LIPA announces 6% power supply charge reduction
The Long Island Power Authority says power supply charges will drop 6 percent next week.
President and CEO Kevin Law made the announcement at a board meeting this morning. The monthly savings will add up to about $5, or 3 percent overall, for the average residential customer.
LIPA says fuel costs were lower than expected, which allowed them to decrease power supply rates. If natural gas prices stay low, LIPA officials say rates could decrease further.
The rate drop will take effect June 1.