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LIPA Trustees OK PSEG-LI Takeover

LIPA Trustees OK PSEG-LI Takeover

Uniondale - (WALK) The board of trustees of the Long Island Power Authority voted to give virtually total control of the region's electrial grid to PSEG-Long Island.

The Board voted 9- 0 Thursday, with one abstention, to approve Governor Cuomo's plan to reform LIPA by employing New Jersey-based PSEG. The contract lists the responsibilities PSEG-LI would assume, including storm prepareation and response, budgeting, and capital projects.

Approval next by the Internal Revenue Service would seal a 12-year agreement, to take effect in January. If the relationship is enacted and successful, the LIPA has the option to renew its contract with PSEG for another eight years, according to published accounts.

Photo: Arbitrarily0

 

 

 

 

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