New York S 7693: Relates to the retention of revenues derived from their actual return on equity in excess of authorized rates of return by gas, electric, or combination gas and electric corporations

Bill Text

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S07693 Summary:

BILL NOS07693 

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SAME ASSAME AS A08150

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SPONSORMAYER

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COSPNSRBROUK, BYNOE, FAHY, HINCHEY, JACKSON, MARTINS, SERRANO

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MLTSPNSR

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Amd §66, Pub Serv L

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Provides that gas, electric, or combination gas and electric corporations shall not be permitted to retain revenues derived from their actual return on equity in excess of authorized rates of return on equity.

Go to top S07693 Actions:

BILL NOS07693 

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04/30/2025REFERRED TO ENERGY AND TELECOMMUNICATIONS

05/13/20251ST REPORT CAL.1101

05/14/20252ND REPORT CAL.

05/15/2025ADVANCED TO THIRD READING 

06/05/2025PASSED SENATE

06/05/2025DELIVERED TO ASSEMBLY

06/05/2025referred to ways and means

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO ENERGY AND TELECOMMUNICATIONS

01/27/2026REPORTED AND COMMITTED TO RULES

01/27/2026ORDERED TO THIRD READING CAL.148

02/04/2026PASSED SENATE

02/04/2026DELIVERED TO ASSEMBLY

02/05/2026referred to ways and means

Go to topS07693 Committee&nbspVotes:

Go to topS07693 Floor&nbspVotes:

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

Go to topS07693 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7693

 2025-2026 Regular Sessions

 IN SENATE

 April 30, 2025
 ___________

 Introduced by Sen. MAYER -- 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 the retention of
 revenues derived from their actual return on equity in excess of
 authorized rates of return by gas, electric, or combination gas and
 electric corporations

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 20 of section 66 of the public service law, as
 2 added by chapter 394 of the laws of 1978, is amended to read as follows:
 3 20. (a) Notwithstanding any general or special law, rule or regulation
 4 to the contrary, the commission shall have the power to provide for the
 5 refund of any revenues received by any gas or electric corporation which
 6 cause the corporation to have revenues in the aggregate in excess of its
 7 authorized rate of return for a period of twelve months.
 8 (b) Such corporations shall be required to return all revenues derived
 9 from their actual return on equity in excess of their authorized rate of
 10 return on equity to ratepayers in the form of a surcredit to their
 11 bills. Such surcredit shall be provided to ratepayers no later than
 12 thirty days following the end of each year of a rate period and shall be
 13 clearly labeled on the ratepayer's bill. The commission [may] shall
 14 initiate a proceeding with respect to such a refund after the conclusion
 15 of any such twelve month period.
 16 (c) The commission shall not approve any rate plan which allows any
 17 gas, electric, or combination gas and electric corporation to retain
 18 revenues derived from their actual return on equity in excess of their
 19 authorized rate of return on equity.
 20 (d) Such corporations shall be required to report annually to the
 21 department any excess revenues and the amount returned to ratepayers.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11616-04-5

 S. 7693 2

 1 (e) For purposes of this subdivision, "authorized rate of return on
 2 equity" shall mean the return on the equity portion of the rate base
 3 that regulated utilities are authorized to collect in rates and "rate
 4 period" shall mean the time period in which a regulated utility collects
 5 rates that are authorized and approved by the commission.
 6 § 2. This act shall take effect on the one hundred eightieth day after
 7 it shall have become a law; provided, however, it shall not apply to any
 8 rate plan in effect prior to such effective date.

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