UNIONDALE, N.Y. (AP) – The Long Island Power Authority says it has chosen a new company to manage the region’s electric grid.
The utility has awarded a $3.3 billion contract to PSE&G of New Jersey. The 10-year deal takes effect in January 2014.
The vote by LIPA’s trustees on Thursday replaces its previous agreement with National Grid.
Newsday reports that trustees also unanimously approved a $3.7-billion budget for 2012. It includes a 1.5 percent rate hike. That means the average residential customer will pay $2.20 more each month.
National Grid said it would help LIPA with the transition.
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