Public hearing held in Albany on future of defunct power company

Gov. Cuomo wants to sell the utility to a more efficient, private company.

ALBANY - A public hearing was held in Albany today on the future of LIPA.

State legislators say they still need more information on the company's finances before making any decisions on the utility. Gov. Andrew Cuomo has frequently called for LIPA to be privatized, but a recent Newsday report indicated that privatization could lead to higher rates.

The hearing comes months after nearly 1 million residents were left without power after Hurricane Sandy.

"In my mind, they've done a lousy job in maintaining their own infrastructure," says state Sen. Carl Marcellino (R-Syosset).

State officials say a full report on how to confront LIPA will be released in the spring.

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