Cuomo to announce LIPA privatization plan [Correx]

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Newsday has the details about Gov. Andrew M. Cuomo's plan to privatize the Long Island Power Authority.

A key part would be a three-to-five-year rate freeze. LIPA staff would be trimmed and the New York Power Authority would takeover LIPA during the transition to privatization.

But financial ratings companies, such as Fitch and Moody's, remain skeptical. The companies, along with other energy consultants, have raised questions about whether LIPA's existing debt would trigger rate hikes.

 The details are outlined here.

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