Dec 11, 2008 3:22 pm US/Eastern
Long Island Power Authority Raises Rates For '09
NEW YORK (CBS) ―
The bad news is electric rates are going up on Long Island. The good news is it could have been worse.
The Long Island Power Authority voted Thursday to increase rates by 3.2 percent, or an average of about $5 more a month for the typical customer.
LIPA trustees had originally considered a 4.8 percent rate hike, but trimmed the increase after an outcry from ratepayers and politicians.
Gov. David Paterson had said earlier this week that he wanted LIPA officials to "sharpen their pencils" on any possible rate hike.
LIPA Chief Kevin Law says the utility was able to scale back its budget after receiving updated sales and fuel forecasts. The utility still expects to increase electric bills by 5.7 percent in 2010.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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