Requires investor-owned gas or electric corporations to refund ratepayers when their achieved return on equity exceeds authorized rates by fifty.

The bill amends the public service law to mandate refunds to ratepayers from investor-owned gas or electric corporations when their achieved return on equity exceeds authorized rates by fifty percent. The Public Service Commission must initiate a refund proceeding after a twelve-month period if a corporation's earnings exceed the authorized rate. Refunds must be provided as a direct bill credit within ninety days of the commission's determination.

Requires investor-owned gas or electric corporations to refund ratepayers when their achieved return on equity exceeds authorized rates by fifty.

The bill amends the public service law to mandate refunds to ratepayers from investor-owned gas or electric corporations when their achieved return on equity exceeds authorized rates by fifty percent. The Public Service Commission must initiate a refund proceeding after a twelve-month period if a corporation's earnings exceed the authorized rate. Refunds must be provided as a direct bill credit within ninety days of the commission's determination.