NY State Senate Bill 2021-S4737

Senate Bill S4737

2021-2022 Legislative Session

Requires the superintendent of financial services to examine the green bank at least once every calendar year

download bill text pdf

Archive: Last Bill Status - In Senate Committee Energy And Telecommunications Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to energy and telecommunications
Feb 10, 2021	referred to energy and telecommunications

2021-S4737 (ACTIVE) - Details

Current Committee:: Senate Energy And Telecommunications
Law Section:: Public Authorities Law
Laws Affected:: Add §1859-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S7647
2019-2020: S5077
2023-2024: S4615

2021-S4737 (ACTIVE) - Summary

Requires the superintendent of financial services to examine the Green Bank at least once every calendar year; requires that a copy of such examination shall be furnished to NYSERDA, the state comptroller, the senate and the assembly.

2021-S4737 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4737

SPONSOR: GRIFFO
 
TITLE OF BILL:

An act to amend the public authorities law, in relation to the examina-
tion of the Green Bank

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would require the New York State Energy Planning Board to
undertake a study of the overall reliability of the State's supply of
natural gas and to prepare a report and on such study and transmit the
report and reliability study to the governor and the legislature.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section one of the bill provides that before January 1, 2020, the State
Energy Planning Board shall contract with an independent and competi-
tively bid contractor with experience in natural gas to study the over-
all reliability of the State's supply of natural gas. The study would

include an assessment of the need for additional transmission of natural
gas in the State and to states in New England; the integrity and impacts
of new natural gas infrastructure as it relates to the environment; the
consequences to existing natural gas customers in the State of
constraints in the natural gas delivery system; the economic demand for
additional natural gas from residential, commercial, manufacturing and
industrial sectors in the State; and the status of and future opportu-
nities for the implementation of natural gas expansion under public
service commission proceedings and the State Energy Plan.

Section two of the bill sets forth the effective date.

 
JUSTIFICATION:

The Clean Energy Standard in New York State is directed at significantly
expanding the role of renewables in New York's energy market with a goal
of 50% renewables by 2030. In implementing the expansion to renewables,
the state should not lose focus on the importance of natural gas in
generating cleaner electricity, heating homes and powering businesses in
New York while providing affordable energy with a positive impact on air
emissions. Natural gas is an important bridge to obtaining the goal of
continued carbon reduction.

The objective of the study in this bill is to refocus on the reliability
of natural gas to determine if any modification is required to the
State's Energy Plan. The energy sector is constantly evolving and the
energy plan for natural gas should be reviewed and updated if necessary.

Reliability risks should be assessed. There are a number of commercial
and industrial customers that are currently unable to access uninterrup-
tible natural gas service. There are also residential customers that
want to access natural gas but are unable to connect.

Pipeline development and infrastructure issues are impacting not only
New York State but also New England. Constraints in the delivery system
particularly in the winter months has significant price consequences.
Planning for the natural gas market will help prevent polar vortex-type
price spikes and place New York in a better position to transition its
energy market. Natural gas provides a significant and real contribution
to business and residential customers. This bill seeks to ensure that
appropriate planning and actions are taken to guarantee that there is
reliability in the supply of natural gas.

 
PRIOR LEGISLATIVE HISTORY:

2019-20 - S. 5076 - Energy and Telecommunications Committee.
2017-18 - Passed Senate.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S4737 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4737
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 10, 2021
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
   printed to be committed to the Committee on  Energy  and  Telecommuni-
   cations
 
 AN  ACT to amend the public authorities law, in relation to the examina-
   tion of the Green Bank
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  public  authorities  law  is amended by adding a new
 section 1859-a to read as follows:
   § 1859-A. EXAMINATION. AT LEAST ONCE IN EACH CALENDAR YEAR, THE  GREEN
 BANK,  A  DIVISION OF THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT
 AUTHORITY, SHALL BE EXAMINED BY THE SUPERINTENDENT OF FINANCIAL SERVICES
 FOR THE PURPOSES OF DETERMINING SUCH ENTITY'S NET WORTH,  THE  SOUNDNESS
 OF  ITS  MANAGEMENT AND OPERATING POLICIES AND THE RATE OF RETURN ON ITS
 LOANS AND INVESTMENTS, AND ANY LOSSES ON SUCH LOANS AND INVESTMENTS. THE
 GREEN BANK SHALL NOT BE DEEMED TO BE A BANKING  ORGANIZATION;  PROVIDED,
 HOWEVER,  THAT THE GREEN BANK SHALL BE EXAMINED APPLYING THE SAME STAND-
 ARDS AS APPLICABLE TO LOANS AND INVESTMENTS BY  FINANCIAL  INSTITUTIONS.
 THE  AUTHORITY  SHALL  PAY THE COST OF SUCH EXAMINATION.  COPIES OF EACH
 EXAMINATION REPORT, INCLUDING THE FINDINGS, CONCLUSIONS AND  RECOMMENDA-
 TIONS  OF THE EXAMINERS, SHALL BE FURNISHED TO THE NEW YORK STATE ENERGY
 RESEARCH AND DEVELOPMENT  AUTHORITY  AND  TO  THE  COMPTROLLER  AND  THE
 RESPECTIVE  CHAIRS  AND  RANKING  MINORITY MEMBERS OF THE SENATE FINANCE
 COMMITTEE AND THE ASSEMBLY WAYS AND MEANS COMMITTEE.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04357-01-1

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