Overview

• Senate Bill S8518 was introduced this week by Sen. Liz Krueger and is at the opening stage of the legislative process.
• Proposed rates start at 2¢/kWh for 2.25–5 million kWh, rising to 3¢ for 5–10M, 4¢ for 10–20M, and 5¢ above 20M, with the first 2.25M kWh untaxed.
• Facilities powered entirely by renewable energy and not operated in conjunction with utility transmission and distribution would be exempt, and affiliated entities would aggregate usage as one group.
• All revenue would fund New York’s Energy Affordability Programs, with supporters citing research that mining adds about $79 million a year to household bills and $165 million to small‑business costs.
• Coverage notes the proposal could raise operating costs for grid‑reliant miners and encourage relocation, and one draft envisions taxes applying to taxable years beginning January 1, 2027.