Senate Bill S9433

2025-2026 Legislative Session

Relates to requiring gas and electric corporations to disclose certain information with an application for a major rate change

download bill text pdf

Current Bill Status - On Floor Calendar

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

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Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 26, 2026	advanced to third reading
Mar 25, 2026	2nd report cal.
Mar 24, 2026	1st report cal.637
Mar 18, 2026	print number 9433a
Mar 18, 2026	amend and recommit to energy and telecommunications
Mar 12, 2026	referred to energy and telecommunications

Votes

- Mar 24, 2026 - Energy And Telecommunications Committee Vote
  S9433
  
  Aye
  
  9
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  
  0
  - - Energy And Telecommunications Committee Vote: Mar 24, 2026
      
      aye (9)
      
      Gonzalez
      
      Hinchey
      
      Kavanagh
      
      Mattera
      
      May
      
      O'Mara
      
      Parker
      
      Ryan
      
      Walczyk

Bill Amendments

Original

A (Active)

2025-S9433 - Details

Law Section:: Public Service Law
Laws Affected:: Amd §66, Pub Serv L

2025-S9433 - Summary

Requires a gas and electric corporation to disclose certain information with an application for a major rate change; requires information relating to dividends paid to shareholders, capital investments, policy expenditures, commodity supply costs, and other costs not within control of the applicant; requires an inflation-indexed proposal and prohibits exceeding inflation unless the gas and electric corporation is unable to maintain the same level of operating expenses, capital expenditures, programmatic or policy expenditures without jeopardizing safety, reliability, energy affordability programs, energy efficiency programs, and cost-effective electrification upgrades.

2025-S9433 - Sponsor Memo

                                 
BILL NUMBER: S9433

SPONSOR: PARKER
 
TITLE OF BILL:

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

 
PURPOSE:

To increase transparency and accountability in utility rate cases by
requiring gas and electric corporations to disclose past financial prac-
tices and investment performance when applying for major rate increases.

 
SUMMARY OF PROVISIONS:

Section 1:

Amends subdivision 12 of section 66 of the Public Service Law by adding
new paragraphs requiring gas and electric corporations applying for a
major rate change to submit a past performance disclosure to the Public

Service Commission (PSC). The disclosure must include:

1. Dividend History:

-Detailed information on all dividends paid to shareholders over the
previous ten years.

-Total amounts paid and dates of payments.

2. Capital Investment Accountability:

-Capital investments utilities stated they would make in prior major
rate filings during the past ten years.

-Actual investments made during that same period.

-Explanations for any planned investments that were not completed.

Section 2:

Provides the effective date.

 
JUSTIFICATION:

New York residents continue to face rising energy costs while utilities
regularly seek significant rate increases. When utilities request higher
rates, regulators and the public must have access to a clear record of
the company's financial decisions and infrastructure investments.

Currently, the Public Service Commission reviews proposed rate increases
largely based on forward-looking projections. However, there is often
limited standardized disclosure regarding a utility's historical
performance, including whether prior commitments to infrastructure
improvements were fulfilled or how shareholder dividends compare to
investments in the energy system.


This legislation strengthens regulatory oversight by requiring utilities
to provide a comprehensive ten-year retrospective disclosure when seek-
ing a major rate increase. This information will allow the Public
Service Commission, policymakers, and the public to better evaluate:

* Whether ratepayer funds previously approved were invested as promised.

* The balance between shareholder returns and infrastructure investment.

* The financial management practices of the utility requesting higher
rates.

By ensuring that prior commitments and financial decisions are clearly
disclosed, this legislation promotes responsible utility governance,
transparency, and informed rate-setting decisions. Ultimately, it helps
protect consumers from unjustified rate increases while strengthening
public confidence in the regulatory process.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

None to the State. Any compliance costs would be borne by utilities as
part of their rate filing process.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2025-S9433 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9433
 
                             I N  S E N A T E
 
                              March 12, 2026
                                ___________
 
 Introduced  by  Sen.  PARKER -- 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 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 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.
   (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, IN ADDITION TO ANY

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15111-02-6
 S. 9433                             2
 
