ITHACA, NY (607NewsNow) – Congressman Josh Riley (NY-19) is reaching across the aisle to keep utility companies honest.

On December 10, Riley introduced the No Bonuses for Utility Executives Act with Republican Congressman Jeff Van Drew (NJ-02).

It would ban bonuses for executives when utilities raise rates faster than inflation, cap bonuses in years when rates stay stable, include oversight, and impose penalties for violations.

Utilities would be required to report to the Federal Energy Regulatory Commission (FERC) within one week of the end of their fiscal year. They would need to provide the average percentage increase in customer rates and the median pay of non-executives.

FERC would have a month to determine whether bonuses are permitted and what the maximum bonus would be. If the utility violates the law, the entire bonus pool would be forfeited to the IRS, which must return those dollars directly to customers as a stimulus payment.

“Upstate New Yorkers are getting crushed by high utility bills,” said Riley. “Folks 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. My bipartisan bill stops utility monopolies from rewarding the corporate executives who are ripping us off.”

According to Riley’s Office, as families have struggled to keep up with bills, and utilities have pleaded for higher rates, the CEO of Avangrid (parent company of NYSEG and RG&E) made $10.7 million in 2024.

To build on Riley’s Keep the Lights Local Act, the bill would apply to foreign-owned, state-regulated electric companies. Read more about the No Bonuses for Utility Executives Act here.