LIPA (Long Island Power Authority)

The agenda for the meeting includes a discussion with PSEG Long Island regarding customer service, empathy, and affordability actions, followed by the Chief Executive Officer's report. Key topics for deliberation encompass summer readiness and storm preparation, an integrated resource plan presentation, the annual review and potential amendments to the Code of Ethics and Conduct, authorization to execute capacity purchase agreements with power producers in New England, and the consideration of proposed tariff changes.

The board received an update on PSEG Long Island's operations, specifically focusing on the impact and restoration efforts following several 2026 winter storms, including Winter Storm Hernando. The presentation detailed storm preparation timelines, the acquisition and staging of mutual aid resources, outage analytics, and performance comparisons with other coastal utilities. Additionally, the report covered specific restoration challenges on Fire Island and the Rockaway Beach substation, as well as the effectiveness of communication and outreach strategies implemented throughout the storm events.

The meeting provided an internal audit update, covering the status of the 2026 audit plan and activities, including reviews of PSEG Long Island contract compliance, internal controls, cybersecurity practices, and operational procedures. Additionally, the committee reviewed open management action plans, focusing on the number of open observations and high-risk items requiring management attention. The appendix provided detailed audit scopes for 2025 and 2026, encompassing various operational and financial processes.

The meeting material covered the presentation and review of the 2025 Financial Report and the Annual Report for the Long Island Power Authority. Key discussion topics included the Management's Discussion and Analysis of financial performance, operational achievements such as the completed LIPA/LILCO merger and the extension of the Operations Services Agreement, and updates on capital asset financing and debt reduction efforts. The Board was formally requested to approve the 2025 Financial Report as required by the Public Authorities Law.

The Board reviewed the Annual Report on the Board Policy on Safety for the Long Island Power Authority. Key topics included an assessment of safety performance metrics, specifically OSHA Recordable Incidence and Days Away rates, and the status of the Serious Injury Incident Rate (SIIR) metric. The report detailed progress in mitigating enterprise risks, including contractor safety management, motor vehicle accident reduction efforts, and compliance with the Triennial Safety Assessment. The Board considered a resolution to formally adopt the annual report and confirm compliance with the Board Policy on Safety.