Senate Bill S10082

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10082
 
                             I N  S E N A T E
 
                              April 27, 2026
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- 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 prohibiting
   ownership of gas and electric corporations  by  foreign  entities  and
   regulating executive compensation

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The public service law is amended by adding a  new  section
 64-a to read as follows:
   §  64-A.  PROHIBITION  OF FOREIGN GAS AND ELECTRIC CORPORATIONS. 1. NO
 GAS CORPORATION, ELECTRIC CORPORATION, OR COMBINATION GAS  AND  ELECTRIC
 CORPORATION  SHALL  BE OWNED, CONTROLLED, OR OPERATED, DIRECTLY OR INDI-
 RECTLY, BY A FOREIGN GOVERNMENT, A FOREIGN STATE-OWNED ENTERPRISE, OR  A
 FOREIGN  CORPORATION.  FOR THE PURPOSES OF THIS SECTION, "FOREIGN CORPO-
 RATION" SHALL MEAN A CORPORATION AS DEFINED IN SECTION ONE  HUNDRED  TWO
 OF  THE  BUSINESS  CORPORATION  LAW  THAT  IS FORMED UNDER THE LAWS OF A
 JURISDICTION OUTSIDE OF THE UNITED STATES.
   2. ANY GAS CORPORATION, ELECTRIC CORPORATION, OR COMBINATION  GAS  AND
 ELECTRIC CORPORATION CURRENTLY IN VIOLATION OF THIS SECTION SHALL, WITH-
 IN  THIRTY-SIX  MONTHS OF THE EFFECTIVE DATE OF THIS SECTION, SUBMIT AND
 EXECUTE A DIVESTITURE PLAN TO BE APPROVED BY THE COMMISSION.  SUCH  PLAN
 SHALL  ENSURE  THE TRANSFER OF CONTROLLING INTEREST TO A DOMESTIC ENTITY
 WITHOUT DISRUPTION OF SERVICE OR COST-SHIFTING TO RATEPAYERS.
   § 2. Section 65 of the public service law is amended by adding  a  new
 subdivision 17 to read as follows:
   17.  (A) NO GAS CORPORATION OR ELECTRIC CORPORATION SHALL RECOVER FROM
 RATEPAYERS, NOR SHALL THE COMMISSION APPROVE ANY RATE THAT INCLUDES, THE
 COST OF ANY BONUS OR INCENTIVE-BASED COMPENSATION FOR AN EXECUTIVE OFFI-
 CER DURING A FISCAL YEAR IN WHICH SUCH  CORPORATION  HAS  IMPLEMENTED  A
 RATE INCREASE THAT EXCEEDS THE ANNUAL PERCENTAGE INCREASE IN THE CONSUM-
 ER PRICE INDEX FOR ALL URBAN CONSUMERS FOR THE PREVIOUS CALENDAR YEAR.
   (B)  THE  TOTAL  ANNUAL  BONUS OR INCENTIVE-BASED COMPENSATION FOR ANY
 EXECUTIVE OFFICER OF A GAS CORPORATION OR ELECTRIC CORPORATION SHALL NOT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15664-01-6
 S. 10082                            2
 
 EXCEED TWENTY-FIVE PERCENT OF THE MEDIAN ANNUAL  SALARY  OF  THE  CORPO-
 RATION'S  FULL-TIME  EQUIVALENT  NON-EXECUTIVE EMPLOYEES RESIDING WITHIN
 THE STATE OF NEW YORK.
   (C)  ANY  EXECUTIVE  COMPENSATION  PAID IN EXCESS OF THE LIMITS ESTAB-
 LISHED IN PARAGRAPH (B) OF THIS SUBDIVISION SHALL  BE  PAID  EXCLUSIVELY
 FROM SHAREHOLDER PROFITS AND SHALL NOT BE CONSIDERED A "JUST AND REASON-
 ABLE" EXPENSE FOR RATEMAKING PURPOSES.
   §  3. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law.