New York A 9041: Prohibits utilities from raising rates while reporting high profits and requires utilities to reinvest revenues into New York's energy infrastructure, safety, and reliability

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A09041 Summary:

BILL NOA09041 

&nbsp

SAME ASNo Same As

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SPONSORSantabarbara

&nbsp

COSPNSRButtenschon, Brabenec

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MLTSPNSR

&nbsp

Amd §66, add §§69-b & 69-c, Pub Serv L

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Prohibits utilities from raising rates while reporting high profits; requires utilities to reinvest revenues into New York's energy infrastructure, safety, and reliability; requires the submission to the public service commission of a compliance report.

Go to top A09041 Actions:

BILL NOA09041 

&nbsp

09/05/2025referred to energy

01/07/2026referred to energy

Go to topA09041 Committee&nbspVotes:

Go to topA09041 Floor&nbspVotes:

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

Go to topA09041 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9041

 2025-2026 Regular Sessions

 IN ASSEMBLY

 September 5, 2025
 ___________

 Introduced by M. of A. SANTABARBARA -- read once and referred to the
 Committee on Energy

 AN ACT to amend the public service law, in relation to prohibiting util-
 ities from raising rates while reporting high profits and requiring
 utilities to reinvest revenues into New York's energy infrastructure,
 safety, and reliability

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

 1 Section 1. This act shall be known and may be cited as the "Utility
 2 Profit Reinvestment and Rate Hike Ban Act".
 3 § 2. Subdivision 12 of section 66 of the public service law is amended
 4 by adding two new paragraphs (b-1) and (b-2) to read as follows:
 5 (b-1) No change shall be made in any rate or charge, or in any form of
 6 contract or agreement or any rule or regulation relating to any rate,
 7 charge or service, which shall have been filed by a utility in compli-
 8 ance with an order of the commission, if the utility filing the request
 9 for the increase in rates or charges has above-average profits in the
 10 fiscal year during which the request is filed compared to the average
 11 profits over the immediately preceding previous three fiscal years. For
 12 the purposes of this subdivision, "above-average profits" shall mean net
 13 profits in excess of more than ten percent over the average of the net
 14 profits during the three immediately preceding fiscal years.
 15 (b-2) No change shall be made in any rate or charge, or in any form of
 16 contract or agreement or any rule or regulation relating to any rate,
 17 charge or service, which shall have been filed by a utility in compli-
 18 ance with an order of the commission, if the utility filing the request
 19 for the increase in rates or charges has failed to comply with the
 20 provisions of section sixty-nine-b of this article.
 21 § 3. The public service law is amended by adding two new sections 69-b
 22 and 69-c to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13670-01-5

 A. 9041 2

 1 § 69-b. Use of revenues. 1. Each gas corporation and electric corpo-
 2 ration shall reinvest a minimum of seventy-five percent of its annual
 3 net profits from revenues received from service delivered in the state
 4 in measures to improve and promote energy infrastructure, safety, and
 5 reliability. Such measures shall include, but not be limited to:
 6 (a) energy grid modernization and infrastructure upgrades;
 7 (b) improvements in reliability and maintenance of infrastructure;
 8 (c) clean energy transition; and
 9 (d) safety improvements.
 10 2. No gas corporation or electric corporation shall utilize revenues
 11 received from the rendition of public service within the state for the
 12 purpose of increasing dividends or authorizing stock buybacks in any
 13 year the corporation petitions for a rate hike.
 14 3. No gas corporation or electric corporation shall utilize net reven-
 15 ues received as a result of an approved rate hike for the purpose of
 16 shareholder profits, payment of dividends, or stock buybacks. All such
 17 revenues shall be utilized for the purposes specified in subdivision one
 18 of this section.
 19 § 69-c. Use of revenue compliance reports. 1. On or before April thir-
 20 tieth of each year, each gas corporation and each electric corporation
 21 shall file with the commission a