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Cuomo Proposes Legislation To Restructure LIPA

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TWC News: Cuomo Proposes Legislation To Restructure LIPA
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Following its much-criticized performance during Hurricane Sandy, Governor Andrew Cuomo wants to restructure embattled power company LIPA.

He's proposing legislation to transfer the majority of control away from the company, which handles power for parts of Queens including the Rockaways as well as much of Long Island.

PSE&G would take over and operate LIPA as a private company under state oversight.

The governor says the legislation also helps reduce LIPA's nearly $7 billion debt and eases bills for customers.

Cuomo says it's a response to LIPA's widely criticized performance in the aftermath of Hurricane Sandy.

"We can't be in that situation again, and we can't let the people of Long Island be in that situation again," Cuomo said. "Rates, debt, and there's also a danger in public safety. And this was a public safety issue. So our response to this problem, I think, is critical."

Cuomo is also calling for a rate freeze over the next three years.

The restructuring plan has to be approved by the state Legislature.

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