NY Utilities Face Few Sanctions Despite Stumbles, Panel Told

Law360, New York (December 06, 2012, 9:53 PM ET) -- A state official asked Thursday whether New York's power companies should operate without fear of serious penalties no matter how badly they stumble, as a panel created by Gov. Andrew Cuomo digs into how utilities prepared for, and responded to, Hurricane Sandy and other storms.

Electric companies may need to stop "operating under the assumption that their franchises are untouchable," fearing only relatively inconsequential sanctions that come in the form of rate adjustments, said Department of Financial Services Chairman Ben Lawsky.

Lawsky and other members of...
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