1. United States
2. N.Y.
3. Letter

I urge you to support the bill proposed by Assemblyman Santabarbara that would block utility rate hikes when companies report large profits. This legislation is crucial for protecting consumers from unnecessary financial burdens while ensuring the reliability and improvement of our energy infrastructure. The recent announcement by National Grid of higher electric and gas rates is deeply concerning, especially in light of their reported 20% increase in pre-tax earnings to $4.8 billion and nearly $7.8 million in CEO compensation. It is unacceptable that families in our community face rising costs while shareholders reap substantial benefits. This bill would require utilities to reinvest most of their earnings back into the grid, prohibiting the use of rate hike money for dividends or executive compensation. Such a measure is not only fair but also essential for maintaining and upgrading our energy systems without placing an undue burden on consumers. National Grid claims the rate increase, effective September 1, is necessary for reliability upgrades and customer assistance programs. However, with their significant profits, these improvements should be funded through reinvestment rather than additional charges to customers who are already struggling with the rising cost of living. By passing this bill, you would be taking a strong stand for consumer protection and responsible corporate practices. It would ensure that utility companies prioritize the needs of their customers and the integrity of the energy infrastructure over excessive profits and executive payouts. I ask that you support this bill and work towards its swift passage. Your action on this matter will have a direct and positive impact on the financial well-being of your constituents and the long-term reliability of our energy systems. Thank you for your attention to this critical issue.