LIPA announces details of cash back and price freeze plan
Long Island Power Authority (LIPA) officials unveiled their plan Wednesday to cut costs and give back to customers.
Officials say they plan to reduce LIPA?s debt, freeze prices for at least two years and provide each customer with a $35 rebate check. Some customers expressed disappointment at the amount of the rebate, saying it is very small in proportion to their bill. Energy expert Matthew Cordaro said LIPA would have been better off using the $40 million it has set aside for rebates to further reduce its debt.
LIPA officials say they expect the rate freeze to begin in early March. The plan still must meet approval from several groups, including the board of directors of both Keyspan and LIPA.