2023 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