Provides that an action to recover the amount of an overcharge based upon a mistake or billing error made by an electric, gas or telephone corporation must be commenced within ten years.
Reduces electric corporations' response time for securing downed wires to one hour upon notice; provides that corporations failing to do so shall be subject to a fine in an amount to be determined by the department of public service.
Enacts the utility transparency and fair billing protection act to prevent consumers from being overcharged due to misclassified utility rates by mandating proactive account reviews, automatic adjustments, and ensuring clear communication between utilities and customers.
Prohibits foreign ownership of gas and electric corporations; requires that any foreign owned gas and electric corporations execute a divestiture plan; regulates executive compensation by limiting annual bonuses and incentive-based compensation for executive officers.
Provides that gas, electric, or combination gas and electric corporations shall not be permitted to retain revenues derived from their actual return on equity in excess of authorized rates of return on equity.
Provides that gas, electric, or combination gas and electric corporations shall not be permitted to retain revenues derived from their actual return on equity in excess of authorized rates of return on equity.
Provides that beginning January 1, 2027, any order issued to set the rate of gas and electricity, not including surcharges or tariffs, shall be in effect for three years.