REPORT: Senate Republicans call for public hearing on legislation that would provide financial relief to ratepayers amidst outrageous utility bills

ALBANY, NY- New York State Senator Mark Walczyk and other Republican Members of the Senate Committee on Energy and Telecommunications are calling on a public hearing to be held on state legislation that would ultimately make way for financial relief as ratepayers are being slammed with staggering utility bills.

“New Yorkers are being crushed by soaring utility bills while at the same time, the multi-billion-dollar slush fund sits untouched,” Senator Walczyk claimed in a released statement.

Republican Senators signed and sent a letter to the Committee Chairperson, Senator Kevin Parker. According to Walczyk’s office, the proposed bill (sponsored by Senator O’Mara) would provide $3 billion in immediate relief to ratepayers struggling with skyrocketing utility costs by allowing unspent funds in NYSERDA’s Climate Investment Account and held by utilities to be returned directly to ratepayers.

"As New York State Senators, we have a responsibility to fight for our constituents who can no longer afford to wait for relief. Senator O’Mara’s legislation offers a clear path forward to return billions in unspent funds directly to the families who need it most. This public hearing isn’t just an opportunity; it’s a necessity. It's time for action, accountability, and to ensure that taxpayer dollars are used for their intended purpose—relieving the financial strain on hardworking New Yorkers,” Walczyk added.

Walczyk’s office says the 2025 fiscal year budget and financial plan for NYSERDA indicates they have a surplus of more than $2 billion and it’s projected in future years to even reach $3 billion.

In addition, the State is requiring utilities to hold approximately $770 million in ratepayer funds for future use under the Clean Energy Fund. Senator O’Mara’s legislation would return those unspent funds to ratepayers as a bill credit.

These bill credits would provide immediate relief to overburdened ratepayers who were required to contribute these surplus funds via their utility bills.

New York State Capitol image.