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Congressman Josh Riley (D, NY-17) faces criticism from his opponent for investing in the parent company of New York State Electric and Gas (NYSEG), despite his vocal criticism of the utility. Riley's opponent, Republican Senator Peter Oberacker, has called him a "hypocrite" for profiting from the same company he accuses of raising utility rates.
Riley has consistently criticized NYSEG and its parent company, Avangrid, for high utility rates and profits sent to their owner, the Spanish multinational Iberdrola. However, Riley owns a mutual fund with shares in Iberdrola. According to a financial disclosure report, Riley has between $100,000 and $250,000 invested in the Fidelity International Index Fund, which includes Iberdrola among its holdings.
Dain Pascocello, Oberacker's campaign manager, stated, "If you look up hypocrite in the dictionary, there’s a picture of Josh Riley counting all the money he’s made off raising New Yorkers’ rates through the roof." Mid Hudson News reported.
In response, Riley's campaign highlighted that Oberacker received contributions from the Avangrid New York PAC, which were returned. Riley's spokesperson also noted that the New York State pension fund holds Iberdrola stock, meaning state employees, including Oberacker, indirectly invest in the company.
Riley recently participated in a Public Service Commission hearing in Albany, where he questioned NYSEG executives about rate hikes. "NYSEG ripped hundreds of millions out of our community to line the pockets of their foreign parent company in Spain," Riley said during the hearing.
The debate over Riley's investment comes as he prepares for a re-election campaign against Oberacker. The issue has sparked discussions about ethical investments and the responsibilities of public officials.