 OTHER PROPOSAL, AN INFLATION-INDEXED PROPOSAL THAT  SEPARATELY  ITEMIZES
 DIVIDENDS,  OPERATING  EXPENSES,  CAPITAL EXPENDITURES, AND PROGRAMMATIC
 AND POLICY  EXPENDITURES.  SUCH  INFLATION-INDEXED  PROPOSAL  SHALL  NOT
 INCREASE  THE  APPLICANT'S  AGGREGATE  REVENUES BY MORE THAN THE AVERAGE
 ANNUAL CONSUMER PRICE INDEX OVER THE PRIOR THREE YEARS. IN  ADDITION  TO
 PAST  DIVIDEND INFORMATION REQUIRED BY SUBPARAGRAPH (I) OF PARAGRAPH (N)
 OF THIS SUBDIVISION, APPLICATIONS  SHALL  INCLUDE  A  DIVIDEND  FORECAST
 COVERING THE REQUESTED RATE PERIOD.
   (II)  IF THE DISCLOSURES REQUIRED BY SUBPARAGRAPH (I) OF PARAGRAPH (N)
 OF THIS SUBDIVISION SHOW THAT ANY DIVIDENDS WERE PAID  WITHIN  THE  FOUR
 YEARS  PRIOR TO THE DATE THE APPLICATION WAS FILED, THE COMMISSION SHALL
 CONSIDER ONLY THE INFLATION-INDEXED PROPOSAL AND SHALL  NOT  APPROVE  AN
 INCREASE IN THE APPLICANT'S AGGREGATE REVENUES BY MORE THAN THE INCREASE
 SET  FORTH IN THE INFLATION-INDEXED PROPOSAL ABSENT A DEMONSTRATION THAT
 THE APPLICANT  IS  UNABLE  TO  MAINTAIN  THE  SAME  LEVEL  OF  OPERATING
 EXPENSES,  CAPITAL EXPENDITURES, AND PROGRAMMATIC OR POLICY EXPENDITURES
 WITHOUT JEOPARDIZING SAFETY AND RELIABILITY.  IF  THE  COMMISSION  FINDS
 THAT  THE  APPLICANT  HAS MADE SUCH A DEMONSTRATION, THE COMMISSION MUST
 PROVIDE A DETAILED EXPLANATION AS TO WHY AN INCREASE OF  MORE  THAN  THE
 INFLATION-INDEXED  PROPOSAL  WAS  NECESSARY  IN  ITS  ORDER ADOPTING THE
 INCREASE. THE COMMISSION, IN MAKING ITS DETERMINATIONS,  SHALL  CONSIDER
 THE  DISCLOSURES  REQUIRED  UNDER PARAGRAPH (N) OF THIS SUBDIVISION WHEN
 EVALUATING 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 GAS
 CORPORATION OR ELECTRIC CORPORATION  COULD  HAVE  PRESERVED  SAFETY  AND
 RELIABILITY  WHILE  MAINTAINING  PRIOR  DIVIDEND 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 FINDING THAT  SUCH  DIVIDEND  INCREASE
 WAS IN EXCESS OF SUCH MINIMUM AMOUNT AND THAT SUCH CORPORATION CONTINUES
 TO  BE  IN A STABLE FINANCIAL POSITION WHICH IS SUBSTANTIALLY SIMILAR TO
 OR BETTER THAN THE FINANCIAL POSITION OF SUCH CORPORATION  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,  AND PROGRAMMATIC OR POLICY
 EXPENDITURES WITHOUT JEOPARDIZING  SAFETY  AND  RELIABILITY  WITHOUT  AN
 INCREASE  IN  EXCESS  OF THE INFLATION-INDEXED PROPOSAL. SUCH REBUTTABLE
 PRESUMPTION MAY ONLY BE REBUTTED BY DEMONSTRATING BY A PREPONDERANCE  OF
 THE  EVIDENCE THAT THE INFLATION-LINKED PROPOSAL WOULD, AFTER ACCOUNTING
 FOR A REDUCTION IN DIVIDENDS EQUIVALENT TO SUCH PRIOR DIVIDEND INCREASE,
 JEOPARDIZE SAFETY AND RELIABILITY.
   (IV) NOTHING IN THIS PARAGRAPH  SHALL  BE  CONSTRUED  TO  PREVENT  THE
 COMMISSION  FROM  APPROVING  A  RATE INCREASE IN AN AMOUNT LESS THAN THE
 INFLATION-INDEXED PROPOSAL.
   § 2. This act shall take effect on the ninetieth day  after  it  shall
 have  become a law and shall apply to all applications for major changes
 in rates filed on and after such date.

