The Long Island Power Authority said Thursday that after just 100 days, the Neptune power cable has saved $20 million.

However, LIPA Chairman Kevin Law said it will take time for the savings to reach customers' pockets.

"Now keep in mind we have a $4 billion budget," said Law, who officially took over as LIPA president and chief executive on Monday. "So $20 million against a $4 billion budget, people aren't going to see immediate savings in their rates."

The 660-megawatt Neptune cable spans 65 miles underwater from New Jersey to Long Island, connecting the Island to the Mid-Atlantic power grid.

Former LIPA CEO Richard Kessel was instrumental in constructing the cable, and supports building another one.

"For the first time to be in a position where we can pick and choose where we get our power from based upon price, and that's going to have extraordinary benefits over time to our customers," Kessel said.