The Long Island Power Authority (LIPA) announced a reduction in its power supply charge Tuesday.The news comes just days after Kevin Law was named the new chairman of LIPA. Officials say the typical residential customer who uses 775 kilowatt hours of electricity a month will save about $3.01 a month. A commercial customer using 8,800 kilowatt hours a month could see a savings of about $34 per month. Richard Kessel, the authority's CEO, said the rate cuts were possible because of recent drops in the costs of fuel and purchased power. The reduction is set to take effect on February 1.