2025-S9433A (ACTIVE) - Details

Law Section:: Public Service Law
Laws Affected:: Amd §66, Pub Serv L

2025-S9433A (ACTIVE) - Summary

2025-S9433A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9433A

SPONSOR: PARKER
 
TITLE OF BILL:

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

 
PURPOSE:

To increase transparency and accountability in utility rate cases by
requiring gas and electric corporations to disclose past financial prac-
tices and investment performance when applying for major rate increases.

 
SUMMARY OF PROVISIONS:

Section 1:

Amends subdivision 12 of section 66 of the Public Service Law by adding
new paragraphs requiring gas and electric corporations applying for a
major rate change to submit a past performance disclosure to the Public

Service Commission (PSC). The disclosure must include:

1. Dividend History:

- Detailed information on all dividends paid to shareholders over the
previous ten years.

- Total amounts paid and dates of payments.

2. Capital Investment Accountability:

- Capital investments utilities stated they would make in prior major
rate filings during the past ten years.

- Actual investments made during that same period.

- Explanations for any planned investments that were not completed.

Section 2:

Provides the effective date.

 
JUSTIFICATION:

New York residents continue to face rising energy costs while utilities
regularly seek significant rate increases. When utilities request higher
rates, regulators and the public must have access to a clear record of
the company's financial decisions and infrastructure investments.

Currently, the Public Service Commission reviews proposed rate increases
largely based on forward-looking projections. However, there is often
limited standardized disclosure regarding a utility's historical
performance, including whether prior commitments to infrastructure
improvements were fulfilled or how shareholder dividends compare to
investments in the energy system.


This legislation strengthens regulatory oversight by requiring utilities
to provide a comprehensive ten-year retrospective disclosure when seek-
ing a major rate increase. This information will allow the Public
Service Commission, policymakers, and the public to better evaluate:

* Whether ratepayer funds previously approved were invested as promised.

* The balance between shareholder returns and infrastructure investment.

* The financial management practices of the utility requesting higher
rates.

By ensuring that prior commitments and financial decisions are clearly
disclosed, this legislation promotes responsible utility governance,
transparency, and informed rate-setting decisions. Ultimately, it helps
protect consumers from unjustified rate increases while strengthening
public confidence in the regulatory process.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

None to the State. Any compliance costs would be borne by utilities as
part of their rate filing process.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2025-S9433A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9433--A
 
                             I N  S E N A T E
 
                              March 12, 2026
                                ___________
 
 Introduced  by  Sen.  PARKER -- 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 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15111-03-6

