What is the expected surcharge being applied to Suffolk County electric bills?
The Surcharge will be approximately 2.8% and will be applied over approximately 26 and 1/2 years, i.e., June 2003 through 2029, the term of the repayment of the Shoreham Property Tax Settlement Bonds. The Surcharge will be a percentage of projected base electric sales revenues (i.e., revenues from electric sales, excluding Fuel and Purchased Power Cost Adjustments (fuel surcharge) and revenue-based PILOTs) from billings to Suffolk County Customers. The levelized percentage will initially be set at approximately 2.80%, excluding fuel surcharges and associated taxes which is designed to achieve full recovery of the settlement obligation costs incurred by the LIPA on behalf of the Shoreham taxing jurisdictions.
