Governor Andrew Cuomo has recently signed into law a bill that expands the transparency of PSEG Long Island executive compensation, consultant fees and contract fees.
The legislation, sponsored by Assemblyman Fred W. Thiele Jr. and Senator Kenneth P. LaValle, requires PSEG-LI to make public all compensation and fees in connection with its operations services contract with the Long Island Power Authority. In addition, the legislation provides the New York State Department of Public Service the power to review and make recommendations in response to such costs, which are paid for by LIPA ratepayers.
The new law stems from a 2015 dispute in which PSEG-LI refused to divulge information regarding executive compensation and consultation fees when seeking a three-year rate increase. In that case, PSEG-LI cited the LIPA Reform Act of 2013, a law that is now amended by this bill.
“[PSEG-LI’s] main mission is to supply a most basic societal need to Long Islanders,” Mr. Thiele in a prepared statement. “Access to such information should not be thwarted by shrouding it with the cloak of secrecy or confidentiality.”
“Long Island ratepayers have a right to complete transparency,” Mr. LaValle added. “Our families deserve to know where LIPA is spending their hard-earned money.”