Long Island Power Authority says it wants to put the $200 million it got from approving the KeySpan-National Grid merger in the pockets of its costumers.

The money would be given to ratepayers in the form of credits, which the power authority says will help offset a possible rate hike yet to be approved. LIPA says $10 million would go to low-income seniors. All Long Island customers would get a credit on their bills amounting to $140 million over the next 30 months.

A possible rate hike will be decided on in June. LIPA CEO Kevin Law says the power authority is doing everything it can to avoid a rate increase, but is making no promises. Law says high oil costs are wreaking havoc on the company?s costs.

LIPA says it'll work with a not-for-profit agency to distribute funds to qualifying low-income seniors. They would receive about $200 each. LIPA trustees will vote on the entire rate relief package in June.

Click for more on LIPA?s efforts to prevent a rate hike

LIPA