Stop The Cuomo Tax | Upstate nuclear plant subsidy will raise LIPA customer’s bills
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Upstate nuclear plant subsidy will raise LIPA customer’s bills

nuclear power plant

Upstate nuclear plant subsidy will raise LIPA customer’s bills

The Long Island Power Authority next year will begin collecting $45 million from customers to pay its portion of an upstate nuclear plant subsidy tied to Gov. Andrew M. Cuomo’s clean energy standard — a more than 1 percent bill increase that one LIPA trustee and several ratepayers called a “bailout.”

LIPA trustees voted Wednesday to approve LIPA’s purchase of zero-emission credits from the New York State Energy Research and Development Authority to pay its share of the subsidy, which will put nearly $1 billion over two years into the coffers of upstate nuclear plants under an agreement reached by the state this summer. LIPA trustees also authorized the utility to sell credits it will receive as a result of LIPA’s 18 percent ownership of one of the plants, Nine Mile Point Two.

LIPA will spend $65 million to buy the credits, and receive $20 million for its nuke-plant stake, LIPA officials said at a board meeting Wednesday, for a net cost of $45 million. LIPA will begin collecting the $45 million next April…

Read the entire article on Newsday.com.