IRS approves LIPA-PSEG changeover - FOX 10 News | myfoxphoenix.com

IRS approves LIPA-PSEG changeover

Posted: Updated:
LIPA LIPA

NEW YORK (AP) - The IRS has approved New York State's contract with PSEG, clearing its way to take over Long Island's electric grid. The New Jersey-based PSEG will replace the Long Island Power Authority's brand on New Year's Day.

LIPA will become a financial holding company with a reduced staff.

The IRS approval was the final regulatory hurdle that the utilities had to clear before the changeover could take place.

Gov. Andrew Cuomo announced the approval on Thursday.

He said "Long Islanders will finally benefit from a privatized utility operation with improved disaster response and customer service."

Cuomo said the IRS ruling "means better service and cost savings for ratepayers."

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Long Island NewsLong Island NewsMore>>

  • Another company to give family free cruise

    Family of 5-year-old with cancer upset with cruise line

    Family of 5-year-old with cancer upset with cruise line

    Friday, July 25 2014 6:52 PM EDT2014-07-25 22:52:08 GMT
    A Long Island family is upset that a cruise line won't accommodate them after their 5-year-old son had to have emergency surgery for cancer. Nicolas Colucci and the rest of his family was supposed to go on a cruise on the Norwegian Breakaway. They did not buy travel insurance, so Norwegian says they cannot rebook the cruise so close to departure. The CEO of a rival cruise line saw their story and reached out to the Colucci family to offer them a free cruise.
    A Long Island family is upset that a cruise line won't accommodate them after their 5-year-old son had to have emergency surgery for cancer. Nicolas Colucci and the rest of his family was supposed to go on a cruise on the Norwegian Breakaway. They did not buy travel insurance, so Norwegian says they cannot rebook the cruise so close to departure. The CEO of a rival cruise line saw their story and reached out to the Colucci family to offer them a free cruise.
  • Dog found inside abandoned LI house

    Dog found inside abandoned LI house

    Friday, July 25 2014 7:03 AM EDT2014-07-25 11:03:02 GMT
    Officials say a dog found in an abandoned Long Island house was so matted and the nails so overgrown that the pooch could barely walk.
    Officials say a dog found in an abandoned Long Island house was so matted and the nails so overgrown that the pooch could barely walk.
  • Suffolk County jail warden is highest-paid muni worker in NY

    Suffolk County jail warden is highest-paid muni worker in NY

    Thursday, July 24 2014 6:48 PM EDT2014-07-24 22:48:14 GMT
    New York State NewsNew York State News
    The Empire Center for Public Policy reports 1,803 local government employees outside of New York City have been paid more than Gov. Andrew Cuomo's $179,000 salary in the past year. The report from the fiscally conservative group for the year ending March 31 shows 47 of the 50 highest-paid municipal employees working for police departments or sheriff's offices and each taking home more than $250,000.
    The Empire Center for Public Policy reports 1,803 local government employees outside of New York City have been paid more than Gov. Andrew Cuomo's $179,000 salary in the past year. The report from the fiscally conservative group for the year ending March 31 shows 47 of the 50 highest-paid municipal employees working for police departments or sheriff's offices and each taking home more than $250,000.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices