On July 1, 2014, PSEG Long Island (PSEG-LI) proposed its Utility 2.0 Long Range Plan (“Utility 2.0 Plan” or “Plan”) to reduce power usage and increase energy efficiency over the next four years. To take effect, PSEG-LI’s Utility 2.0 Plan must be approved by the Trustees of the Long Island Power Authority (“LIPA”) as well as reviewed by the New York State Department of Public Service (“DPS”), as required by PSEG-LI’s contract with LIPA and the LIPA Reform Act. PSEG-LI is seeking approval for the Plan by December 1, 2014. To that end, it will hold a technical conference on the Plan at Stony Brook University on July 24, 2014, and public hearings throughout Summer 2014.
While PSEG-LI anticipates spending $200 million in executing the Plan, it expects only minimal rate increases for customers, which would occur only after the current rate freeze expires in January of 2016. PSEG-LI expects that any rate increased would be offset by the cost savings associated with the Plan. The Plan calls for PSEG-LI to use its own capital for funding, an investment which it would then recover, with a profit over the next decade while the Plan’s programs are active.
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