Legislation sought to return the “Climate Investment Account” surplus $2 billion to ratepayers
Albany, N.Y., February 6–Yesterday on the floor of the state Senate, every member of the state Senate Democrat majority voted against legislation sponsored by Senator Tom O’Mara (R,C-Big Flats) that would provide immediate relief to ratepayers from skyrocketing utility bills.
O’Mara’s legislation (S.8461), if enacted, would allow unspent funds in the New York State Energy Research and Development Authority’s (NYSERDA) “Climate Investment Account” to be returned directly to ratepayers. At a time when many New Yorkers are facing a crisis trying to pay skyrocketing utility bills, these unspent NYSERDA funds, collected through a surcharge on ratepayers’ utility bills, is at least $2 billion that could be returned directly to ratepayers.
O’Mara, a member on the Senate Energy and Telecommunications Committee, said, “Should New York State just keep on asking ratepayers to bear the burden of what’s become, at best, a questionable climate agenda? It seems to me that carrying in excess of $2 billion of ratepayers’ funds from year to year would be better returned to the ratepayers given the significant increases in the cost of electricity in New York, over a 50% increase from January 2020 to October 2025. The bottom line on any surplus, in my view, is straightforward: Wouldn’t it be more important to provide some relief to ratepayers rather than to have it sitting in NYSERDA’s bank account or in a utility’s coffers?”
O’Mara’s legislation, offered as an amendment on the Senate floor on Thursday, would have ensured New Yorkers are able to keep more of their hard-earned money as they struggle with high costs of living and ever-escalating energy costs.
Senate Democrats unanimously voted “no” and struck down the legislation.
O’Mara raised the issue with top Hochul administration officials at a legislative budget hearing in Albany last week (watch here: https://www.youtube.com/watch?v=JScvmbG6yDk&t=10s
O’Mara and the other Republican members on the Senate Energy and Telecommunications Committee also sent a letter to Governor Hochul this week urging her to direct NYSERDA to return the unspent funds to ratepayers.
Watch: O’Mara takes on regulators about electric school bus mandate:
