New York A 6951: Raises the monetary value of damaged property that is considered criminal mischief or securities fraud

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A06951 Summary:

BILL NOA06951 

&nbsp

SAME ASSAME AS S05593

&nbsp

SPONSORMamdani

&nbsp

COSPNSROtis, Burdick, Forrest

&nbsp

MLTSPNSR

&nbsp

Amd §66, add §66-z, Pub Serv L

&nbsp

Provides that subsequent requests for an extension of a suspension period for certain rate, charge or other changes by utilities shall require approval by the public service commission and shall be valid for one month, after which the commission shall review and determine the necessity of a further extension; provides limitations on retroactive rate recovery by utilities.

Go to top A06951 Actions:

BILL NOA06951 

&nbsp

03/18/2025referred to energy

01/05/2026enacting clause stricken

Go to topA06951 Committee&nbspVotes:

Go to topA06951 Floor&nbspVotes:

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

Go to topA06951 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6951

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 18, 2025
 ___________

 Introduced by M. of A. MAMDANI -- read once and referred to the Commit-
 tee on Energy

 AN ACT to amend the public service law, in relation to periods suspend-
 ing the operation of certain rate, charge or other changes by utili-
 ties, and provisions permitting utilities to retroactively recover
 revenues they would have earned during such periods

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

 1 Section 1. Legislative intent. The legislature finds and declares
 2 that:
 3 1. In recent years, the proposed delivery rate increases and the ones
 4 authorized by the public service commission have grown progressively
 5 larger. Escalating utility costs have caused a significant financial
 6 strain and has left approximately 1.5 million residential households and
 7 thousands of businesses at risk of having their utility services shut
 8 off. Concurrently, the consistent trend of utilities achieving
 9 unprecedented profits jeopardizes the well-being of countless New York-
 10 ers struggling to cover their utility expenses.
 11 2. It has become common for the resolution of rate cases to occur long
 12 after the statutory eleven-month suspension period, primarily due to
 13 prolonged settlement negotiations. When these delays occur, utilities
 14 often request, and the commission routinely approves, suspension exten-
 15 sions paired with "make whole" provisions, which allow the utility to
 16 retroactively recover revenues based on the new rates that would have
 17 otherwise been applied during the suspension period. Such retroactive
 18 rate increases often result in "rate compression", where consumers are
 19 required to fund annual or multi-year rate increases over shorter peri-
 20 ods of time, leading to larger, unexpected bills that can be particular-
 21 ly burdensome for households and businesses grappling with an already
 22 significant rate increase.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09031-01-5

 A. 6951 2

 1 3. While "make whole" agreements can be symmetrical, applying to both
 2 rate increases and decreases, it is observed that in practice, these
 3 agreements predominately manifest in the context of rate increases.
 4 Utilities currently hold undue power over the initiation and duration of
 5 the rate case settlement process, yet bear minimal risk associated with
 6 delays to the eleven-month suspension period. Utilities initiate settle-
 7 ment negotiations, play a major role in the timing of meetings and the
 8 exchanges of offers, and, because the commission lacks the authority to
 9 impose multi-year rate plans on utilities, negotiations on such plans
 10 currently cannot end successfully unless and until the utility is satis-
 11 fied with the rate relief provided. Conversely, captive ratepayers
 12 disproportionately shoulder the liabilities associated with prolonged
 13 settlement negotiations and the resultant rate compression. This preva-
 14 lent trend, where the majority of rate cases result in increases rather
 15 than decreases, highlights an inherent imbalance in the negotiation
 16 power between large utility corporations and individual consumers. Such
 17 imbalanc