New York’s senior senator is calling for a federal investigation into whether residents are being overcharged to power up.

Senator Charles Schumer cited a report that says New Yorkers pay $2.2 billion more per year in electricity bills than residents and businesses in neighboring states.

He blames the higher cost on deregulation of the industry and an auction system used to set the rates.

Schumer is calling for closer monitoring of these auction results of the New York Independent System Operator to make sure bidders aren’t strategically withholding power to increase the price.

A spokesperson for an industry trade group says New Yorkers are actually paying less because the industry is regulated more by market forces than government.

He calls the report flawed because only 15 out of 300 power plants were studied.

Earlier this month, the state Assembly held a hearing to determine whether New Yorkers are being overcharged by electric companies.

They also considered the role the state played in creating an incentive for cleaner, low-cost power.

Source: NY1