WASHINGTON – Congressmen Josh Riley (D, NY-19) and Jeff Van Drew (R- NJ-02) have introduced bipartisan legislation that would prohibit utility company executives from receiving bonuses whenever they raise rates faster than inflation.
The No Bonuses for Utility Executives Act would stop bonuses when utilities raise rates faster than inflation; would cap bonuses in years when rates stay stable; would enforce the rules with real oversight and penalties; and would apply to foreign-owned, state-regulated electric utilities. The last foreign-owned clause is an obvious reference to Central Hudson Gas and Electric, which is owned by Fortis of Canada.
“Upstate New Yorkers are getting crushed by high utility bills,” said Riley. “Foks are cutting back on everything from groceries to school clothes just to keep the lights on. Meanwhile, the utility monopolies are rewarding their CEOs with millions of dollars per year. When the people footing the bill get squeezed and the folks at the top walk off with massive bonuses, something’s seriously broken – and I’m fighting to fix it.”
He said his legislation would stop utility monopolies from “rewarding the corporate executives who are ripping us off.”
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