 S. 9433--A                          2
 
 POLICY  EXPENDITURES  IN A SEPARATE AND DISTINCT PART OF THE FILING IN A
 STANDARDIZED FORMAT PRESCRIBED BY THE COMMISSION.
   (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, IN ADDITION TO ANY
 OTHER  PROPOSAL,  AN INFLATION-INDEXED PROPOSAL THAT SEPARATELY ITEMIZES
 DIVIDENDS, OPERATING EXPENSES, CAPITAL  EXPENDITURES,  PROGRAMMATIC  AND
 POLICY  EXPENDITURES, COMMODITY SUPPLY COSTS, AND OTHER COSTS NOT WITHIN
 CONTROL OF THE APPLICANT.  SUCH  INFLATION-INDEXED  PROPOSAL  SHALL  NOT
 INCREASE  THE  APPLICANT'S  AGGREGATE  REVENUES BY MORE THAN THE AVERAGE
 ANNUAL CONSUMER PRICE INDEX OVER THE PRIOR THREE YEARS. IN  ADDITION  TO
 PAST  DIVIDEND INFORMATION REQUIRED BY SUBPARAGRAPH (I) OF PARAGRAPH (N)
 OF THIS SUBDIVISION, APPLICATIONS  SHALL  INCLUDE  A  DIVIDEND  FORECAST
 COVERING THE REQUESTED RATE PERIOD.
   (II) THE COMMISSION SHALL CONSIDER ONLY THE INFLATION-INDEXED PROPOSAL
 AND  SHALL NOT APPROVE AN INCREASE IN THE APPLICANT'S AGGREGATE REVENUES
 BY MORE THAN THE INCREASE SET FORTH IN  THE  INFLATION-INDEXED  PROPOSAL
 ABSENT A DEMONSTRATION THAT THE APPLICANT IS UNABLE TO MAINTAIN THE SAME
 LEVEL  OF  OPERATING EXPENSES, CAPITAL EXPENDITURES, AND PROGRAMMATIC OR
 POLICY EXPENDITURES WITHOUT  JEOPARDIZING  SAFETY,  RELIABILITY,  ENERGY
 AFFORDABILITY  PROGRAMS,  ENERGY  EFFICIENCY PROGRAMS, OR COST-EFFECTIVE
 ELECTRIFICATION UPGRADES. IF THE COMMISSION FINDS THAT THE APPLICANT HAS
 MADE SUCH A DEMONSTRATION, THE COMMISSION MUST PROVIDE A DETAILED EXPLA-
 NATION AS TO WHY AN INCREASE OF MORE THAN THE INFLATION-INDEXED PROPOSAL
 WAS NECESSARY IN ITS ORDER ADOPTING THE  INCREASE.  THE  COMMISSION,  IN
 MAKING ITS DETERMINATIONS, SHALL CONSIDER THE DISCLOSURES REQUIRED UNDER
 PARAGRAPH  (N) OF THIS SUBDIVISION WHEN EVALUATING 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 APPLICANT 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, ENERGY AFFORDABILITY
 PROGRAMS, ENERGY EFFICIENCY PROGRAMS, AND COST-EFFECTIVE ELECTRIFICATION
 UPGRADE  PROGRAMS  WHILE MAINTAINING PRIOR DIVIDEND AMOUNTS. THE COMMIS-
 SION 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 FINDING 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,  ENERGY
 AFFORDABILITY  PROGRAMS,  ENERGY EFFICIENCY PROGRAMS, AND COST-EFFECTIVE
 ELECTRIFICATION UPGRADES WITHOUT AN INCREASE IN  EXCESS  OF  THE  INFLA-
 TION-INDEXED  PROPOSAL. SUCH REBUTTABLE PRESUMPTION MAY ONLY BE REBUTTED
 BY DEMONSTRATING BY A PREPONDERANCE OF THE EVIDENCE THAT THE  INFLATION-
 LINKED  PROPOSAL  WOULD,  AFTER  ACCOUNTING FOR A REDUCTION IN DIVIDENDS
 S. 9433--A                          3
 
 EQUIVALENT TO SUCH PRIOR DIVIDEND INCREASE, JEOPARDIZE SAFETY, RELIABIL-
 ITY, ENERGY AFFORDABILITY PROGRAMS, ENERGY EFFICIENCY PROGRAMS, OR COST-
 EFFECTIVE ELECTRIFICATION UPGRADES.
   (IV)  NOTHING  IN  THIS  PARAGRAPH  SHALL  BE CONSTRUED TO PREVENT THE
 COMMISSION FROM APPROVING A RATE INCREASE IN AN  AMOUNT  LESS  THAN  THE
 INFLATION-INDEXED PROPOSAL.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law and shall apply to all applications for major  changes
 in rates filed on and after such date.

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Senate Bill S9433

Sponsored By

Current Bill Status - On Floor Calendar

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Votes

Mar 24, 2026 - Energy And Telecommunications Committee Vote

Energy And Telecommunications Committee Vote: Mar 24, 2026

Bill Amendments

2025-S9433 - Details

2025-S9433 - Summary

2025-S9433 - Sponsor Memo

2025-S9433 - Bill Text download pdf

2025-S9433A (ACTIVE) - Details

2025-S9433A (ACTIVE) - Summary

2025-S9433A (ACTIVE) - Sponsor Memo

2025-S9433A (ACTIVE) - Bill Text download pdf

Comments

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Senate Bill S9433

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Sponsored By

Kevin S. Parker

Current Bill Status - On Floor Calendar

Actions

Votes

Bill Amendments

2025-S9433 - Details

2025-S9433 - Summary

2025-S9433 - Sponsor Memo

2025-S9433 - Bill Text download pdf

2025-S9433A (ACTIVE) - Details

2025-S9433A (ACTIVE) - Summary

2025-S9433A (ACTIVE) - Sponsor Memo

2025-S9433A (ACTIVE) - Bill Text download pdf

Comments