Schumer to National Grid: Don't pocket your $3B profit

New York elected officials are calling for National Grid to use its $2.9 billion windfall profit from the sale of its Ravenswood plant in Queens to re-power the Northport power plant. Against the backdrop

News 12 Staff

May 29, 2008, 4:23 PM

Updated 5,898 days ago

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New York elected officials are calling for National Grid to use its $2.9 billion windfall profit from the sale of its Ravenswood plant in Queens to re-power the Northport power plant.
Against the backdrop of the aging plant, U.S. Sen Charles Schumer called it a "pollution-belching dinosaur" that needs to be brought into the 21st century.
The senator says National Grid, with its prescribed vision for the nearly $3 billion, will use the money to line the pockets of its executive and shareholders without doing anything for the consumer.
Suffolk County Executive Steve Levy echoed Schumer s response. Levy says National Grid made the promise it would be good for Long Island when it took over KeySpan. He says it should now use the profits to fulfill that promise by helping its customers.
National Grid would not comment to News 12 Long Island, but said in a statement the company plans to use the profits for energy efficiency programs, paying down debts and for infrastructure investment.


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