N.Y. governor directs LIPA back to the drawing board

At a speaking engagement on Long Island Tuesday, Gov. David Paterson told Long Island Power Authority to rethink its proposed 4.8 percent rate hike for 2009.
LIPA?s rate hike would cost the average customer $7.50 more a month. Last week, the utility projected more increases in the future, amounting to 17 percent over the next five years.
?We've asked LIPA to go back and sharpen their pencils,? Paterson told the Long Island Association in Woodbury.
Paterson says LIPA?s financial situation can partially be attributed to what he calls its dependency on traditional energy sources.
LIPA CEO Kevin Law released a statement saying, ?We are working around the clock to find some relief from the proposed rate increase.? The LIPA board is expected to meet Thursday to take another look at the budget.