New York Gov. Kathy Hochul signed a bill into law aimed to increase transparency and accountability in public utility rate changes, she announced Wednesday.

One piece of legislation will require the Public Service Commission to publish certain information prior to a major rate change by a public gas or electric utility, explaining why the rate change is requested and a summary of how the proposed revenue will be spent.

The other establishes civil penalties for making false material statements to the Public Service Commission in relation to a rate proceeding. The penalty for any utility corporation or its officers will be up to $250,000.

“Today, we are taking bold steps to ensure New Yorkers have greater transparency into the utility rate changes that impact their daily lives,” Hochul said in a statement. “New Yorkers deserve to know why there is an increase in rates and how the revenue will be spent. These laws represent a new chapter of a fair, open and trustworthy utility system for New Yorkers.”

The legislation comes as National Grid, which provides service to much of central, northern, eastern and western New York, is proposing rate hikes to go into effect in spring 2025. The hikes would be an increase of 15% for electricity and 20% for gas if approved by the state regulators.