YAPHANK - Officials say it could cost Long Island ratepayers over $3 billion to build and equip a new mega power plant in Yaphank. 

The new Caithness 2 power plant would be built in an open lot next to the current Caithness power plant.

The construction price-tag is just over $1 billion. However, financing and payments in lieu of taxes could push the cost to over $3 billion, according to Newsday .

PSEG is still studying the need for the plant and the developer is seeking tax breaks of $68 million.