ALBANY, NY (607NewsNow) – NYSEG’s rate case with the NYS Public Service Commission continues.

On February 20, Congressman Josh Riley cross-examined some of the utility company’s executives in Albany, where they testified under oath that they sent a $450 million dividend to their foreign parent company, Iberdrola, on February 28, 2025.

NYSEG, a frequent target of Riley’s, would then file its most recent rate case demand just four months later in June.

According to Riley, they made the payment knowing they would seek to increase rates.

“NYSEG ripped hundreds of millions out of our community to line the pockets of their foreign parent company in Spain, and they admitted under oath yesterday that they knew all along they were going to jack up rates and make Upstate New Yorkers pay for it,” stated Riley. “It’s robbery, plain and simple.”

With costly utility bills the most frequent issue Riley hears about from constituents, he has made efforts to fight costly increases during his time in office, including an investigation into utility monopolies.

Riley has introduced the Keep the Lights Local Act, which bans foreign companies from owning local utility companies, and the No Bonuses for Utility Executive Act, which bans bonuses when utilities raise rates faster than inflation, caps bonuses in years when rates stay stable, and includes oversight and enforcement penalties for violations.

Last month, he launched the Congressional Lowering Utility Bills Caucus, which is made up of lawmakers from 10 states dedicated to finding oversight strategies and tools to hold utility companies accountable for rate hikes.

In 2024, Iberdrola reported an approximate net profit of $5.85 million, a 17% increase over 2023. Riley’s office says Iberdrola Chairman Ignacio Sanchez Galan recently told shareholders that its American-based utility subsidiaries serve as an “unprecedented investment opportunity” that drives growth and improves profitability.

A final determination by the NYS Public Service Commission is expected later in 2026.

Watch Congressman Riley’s full statement here.