IRS approves LIPA-PSEG changeover - Dallas News | myFOXdfw.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 This material may not be published, broadcast, rewritten or redistributed.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>>

  • Speed cameras in LI school zones

    Speed cameras in LI school zones

    Tuesday, September 2 2014 5:49 AM EDT2014-09-02 09:49:32 GMT
    Reminder for drivers that as children head back to school in Nassau County so too, will the speed cameras in school zones. Officials say speed cams will be fully operational at 25 locations this week. That will more than double eventually.
    Reminder for drivers that as children head back to school in Nassau County so too, will the speed cameras in school zones. Officials say speed cams will be fully operational at 25 locations this week. That will more than double eventually.
  • Hope's Land of Candy

    Hope's Land of Candy

    Monday, September 1 2014 8:13 PM EDT2014-09-02 00:13:34 GMT
    Step through the doors of Hope's Land of Candy in Island Park, Long Island and you''ll be taking a trip back in time. There's no WIFI but they do have a Victrola piano. And then there's the candy.. lots and lots of it.
    Step through the doors of Hope's Land of Candy in Island Park, Long Island and you''ll be taking a trip back in time. There's no WIFI but they do have a Victrola piano. And then there's the candy.. lots and lots of it.
  • Celebrity chef Todd English charged with DWI in NY

    Celebrity chef Todd English charged with DWI in NY

    Sunday, August 31 2014 3:17 PM EDT2014-08-31 19:17:03 GMT
    Celebrity chef Todd English has been arrested on a charge of driving while intoxicated in New York.
    Celebrity chef Todd English has been arrested on a charge of driving while intoxicated in New York.
Powered by WorldNow

KDFW FOX 4
400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

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