(10/04/06) UNIONDALE - Long Island Power Authority (LIPA) Chairman Richard Kessel announced Wednesday an energy bill cut to begin this month.

The 4 percent reduction to residents? home energy bills will take effect on October 16. Community reaction was positive on the whole, although some wonder why the cut wasn?t larger. Kessel says if he allowed a lower drop and oil prices later increased, he would be forced to raise prices again. He says 4 percent is a rate LIPA can maintain in the face of a fluctuating market.

KeySpan, on the other hand, hiked up home heating bills recently by 10 percent despite a drop in natural gas prices. The reason, they explain, is they are still using stored natural gas bought at last year?s higher prices. If the market remains where it is, KeySpan says consumers will see lower costs next year.