Long Island Approves Operating, Capital Budgets

McDonald, Michael
December 2004
Bond Buyer;12/20/2004, Vol. 350 Issue 32033, p4
Trade Publication
The article reports that the board of New York's Long Island Power Authority last week approved a $3 billion operating budget for 2005 and capital budgets of $244.7 million for 2005 and $315.5 million for 2006. The authority said that it would maintain the existing base electric rates on Long Island. The authority projected operating expenses of $2.7 billion for next year, interest expenses of $326 million, and about $20 million of net revenues. Overall, revenues are expected to grow 6.4%. The board also approved a five-year financial plan that projects about $20 million of net revenues each year. The $277.4 million capital budget for next year represents a $4.2.6 million increase over this year, and includes $125 million for transmission projects and $135 million for distribution projects. The $315.5 million capital budget for 2006 represents a $38.1 million increase and includes $160 million for transmission projects and $153 million for distribution. The authority also noted after approving the 2005 budget last week that it is continuing to review "organizational alternatives and other strategies" in light of the upcoming expiration of a number of key contracts, including an option to buy power plants that supply the authority's transmission and distribution grid.


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