Albany Bill Takes Aim at Utility Rate Hike
Wednesday, May 18, 2011 - 06:27 PM
The state legislature has unanimously approved a bill that supporters say could prevent a 12 percent rate hike in energy prices.
Under the bill, power plant operators will be exempt from property taxes. Until now, those tax abatements had been discretionary and only some companies received them.
In a statement, Governor Andrew Cuomo said he and Mayor Michael Bloomberg are asking the Federal Energy Regulatory Commission to reverse its approval of the rate hike because of the new bill. The increase is supposed to go into effect next month.
A spokesman for the Federal Energy Regulatory Commission said they are re-considering part of the ruling.
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