New York S04936 sets a two percent cap on annual rate increases for utilities.

New York S04936 amends the public service law and public authorities law to establish a two percent cap on rate increases imposed by utilities. This cap applies to gas and electric corporations and municipalities, ensuring that any rate increases are measured on an annual basis. The cap is intended to maintain just and reasonable charges for utility services. The authority may implement rates on an interim basis, subject to prospective rate adjustment, but any final rate plan must adhere to the two percent limit. The provisions of this bill take effect 90 days after it becomes law.

New York S04936 sets a two percent cap on annual rate increases for utilities.

New York S04936 amends the public service law and public authorities law to establish a two percent cap on rate increases imposed by utilities. This cap applies to gas and electric corporations and municipalities, ensuring that any rate increases are measured on an annual basis. The cap is intended to maintain just and reasonable charges for utility services. The authority may implement rates on an interim basis, subject to prospective rate adjustment, but any final rate plan must adhere to the two percent limit. The provisions of this bill take effect 90 days after it becomes law.