A Queens lawmaker wants to pull the plug on the looming electricity rate hike.
The city’s private power-plant operators would have to return every extra penny they collect from a rate increase approved by a recent federal ruling to households and businesses, according to state legislation being formulated by Democratic state Sen. Michael Gianaris.
“This federal-authorized increase is totally unjustified. If it goes through, it would represent a pure windfall and transfer of wealth from working and middle-class people to power companies,” Gianaris, whose Astoria and Long Island City district is home to six power plants, told The Post.
Outrage has grown over a Federal Energy Regulatory Commission decision that could allow the private power plants to raise their wholesale prices by letting them factor in their full property-tax rate — even if they receive abatements from the city.