A bill that would keep LIPA rate hikes in check is awaiting Gov. David Paterson?s signature after passing the state Senate and Assembly.

The bill would require any LIPA increase over 2.5 percent to be signed off on by the state?s Public Service Commission. Any increase would include rate hikes, assessments and fuel charges. State lawmakers who pushed the legislation say it will protect ratepayers from unfair increases.

LIPA has come under fire in the past for getting around getting approval for rate hikes by adding fuel charges instead. CEO Kevin Law says now that he?s in charge, things will be done differently.

LIPA customers are more skeptical. Rick Mistretta, of Plainview, calls the bill ?baloney? and says either way, the power authority makes money.

Paterson is expected to decide on the bill in the next 10 days.