NEW YORK (CBSNewYork) – A new proposal by the governor could pave the way for the Long Island Power Authority to become a private entity and it has the potential backing of one of the island’s prominent local leaders.

Right now, LIPA a $7 billion debt and that kind of debt could scare aware potential buyers, which would be needed to privatized the company.

But the Wall Street Journal has reported that Gov. Andrew Cuomo is considering issuing bonds to pay off more than half of that debt.

The governor said if LIPA becomes private, customers could see a rate freeze for up to five years.

Hempstead Town Supervisor Kate Murray told WCBS 880 reporter Sophia Hall that she is in support of any plan to improve LIPA.

“[But] you have to look at the costs. You have to make sure that any proposal that goes through does not, in the end, cost more to our ratepayers,” Murray said. “After all, we are the second highest ratepayers in the country, second only to Con Ed.”

The governor’s office said they will be discussing a range of options.

LIPA had no comment.

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