Sandy helps push LIPA to $164M loss in '12
Photo credit: Newsday / Audrey C. Tiernan | From left, new LIPA trustee Jeffrey H. Greenfield, LIPA chairman Lawrence J. Waldman and chief financial officer Michael J. Taunton at the LIPA board of trustees Meeting in Uniondale. (Jan. 24, 2013)
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The Long Island Power Authority Thursday reported a $164 million loss for 2012 as costs from superstorm Sandy, declining usage and slow-paying customers weighed on its finances.
The agency reiterated that it would use cash on hand and anticipated borrowings rather than a rate increase to fund the storm expenses as it awaits federal reimbursement.
LIPA has been under a microscope since...
