Provides for a two percent cap on rate increases imposed by utilities.

The bill amends the public service law and the public authorities law to establish a two percent cap on annual rate increases for gas and electric corporations and municipalities. The cap applies to rates and charges for gas, electricity, and services rendered. The authority and service provider must submit rate proposals for review by the department of public service. The board of the authority must make a preliminary determination of inconsistency within 30 days of receiving recommendations.

Provides for a two percent cap on rate increases imposed by utilities.

The bill amends the public service law and the public authorities law to establish a two percent cap on annual rate increases for gas and electric corporations and municipalities. The cap applies to rates and charges for gas, electricity, and services rendered. The authority and service provider must submit rate proposals for review by the department of public service. The board of the authority must make a preliminary determination of inconsistency within 30 days of receiving recommendations.