The Long Island Power Authority is the owner of the system and holder of its debt .
In May , he announced a plan to give PSEG day - to - day operations of LIPA 's electric grid under a management contract .
The LIPA       is the owner of the system and holder of LIPA 's debt .
In May , he announced a plan to give PSEG day - to - day operations of LIPA 's electric grid under a management contract .