SECTION.
   § 69-C. USE OF REVENUE COMPLIANCE REPORTS. 1. ON OR BEFORE APRIL THIR-
 TIETH OF EACH YEAR, EACH GAS CORPORATION AND EACH  ELECTRIC  CORPORATION
 SHALL  FILE  WITH  THE  COMMISSION A REPORT DISCLOSING THE CORPORATION'S
 GROSS PROFITS AND NET PROFITS, THE AMOUNT OF  DIVIDENDS  PAID  OVER  THE
 PRECEDING  FISCAL  YEAR,  THE AMOUNT OF EXECUTIVE COMPENSATION PAID OVER
 THE PRECEDING FISCAL YEAR, AND THE AMOUNT OF NET REVENUES REINVESTED  IN
 INFRASTRUCTURE,  SAFETY,  AND RELIABILITY IN ACCORDANCE WITH SUBDIVISION
 ONE OF SECTION SIXTY-NINE-B OF THIS ARTICLE.
   2. THE COMMISSION SHALL REVIEW THE  REPORTS  TO  MONITOR  EACH  CORPO-
 RATION'S ACTIVITIES RELATED TO COMPLIANCE WITH THE PROVISIONS OF SECTION
 SIXTY-NINE-B OF THIS ARTICLE.
   3.  THE  COMMISSION  MAY  TAKE  ANY ACTION TO ADDRESS AND/OR PREVENT A
 DEFICIENCY IN A CORPORATION'S PRIORITIZATION OR  ADMINISTRATION  OF  ITS
 INFRASTRUCTURE  IMPROVEMENT PROJECTS OR OPERATION AND MAINTENANCE ACTIV-
 ITIES RELATED TO SAFETY, INCLUDING ORDERING REASONABLE IMPROVEMENTS THAT
 WILL BEST PROMOTE THE PUBLIC INTEREST, PRESERVE THE  PUBLIC  HEALTH  AND
 PROTECT  THOSE  USING  GAS  AND  ELECTRICITY  PURSUANT  TO  THOSE POWERS
 PROVIDED TO THE COMMISSION AS PROVIDED IN THIS  CHAPTER,  INCLUDING  BUT
 NOT  LIMITED  TO  THOSE  IN  SECTIONS SIXTY-SIX AND SIXTY-NINE-B OF THIS
 ARTICLE.
   4. THE COMMISSION SHALL ISSUE AN ANNUAL REPORT CERTIFYING THE  COMPLI-
 ANCE  OR  NONCOMPLIANCE OF EACH GAS CORPORATION AND ELECTRIC CORPORATION
 WITH THE REQUIREMENTS OF THIS SECTION AND  OF  SECTION  SIXTY-NINE-B  OF
 THIS ARTICLE AND SHALL MAKE SUCH REPORT AVAILABLE ON ITS PUBLIC WEBSITE.
   5.  ANY  GAS  CORPORATION OR ELECTRIC CORPORATION THAT FAILS TO COMPLY
 WITH THE PROVISIONS OF THIS SECTION OR THAT PROVIDES  MATERIALLY  INCOR-
 RECT  OR  INACCURATE  INFORMATION RELATED TO THE DISCLOSURES REQUIRED BY
 SUBDIVISION ONE OF THIS SECTION SHALL  BE  SUBJECT  TO  A  FINE  OF  ONE
 HUNDRED  THOUSAND  DOLLARS  PER  EACH DAY OF THE FAILURE, BE REQUIRED TO
 FORFEIT ANY REVENUES RESULTING FROM THE CORPORATION'S FAILURE TO  COMPLY
 WITH SECTION SIXTY-NINE-B OF THIS ARTICLE, AND BE PROHIBITED FROM FILING
 AN APPLICATION FOR AN INCREASE IN RATES OR COSTS WITH THE COMMISSION FOR
 A PERIOD NOT TO EXCEED TWO YEARS.
   § 4. This act shall take effect immediately.