June 21, 2017 – Senator Ken LaValle and Assemblyman Fred Thiele announced tonight that the Legislature has approved their legislation enabling the review of PSEG-Long Island compensation.
The measure enables the Long Island office of the Department of Public Service (DPS) to review the rates and charges of the Long Island Power Authority. Specifically, it provides for the review of all compensation, including executive pay and all fees to consultants and contractors, which is paid in connection with the Public Service Enterprise Group of Long Island (PSEG-LI) operations services contract with the Long Island Power Authority (LIPA).
Senator Ken LaValle said, “With some of the highest electric rates in the country, Long Island ratepayers have a right to complete transparency. Our families deserve to know where LIPA is spending their hard-earned money.” He continued, “This bill would provide the Department of Public Service the proper tools to adequately request and secure information that is related to the cost of supplying our power. We should not be paying inflated executive salaries and high-priced consultants without scrutiny. This legislation will force LIPA and PSEG-Long Island to comply with our requirements.”
Assemblyman Fred Thiele stated, “This legislation is necessary to permit DPS-LI to consider employee compensation and consultant fees when making rate recommendations about PSEG-LI to LIPA, which it cannot do now under the current law. It also would increase transparency by making this information available to the public. I was pleased to join with Senator LaValle in working to pass this measure.”
LIPA’s revenue is generated by the payment of the monthly electric bill of every Long Island resident and business. The people have a right to review the documents and information related to the operation of its utility company. This legislation will assure that access to such information is not shrouded in secrecy anymore.
This legislation would amend the LIPA Reform Act to ensure that such information is available for public scrutiny. It would also give DPS-LI the right to review such information and make recommendations to LIPA about such matters.
The legislation will be sent to the Governor for consideration. If signed into Law, it would take effect immediately.