LILCO Deal To Cut Rates
By Josh Lawrence | March 20, 1997
At an afternoon press conference yesterday, Gov. George E. Pataki and others announced a deal for a partial state takeover of the Long Island Lighting Company - a deal that is expected to result in rate cuts higher than 20 percent in the next five years for Nassau and Suffolk residents, as well as a cash refund for every Long Island ratepayer.
"The war is over between Long Island's electric company and its residents," declared the Governor.
The deal, which involves the merger of the Long Island Lighting Company with Brooklyn Union Gas and a partial takeover of the utility by the Long Island Power Authority, needs approval from a number of state and Federal regulatory agencies as well as shareholders.