Assemblymember Brian Kavanagh and his Assembly colleagues held a hearing to examine New York’s electric commodity market under the stewardship of the New York Independent System Operator. The NYISO is a not-for-profit corporation, approved and overseen by the Federal Energy Regulatory Commission that began operating in 1999 to administer the state’s wholesale electricity markets.
The hearing examined the policies and practices of the NYISO related to the market clearing price on the electric commodity cost to consumers, the governance structure of the NYISO, and other matters. By some estimates, New Yorkers could save up to $2 billion a year if the legislature were to enact reforms of the electricity market. The hearing was a joint effort of the Assembly Energy Committee, chaired by Assemblymember Kevin Cahill, and the Corporations Committee, chaired by Richard Brodsky. Kavanagh, who is a member of the Corporations Committee, will continue to work with his Assembly colleagues to explore the issue and push for legislation if appropriate.