“LIPA customers have seen their electric bills increase tremendously because of numerous increases in LIPA rates and surcharges over the past several years. This legislation will better protect LIPA customers by ensuring that there is oversight and a public review of any potential rate increases in the future. I am hopeful that Governor Paterson will enact these important protections into law” said Senator Fuschillo.
Under the legislation (S3410), LIPA would be required to obtain PSC approval for any rate increase above 2.5% in a twelve month period.
The legislation has also been passed by the State Assembly.