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LIPA May Increase Rates In June

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May 1, 2008 7:29 am US/Eastern

LIPA May Increase Rates In June

UNIONDALE, N.Y. (AP) ―

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Higher oil and gas prices have the Long Island Power Authority considering a rate increase for June.

LIPA Chief Executive Kevin Law wouldn't say how much of a rate increase would be needed but Newsday reports some utility executives have mentioned four to six percent.

LIPA already hiked bills two percent in January, but fossil fuel prices have increased since then.

Law unveiled a nearly $1 billion energy conservation program on Wednesday that will add a new $2-$3 average assessment to monthly residential bills beginning in January, and between $10 and $25 a month for businesses.