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Assemblymember Sarahana Shretha (center), backed by state Sen, Michelle Hinchey (right) and Ulster County Executive Jen Metzger (far right) rally for a bill that would result in a state takeover of the utility company Central Hudson Gas and Electric.<\/p>\n
Provided by Teddy Artschwager<\/p>\n
An\u00a0independent report<\/a> analyzing a proposed state takeover of the utility company Central Hudson Gas and Electric finds that ratepayers would see lower bills in the first year.<\/p>\n The report studies the feasibility of a bill<\/a> that would create the Hudson Valley Power Authority, which would take over Central Hudson\u2019s operations and property. The bill is sponsored by Hudson Valley legislators Assemblywoman Sarahana Shrestha and state Sen. Michelle Hinchey, whose districts suffered after a\u00a0disastrous rollout<\/a> of a new billing system in 2021 led to tens of thousands of customers experiencing billing irregularities. The utility, which serves hundreds of thousands of customers in the Hudson Valley, has also repeatedly requested\u00a0rate increases<\/a>.<\/p>\n Article continues below this ad<\/p>\n The report, by New Gen Strategies and Solutions<\/a>, a Texas-based consulting firm, and Duncan and Allen, a Washington D.C. law firm, states customers would see savings because the proposed power authority would have access to lower-interest loans, would not have to make profits for its shareholders, and would not pay federal or state income taxes.<\/p>\n Ratepayers would see their bills fall by about 1.9% in the first year of a takeover; by 3.6% in year five; and by about 13% in year 30.<\/p>\n However, this may not capture the full extent of savings, Shrestha said.<\/p>\n Make the Times Union a Preferred Source on Google to see more of our journalism when you search.<\/p>\n<\/p>\n