UNIONDALE - Gov. Andrew Cuomo today signed a bill to overhaul LIPA.
Under the law, New Jersey-based utility PSEG will replace LIPA as the electric provider for Nassau and Suffolk counties. The law also freezes electric rates until the end of 2015.
Cuomo led the charge to overhaul LIPA after the utility was widely criticized for its response to Superstorm Sandy last October.
Critics of the law say the takeover may not necessarily be a good thing for Long Island ratepayers. They’re calling for more oversight of the new utility.
Attorney Irving Like also says it's still not clear if PSEG, a private corporation, will be able to keep the tax-exempt status LIPA has. If not, he says it could lead to higher rates.
PSEG will take over operations on Jan. 1.