$7B LIPA Debt Clouds Effort To Privatize Long Island Grid

Law360, New York (February 27, 2013, 1:40 PM EST) -- New York Gov. Andrew Cuomo's commission dedicated to reforming the way 8 million Long Islanders get their electricity is leaning toward privatizing the system but said Wednesday it is struggling with how to pay for $7 billion in Long Island Power Authority debt without sticking it to ratepayers.

Their comments were made in Albany before Long Island Republican Sen. Carl Marcellino's Standing Committee on Investigations and Government Operations.

LIPA's current, bifurcated structure, in which the authority has a limited operational role while its current service provider...
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