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.
STATE OF NEW YORK
________________________________________________________________________
10082
IN SENATE
April 27, 2026
___________
Introduced by Sen. GRIFFO -- read twice and ordered printed, and when
printed to be committed to the Committee on Energy and Telecommuni-
cations
AN ACT to amend the public service law, in relation to prohibiting
ownership of gas and electric corporations by foreign entities and
regulating executive compensation
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The public service law is amended by adding a new section
2 64-a to read as follows:
3 § 64-a. Prohibition of foreign gas and electric corporations. 1. No
4 gas corporation, electric corporation, or combination gas and electric
5 corporation shall be owned, controlled, or operated, directly or indi-
6 rectly, by a foreign government, a foreign state-owned enterprise, or a
7 foreign corporation. For the purposes of this section, "foreign corpo-
8 ration" shall mean a corporation as defined in section one hundred two
9 of the business corporation law that is formed under the laws of a
10 jurisdiction outside of the United States.
11 2. Any gas corporation, electric corporation, or combination gas and
12 electric corporation currently in violation of this section shall, with-
13 in thirty-six months of the effective date of this section, submit and
14 execute a divestiture plan to be approved by the commission. Such plan
15 shall ensure the transfer of controlling interest to a domestic entity
16 without disruption of service or cost-shifting to ratepayers.
17 § 2. Section 65 of the public service law is amended by adding a new
18 subdivision 17 to read as follows:
19 17. (a) No gas corporation or electric corporation shall recover from
20 ratepayers, nor shall the commission approve any rate that includes, the
21 cost of any bonus or incentive-based compensation for an executive offi-
22 cer during a fiscal year in which such corporation has implemented a
23 rate increase that exceeds the annual percentage increase in the consum-
24 er price index for all urban consumers for the previous calendar year.
25 (b) The total annual bonus or incentive-based compensation for any
26 executive officer of a gas corporation or electric corporation shall not
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15664-01-6
S. 10082 2
1 exceed twenty-five percent of the median annual salary of the corpo-
2 ration's full-time equivalent non-executive employees residing within
3 the state of New York.
4 (c) Any executive compensation paid in excess of the limits estab-
5 lished in paragraph (b) of this subdivision shall be paid exclusively
6 from shareholder profits and shall not be considered a "just and reason-
7 able" expense for ratemaking purposes.
8 § 3. This act shall take effect on the first of January next succeed-
9 ing the date on which it shall have become a law.
