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BREAKING NEWS

Refund for LIPA

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SOME NEW RULES THAT WILL ALLOW THE Long Island Power Authority to recoup debt refinancing costs tied to Gov. Andrew M. Cuomo’s LIPA reform act while funding new system improvements.
PSEG Long Island, which operates the system under contract to LIPA, said the changes won’t materially affect the amount customers pay for electricity but will help fund needed upgrades.
One of the new rules would allow PSEG Long Island to continue to collect $26 million a year from customers for a state revenue tax, even though the 2013 LIPA reform act exempted the utility from paying it.
LIPA trustees will vote today on a series of changes to the rate-making rules, called the LIPA tariff. In addition to the revenue tax, they also will vote to allow PSEG to continue collecting $6.9 million annually for a charge that allowed LIPA to delay paying the state assessment in 2009, even though the charge has been paid off. 

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