Albany, NY — Today, Senator Patricia Fahy announced her serious concerns about the New York State Public Service Commission’s decision to approve utility rate hikes that will burden households and small businesses already facing high costs for basic necessities.

“With energy affordability already at a crisis point for too many New Yorkers, the PSC’s decision to approve yet another round of rate hikes is deeply disappointing and out of step with the needs of working families,” said Senator Patricia Fahy (D—Albany). “I share the concerns of the Public Utility Law Project (PULP) that “these hikes will be devastating for households already living on the edge.” These hikes highlight the urgent need to reform how we set utility rates in this state.”

To address these systemic issues, Senator Fahy reiterated her support of three key bills:

• S7693 (Mayer) – to modernize the rate-setting process and ensure it prioritizes affordability, transparency, and fairness for ratepayers, and to return excess profits of the approved rate of return on equity.
• S1896 (Mayer) – to strengthen oversight and accountability of regulated utilities by requiring them to use PSC-set equity ratios and rates of return on equity based on a standard financing method, including a “true-up” process to match actual returns to authorized levels and refund consumers when utilities reap excess profits.
• S5553 (Comrie) – to notify consumers about proposed rate hikes within one business day of PSC notice via email, text, and bill inserts.

“These bills collectively aim to return power to the public interest, improve transparency, and ensure that utilities can still operate effectively while charging just and reasonable rates,” Senator Fahy added. “Our constituents deserve reliable service at prices they can afford, not constant hikes that leave them paying more for the same basic utility services.”