Governor Kathy Hochul today signed legislation to increase transparency and accountability in the public utility rate-setting process.

"Today, we are taking bold steps to ensure New Yorkers have greater transparency into the utility rate changes that impact their daily lives," Governor Hochul said. "New Yorkers deserve to know why there is an increase in rates and how the revenue will be spent. These laws represent a new chapter of a fair, open and trustworthy utility system for New Yorkers."

Legislation S.9188/A.9827 requires the Public Service Commission to publish certain information prior to a major rate change by a public gas or electric utility, including an explanation of why the rate change is requested and a summary of how the proposed revenue will be spent. The legislation will provide public education about the rate process with minimal additional cost, allowing for expanded transparency and accessibility.

State Senator Leroy Comrie said, "Consumers have for far too long been left in the dark when it comes to utility rate increases, with providers offering little explanation or accountability. With the cost of energy delivery and development constantly rising, these bills will bring greater transparency, protections from unjustified rate hikes, and add a financial deterrent to would-be bad actors. I thank Governor Hochul for her steadfast leadership and continuing to work to protect New Yorkers."

Assemblymember Didi Barrett said, "Across the state, New Yorkers are struggling with increased utility costs, so it is especially important that we do all we can to help them understand the implications of the often complex and confusing utility rate case process. This legislation increases transparency and helps keep ratepayers informed. I thank Senator Comrie and Governor Hochul for their partnership in getting this important bill passed and signed into law."

Legislation S.6710/A.3746 establishes civil penalties for making false material statements to the Public Service Commission in relation to a rate proceeding. The penalty will be up to $250,000 for any utility corporation and its officers, agents or employees that knowingly make a false material statement, representation or certification to the Public Service Commission in any rate proceeding.

State Senator James Skoufis said, "Simplifying and improving the transparency surrounding the process of major rate increases - and holding bad actors accountable - is an essential step toward increasing public understanding and ensuring utility companies are responsible to ratepayers. I am gratified to see the Governor enact S.9188 into law."

Assemblymember Simcha Eichenstein said, "In the past, there have been instances where customers of public utilities have been subject to rate hikes based on false or misleading information. This legislation institutes severe penalties on utility companies that knowingly and deliberately provide false testimony to the Public Service Commission to justify an unfair rate increase, at the expense of hardworking New Yorkers who are already struggling to pay their utility bills. Thank you, Governor Hochul, for recognizing the importance of this issue and helping to ensure that ratepayers will no longer suffer the consequences of false material statements."

Contact the Governor's Office