LIPA Squared

By: Sunday June 9, 2013 10:00 am

During the dog and pony show on Wednesday night, there was a Power Point presentation which suggested that LIPA could refinance its bond to take advantage of lower interest rates. At the time I assumed that meant lower interest rates created because of Quantitative Easing by the Federal Reserve, I was wrong.

The draft legislation contains a provision to create a new LIPA Financing Authority that will issue new bonds.


New Adventures in LIPA Privatization

By: Thursday June 6, 2013 9:35 am

The LIPA ServCo contract with PSEG should be allowed to go forward as originally planned, bid, approved by NYS Comptroller and NYS AG, and authorized by the IRS. Governor Cuomo should stop flailing around with a new plan every few weeks. He should focus on appointing a CEO and getting a commitment from that CEO to appoint and support an inspector general to detect and prevent fraud, waste and abuse.

Did Long Island Power Authority Try to Poison Pill National Grid From Buying PSEG LI?

By: Friday March 15, 2013 5:47 am

It sure looks like LIPA is under the impression that National Grid, like a spurned lover who won’t take no for an answer, may try to undo the competitive process that resulted in PSEG getting the contract and may try to simply buy its way back into the Long Island market by buying up PSEG. Of course that poison pill will also apply if anyone else tries to buy PSEG LI. It is pretty clear that what LIPA contracted for and what LIPA wants is the superior customer satisfaction that PSEG’s management practices have produced in other markets.

Has the Decision Already Been Made to Sell Long Island Power Authority’s T & D System to National Grid?

By: Tuesday March 12, 2013 12:10 pm

I won’t swear to it, but on the drive back from Albany it did occur to me that the decision to sell LIPA’s T&D system to National Grid for somewhere south of the $4Billion price LIPA paid for it back in the 1990’s might have already been made, and all these non transparent studies are actually investigations that could instead be casting about looking for “facts” they can back into a pre-ordained conclusion. Instead of the facts leading to a conclusion, could there be a foregone conclusion in search of some facts to support it? Maybe that’s why these investigations are so secretive?

The Tale of Three Non-Transparent Investigations Into LIPA

By: Monday March 11, 2013 3:15 pm

Currently there are three investigations going on into the future of Long Island Power Authority (LIPA). The first is the Moreland Commission investigation, which caused quite a bit of controversy when it recommended selling all of LIPA’s assets, the electrical transmission, and in how public bond debt would be paid for, or how a privately held utility could afford cost of capital if it had to borrow at 10.7% instead of the 5% that LIPA’s bonds currently enjoyed. Crain.s New York Business and Bloomberg Newsweek predicted that this would lead to a 20% hike in costs to customers.

About Privatizing Long Island Power Authority- Part II

By: Sunday January 27, 2013 4:00 pm

New York State just struggled to close $1Billion budget gap. Where in hell is it going to get another $4-5 billion to bail out LIPA?

So what’s up with this LIPA privatization idea? Part One

By: Saturday January 12, 2013 11:00 am

The history of how LIPA got to where it is today.

In a 10+ year construction project that was originally estimated at $75 million, but ultimately cost $2 billion, LILCO (Long Island Lighting Company) built the Shoreham Nuclear Power Plant. It was completed in 1984. In 1983, the Legislature in Suffolk County, where the plant was located, voted not to allow the plant to come online because there was no safe way to evacuate Long Islanders in the event of a meltdown or other serious event. Other municipal entities throughout Long Island followed suit.

LIPA’s Nuclear Hangover Proves Headache for Sandy’s Victims

By: Tuesday November 27, 2012 6:50 am

As the sun set on Veterans Day, 2012, tens of thousands of homes on New York’s Long Island prepared to spend another night in darkness. The lack of light was not part of any particular memorial or observance; instead, it was the noisome and needless culmination of decades of mismanagement and malfeasance by a power company still struggling to pay for a now-moldering nuclear plant that never provided a single usable kilowatt to the region’s utility customers.

Attention Long Islanders: NY GOP Wants to Make Sure LIPA Stays a GOP Turkey Farm

By: Thursday November 15, 2012 5:27 pm

The resignation of Michael Hervey as Chief Operations Officer of the much-maligned Long Island Power Authority is a nice start at cleaning up a state agency with a history of questionable dealings, among them being polling payments that were linked to efforts to boost New York State Republican politicians like Rick Lazio. But it’s only a start.

Here’s the problem: LIPA has a long history as a GOP ‘turkey farm’ — that is, a place (either a government agency or a private company) used as a place to provide salaries to the friends and kin of Republicans and their patrons.

Sandy Is the October Surprise

By: Thursday October 25, 2012 4:20 pm

It seems that there is a hurricane coming up from the tropics. It seems that there is also a cold front zooming down from Canada; depending on the path of the hurricane, the two could meet right over Long Island.

During a full moon.

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