In a press release to the retail energy service industry last week, New York Governor Cuomo discussed the results of an industry-wide review conducted by the New York State Public Service Commission. As a result of findings, Cuomo announced comprehensive action plan to protect residential and small commercial consumers from unfair business practices in the retail energy industry. By stressing zero tolerance for deceptive and unscrupulous companies, the Commission has suspended new ESCO contracts with residential or small commercial customers from taking effect unless they provide guaranteed cost savings, or at least 30 percent of the supply comes from renewable energy. In addition to the sales freeze, immediate investigation resulting in audits of residential and small commercial power sales have also started. ESCO CEO’s will be required to provide a written document stating their ESCO is in full compliance with the new regulations. The new rules will impact over 200 ESCO’s in New York which provide over 20% of NY customers energy supply.
Read the full press release here: