N.Y. Public Service Law 66-E – Monitoring of natural gas procurement
§ 66-e. Monitoring of natural gas procurement. 1. The commission shall continue to monitor natural gas procurement contracts and practices of gas corporations and determine whether any of such practices or provisions of any such contracts are anti-competitive in force or effect or otherwise contrary to the public interest. Such monitoring shall include an examination of the prevailing market prices in the state for gas supplies including domestic producer prices for natural gas.
Terms Used In N.Y. Public Service Law 66-E
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
2. In any application for a rate increase, a gas corporation shall show all sources of its gas supply and anticipated changes thereof and demonstrate that other dependable and adequate lower priced supplies are not available. Where any of such sources is an affiliated company, the applicant shall have the burden to prove all related natural gas purchase or transportation prices and conditions are fair and reasonable.
3. The commission shall, upon complaint or upon its own motion, investigate the circumstances under which existing gas procurement contracts were made. Where the commission concludes that a gas corporation was imprudent in the making or administration of such contract, the commission shall exercise its authority to limit the rates charged by such gas corporation to amounts no higher than those which would have been justified had such corporation acted in a prudent manner.