(11/03/06) WOODBURY - Long Island homeowners using gas heat renewed calls for a rate cut as KeySpan announced record profits Friday.

KeySpan revealed its third quarter profits this year were more than double than profits during the same three months in 2005. Residents say they are infuriated with KeySpan's refusal to reduce rates despite drops in the market price. Even with KeySpan's $50 million profit last quarter, the gas company maintains corporate earnings are unrelated to what they charge.

KeySpan officials say last year it purchased large supplies from Canada before hurricanes Katrina and Rita destroyed much of the Gulf Coast's gas infrastructure. Due to its increased stock, they say the company never paid the inflated Gulf Coast prices. KeySpan asserts the prices paid last year are still higher than current prices and, therefore, homeowners' bills will remain constant until last year's supplies diminish.

The Long Island Power Authority (LIPA) recently lowered electric bills by approximately 10 percent. The cost of automobile gas has also decreased significantly in the past few months.

Related Information: LI residents accuse KeySpan of holding them hostage