The Partial Observer by Maureen Dill

NYSEG Customers Facing Severe Financial Crises as Utility Costs Soar

In recent months, social media and Internet communications have been awash with New York State Electric and Gas customer concerns regarding unanticipated, exorbitant charges for utility services, essential services that many or most of our area’s consumers can ill afford. At the same time, the Internet is rife with misinformation and deliberate disinformation concerning this growing threat, coupled with concerted efforts to lay blame for this crisis on either one political party or the other. Homeowners and renters, including retired and low-income families, will be unable to meet the demands of exploding utility expenses, with some forced to choose between paying their mortgage or rent, feeding their families, or, if necessary, relocating.

In the United States, NYSEG is owned by Avangrid, while Avangrid is owned by Iberdrola in Spain. One of the largest investors in Iberdrola is the Qatar Investment Authority, representing an oil- and gas-rich Arab emirate bordering on Saudi Arabia. NYSEG’s executives confirmed under oath in February 2026 that they had authorized a $450 million dividend payment to Iberdrola, while at the same time announcing they are planning a rate hike of over $500 million for many Upstate New York utility customers. 

In the press, New York State elected officials are quoted as having said that NYSEG has ripped hundreds of millions out of our communities to line the pockets of its foreign parent company in Spain. In 2024, Iberdrola reported an approximate net profit of $5.85 million, a 17 percent increase over 2023. Iberdrola Chairman Ignacio Sanchez Galan recently told shareholders that Iberdrola’s American-based utility subsidiaries serve as an “unprecedented investment opportunity” that drives growth and improves profitability for its investors.