The Citizens Advisory Panel (CAP) has released its proposal to cut rates on Long Island by 20 percent, in response to New York Gov. George Pataki's call for the dissolution of the Long Island Lighting Co. (LILCO). Electric rates on Long Island are the second-highest in the nation.
The CAP plan would slash at least $1 billion from Shoreham debt, and refinance the remaining debt with bonds issued by the Long Island Power Authority (LIPA). CAP believes the $1-billion cut alone would reduce electric bills 10 percent. CAP also would implement a $100-million energy-efficiency fund to cut another 10 percent from energy bills. According to Dennis Wilson, president and CEO of Enersave, Inc., most of LILCO's business and residential customers easily could reduce their energy use by 20 to 40 percent.
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