NY Pub Auth L § 1020-A (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 1-A - Long Island Power Authority 1020-A - Declaration of Legislative Findings and Declarations.

* §  1020-a. Declaration of legislative findings and declarations. The   legislature hereby finds and declares that:Constantly escalating  and  excessive  costs  of  electricity  in  the   counties  of Suffolk and Nassau and that portion of the county of Queens   served by the Long Island lighting company (hereinafter referred  to  as   the  "service  area")  pose a serious threat to the economic well-being,   health and safety of the residents of and the commerce and  industry  in   the service area.There  is  a lack of confidence that the needs of the residents and of   commerce and industry  in  the  service  area  for  electricity  can  be   supplied in a reliable, efficient and economic manner by the Long Island   lighting company (hereinafter referred to as "LILCO").Such excessive costs and lack of confidence have deterred commerce and   industry  from  locating  in  the  service area and have caused existing   commerce and industry to consider seriously moving out  of  the  service   area.The  decisions  by  LILCO  to  commence  construction  of the Shoreham   nuclear power plant and thereafter to continue  such  construction  were   imprudent.The  investment  of  LILCO  in  the  Shoreham  nuclear power plant has   created significant rate increases, straining the economic  capabilities   of  ratepayers  in  the  service  area,  and likely will require further   substantial rate increases if such plant is placed in service.It is uncertain whether the Shoreham nuclear plant ever will  go  into   commercial  service,  or  if  it  does  whether its reliability, cost of   construction, operation and maintenance  will  be  such  as  to  provide   sufficient,  reliable and economic electric service to ratepayers in the   service area. The very substantial financial strain of the investment in   the Shoreham nuclear plant has required LILCO to  suspend  dividends  on   its  common  and  preferred  stock,  severely  threatening the continued   economic viability of LILCO.For all the above reasons, a situation threatening the economy, health   and safety exists in the service area.Dealing with such a situation in an  effective  manner,  assuring  the   provision  of an adequate supply of electricity in a reliable, efficient   and economic manner, and retaining existing commerce and industry in and   attracting new commerce and industry to the service  area,  in  which  a   substantial   portion  of  the  state's  population  resides  and  which   encompasses a substantial portion of the state's commerce and  industry,   are  hereby  expressly  determined to be matters of state concern within   the meaning of paragraph three of subdivision (a) of  section  three  of   article nine of the state constitution.Such matters of state concern best can be dealt with by replacing such   investor  owned  utility  with a publicly owned power authority. Such an   authority can best accomplish the purposes and objectives of this  title   by  implementing,  if  it  then  appears  appropriate,  the  results  of   negotiations between the state and LILCO. In such circumstances, such an   authority will provide safe and adequate service at rates which will  be   lower  than  the  rates which would otherwise result and will facilitate   the shifting of investment into  more  beneficial  energy  demand/energy   supply management alternatives, realizing savings for the ratepayers and   taxpayers in the service area and otherwise restoring the confidence and   protecting  the  interests  of ratepayers and the economy in the service   area. Moreover, in such circumstances the replacement of  such  investor   owned  utilities  by such an authority will result in an improved system   and reduction of future costs and a safer, more efficient, reliable  and   economical supply of electric energy. The legislature further finds that   such  an  authority shall utilize to the fullest extent practicable, all    economical  means  of  conservation,  and  technologies  that  rely   on   renewable  energy  resources,  cogeneration  and  improvements in energy   efficiency which will benefit the interests of  the  ratepayers  of  the   service area.* NB There are 2 § 1020-a's