New York State Assemblyman James F. Brennan (D-Brooklyn) last week introduced legislation calling for the creation of a New York City public electric power system that would repurchase power plants previously sold by Consolidated Edison (ConEd) to several unregulated companies.

Under Brennan’s legislation, the proposed New York City public electric power system would be ordered to acquire the power plants ConEd sold off to new unregulated companies. ConEd would remain the owner of the transmission and distribution systems, keeping its current duties for billing, maintenance, and customer services. ConEd sold the plants in question to NRG Energy, Orion Power Holdings and KeySpan Corp.

According to Brennan, the plants that were sold off were the “workhorses” of the ConEd system and produced about 60% of New York City’s power. About 10% of the power generation is still owned by ConEd. The remaining 30% is imported from outside of the New York City metropolitan area.

Brennan’s bill also provides that the New York City power agency would be responsible for future electric supply for the service territory. Also, the new agency’s rates would be regulated by the New York Public Service Commission and would be subject to the state’s environmental and power plant siting laws.

Brennan claims that his proposal would result in electric rates being cut 10% to 15%. And, in terms of how much support the measure has in the New York State Assembly, 33 members of the assembly, including Brennan, have sponsored the legislation.

Spokespersons for NRG Energy, Orion Power Holdings and KeySpan were not immediately available to comment on Brennan’s legislation.

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