From Crain's last week: LIPA sale could require state bailout.
If you remember LIPA, Long Island Power Authority, was formed at the insistance of Gov. Mario Cuomo to absorb the costs associated with closing down the completed, but never put into production, Shoreham nuclear power plant (a political move to win him votes). In domino effect, we were asked to share our power with the downstate branch of the "family of New York" ... resulting in the Marcy South Power Line AND higher, job-killing, electrical rates being shoved down our throats.
Well now Governor Andrew Cuomo wants to sell LIPA after its perfectly dismal response to hurricane Sandy.
The problem is, who would want to buy a company with a $4billion liability associated with a dismantled, now useless nuke plant?
It's sure starting to look like a state taxpayer bailout of this mess is in the offing. ... Meaning we upstaters get to pay again for unproductive political decisions by the Cuomo Family of New Work.