I’ve declared war on the Public Service Commission.
In light of their most recent approval of O&R’s astronomical increases on electric and gas rates – on top of their shameless approval of Central Hudson’s last year – it is time–past time–to completely overhaul the PSC. This agency has failed New Yorkers again and again, all while doing a self-congratulatory victory lap for claiming to have cut the utility requested increases. The PSC is supposed to serve the public, but is clearly only working for utility company shareholders.
It’s not news to anyone that New Yorkers are facing an affordability crisis, one exacerbated by sky-high utility bills. New Yorkers on a fixed income, in particular, struggle to pay utility bills that continue to climb higher and higher. They struggle to afford their daily expenses while the PSC allows out-of-town corporate fat cats to line their pockets by way of your utility profits.
Enough is enough. Several bills have been introduced to address these issues, including my bill (S.5687) that would cap utility profit margins at 4% per year. Currently utility companies are reporting corporate returns of 9-10%, all while crying poverty to a sympathetic PSC. Additional reforms I’ll be pursuing include changing the method by which rate applications are reviewed, capping executive pay, and breaking up the de-facto utility monopolies that exist in every region of the state.
I am laser-focused on seeing the PSC brought to account for their corporate charity system. The Public Service Commission has lost sight of their mandate–to protect the public–and it’s time for the Legislature to act on wholesale reform of the system.
