A PYMNTS Company

US: New York upgrades outdated monopoly energy model

By  |  May 12, 2014

New York state is reportedly resisting a century-old energy monopoly sales model in efforts to revamp the system and welcome solar and wind energy technology.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The state’s first energy czar Richard Kauffman told reporters that the current system no longer works and regulators need new strategies to lower prices and boost innovation. New York currently has the fourth-highest energy costs in the nation, according to reports.

    Kauffman’s remarks came just prior to a meeting of electricity industry executives who heard his proposal for the “Utility 2.0” model.

    The strategy would shy away from the current model of treating the electricity industry as a monopoly distributor. Reports say the strategy would look to allow smaller energy systems to generate energy, especially from rooftop solar panels.

    The outdated monopoly model, reports say, was developed when utilities were the most able to handle an expensive and complicated energy production and servicing process.

    Full content: Businessweek

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.