LIPA to credit customers $144M this fall

Long Island Power Authority will credit customers a total of $144 million this fall after it says it overestimated costs.

LIPA President Kevin Law says the utility misjudged how much it would have to pay for natural gas and therefore collected too much from ratepayers.

The average residential customer will see about $70 credited on their October or November bills. Commercial customers could get more. LIPA says if gas prices stay the way they are there could be another surplus by December.

Additionally, National Grid tells News 12 that according to early forecasting the average gas customer will pay 14 percent less next year.

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