US: New York upgrades outdated monopoly energy model

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.

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The outdated monopoly model, reports say, was developed when utilities were the most able to handle an expensive and complicated energy production and servicing process.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

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