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History
- Referred to energy and telecommunications
- Referred to energy and telecommunications
Companion bill
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Relates to the annual reports required to be filed by gas and electric corporations
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor James F. Brennan
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3091
Title of bill
An act to amend the public service law, in relation to annual reports required to be filed by gas and electric corporations
Purpose
This bill will require the filing of annual reports to the Public Service Commission by the various gas and electric corporations, and elucidates the parameters of such reports.
Summary of provisions
This bill amends subsection 6 of section 66, as amended by Chapter 784 of the laws of 1923, of the Public Service Law to require the filing of annual reports by gas and electric corporations.
Justification
For nearly a century, since the founding of the department of public service (Commission), New York energy corporations have been required by law to file an annual report. The annual report is a necessary tool in maintaining transparency and oversight of the industry, providing critical information on the operations, accounts, capital, debt, and management of power producers.
The Commission has confirmed that it has unilaterally exempted power producers from filing annual reports, for perhaps as long as the last twenty years. In 1991 the Commission waived the annual reporting requirement for a small 95 megawatt cogeneration facility. Since this decision, the Commission has opened the door to a blanket exemption for the entire power producing industry, including multi-billion dollar corporations such as Eatergy.
Without annual reporting, New Yorkers do not have accessible information on the sales, revenue, costs, or price of electricity at power generating facilities. In the absence of maintaining and analyzing the critical market information neither the ratepayers nor the Commission can: 1.) assure that the industry is providing consumers with the lowest possible prices within a restructured, competitive marketplace; 2.) determine the competitiveness of energy markets and improve the inefficiencies; or 3.) guard against market manipulation and opportunities for collusion.
This bill reinstates the PSC's fundamental statutory duty to oversee and assure that just and reasonable rates are charged by power producers by compelling the corporations, without exception, to file annual reports for review by the PSC.
Legislative history
2011-12: S.5514/A.7306 - Referred to Energy and Telecomm/ Passed the Assembly
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.