The 43 percent price increase that New Yorkers had to pay last summer was unacceptable. I have directed the City Law Department to ask the Federal Energy Regulatory Commission to impose more effective wholesale price controls in New York City until more plants are built. I urge the State Public Service Commission to join us in this request. The City should continue its support of deregulation because, in the long run, the free market will do the best job of ensuring that New Yorkers get dependable, affordable, and cleaner electricity. History has shown us that free markets do a much better job than government regulators at ensuring that customers pay the lowest prices.
Open competition encourages accountability and innovation.
My administration will continue to support deregulation, while we take proactive steps to ensure a smoother transition for the consumer. The bottom line is that New York City's energy policy should be driven solely by a concern for doing what is responsible - both now and in the long term. I believe that this four-point plan will help the City achieve the dependable, affordable and sustainable energy supply that we need and deserve.