New York S 10082: Prohibits foreign ownership of gas and electric corporations and regulates executive compensation

Bill Text

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S10082 Summary:

BILL NOS10082 

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SAME ASNo Same As

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SPONSORGRIFFO

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COSPNSR

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MLTSPNSR

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Add §64-a, amd §65, Pub Serv L

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Prohibits foreign ownership of gas and electric corporations; requires that any foreign owned gas and electric corporations execute a divestiture plan; regulates executive compensation by limiting annual bonuses and incentive-based compensation for executive officers.

Go to top S10082 Actions:

BILL NOS10082 

&nbsp

04/27/2026REFERRED TO ENERGY AND TELECOMMUNICATIONS

Go to topS10082 Committee&nbspVotes:

Go to topS10082 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10082 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10082

 IN SENATE

 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:

 1 Section 1. The public service law is amended by adding a new section
 2 64-a to read as follows:
 3 § 64-a. Prohibition of foreign gas and electric corporations. 1. No
 4 gas corporation, electric corporation, or combination gas and electric
 5 corporation shall be owned, controlled, or operated, directly or indi-
 6 rectly, by a foreign government, a foreign state-owned enterprise, or a
 7 foreign corporation. For the purposes of this section, "foreign corpo-
 8 ration" shall mean a corporation as defined in section one hundred two
 9 of the business corporation law that is formed under the laws of a
 10 jurisdiction outside of the United States.
 11 2. Any gas corporation, electric corporation, or combination gas and
 12 electric corporation currently in violation of this section shall, with-
 13 in thirty-six months of the effective date of this section, submit and
 14 execute a divestiture plan to be approved by the commission. Such plan
 15 shall ensure the transfer of controlling interest to a domestic entity
 16 without disruption of service or cost-shifting to ratepayers.
 17 § 2. Section 65 of the public service law is amended by adding a new
 18 subdivision 17 to read as follows:
 19 17. (a) No gas corporation or electric corporation shall recover from
 20 ratepayers, nor shall the commission approve any rate that includes, the
 21 cost of any bonus or incentive-based compensation for an executive offi-
 22 cer during a fiscal year in which such corporation has implemented a
 23 rate increase that exceeds the annual percentage increase in the consum-
 24 er price index for all urban consumers for the previous calendar year.
 25 (b) The total annual bonus or incentive-based compensation for any
 26 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

 1 exceed twenty-five percent of the median annual salary of the corpo-
 2 ration's full-time equivalent non-executive employees residing within
 3 the state of New York.
 4 (c) Any executive compensation paid in excess of the limits estab-
 5 lished in paragraph (b) of this subdivision shall be paid exclusively
 6 from shareholder profits and shall not be considered a "just and reason-
 7 able" expense for ratemaking purposes.
 8 § 3. This act shall take effect on the first of January next succeed-
 9 ing the date on which it shall have become a law.

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