(The following press release from LIPA was received by e-mail. The sender verified the statement.) April 19, 2013 LIPA to Appoint New Chief Operating Officer The LIPA Trustees are pleased to announce that today they expect to approve the appointment of John D. McMahon to the position of Chief Operating Officer at LIPA. Mr. McMahon is a utility industry veteran who will be responsible for directing LIPA's operations and functions including the ongoing transition of utility operations from National Grid to a subsidiary of Public Service Enterprise Group ("PSEG"). Mr. McMahon will work with the Governor's Office and the LIPA Board on strategic issues relating to LIPA as well. McMahon joins LIPA with 37 years of utility experience behind him, having moved up the ranks of Consolidated Edison, Inc. ("Con Ed") over the course of his 35 years of employment, where his career began. McMahon served in various positions at Con Ed, including 13 years in top management positions such as Senior Vice President and General Counsel, Executive Vice President and 6 years as President and Chief Executive Officer of Con Ed's wholly owned subsidiary, Orange & Rockland Utilities, Inc. ("O&R"), an electric and gas utility based in Pearl River, New York. O&R, along with its two utility subsidiaries, Rockland Electric Company and Pike County Light & Power Co., provide electric and gas service in seven counties in New York, northern New Jersey and northeastern Pennsylvania. For the past two years, McMahon has been serving on various industry boards and working as a utility consultant. Chairman of the Board Larry Waldman said of McMahon's impending appointment, "John is coming to LIPA at a critical time in its history and we are excited about the expertise he brings to the organization. He will complement LIPA's existing staff and resources in order to ensure not only that the transition to PSEG be completed timely and in the best interest of LIPA's customers, but that the day-to-day operations of the organization carry on seamlessly. John will also serve as a great resource for the Board and the Governor's office with respect to pursuing the right organizational structure for LIPA. We are very pleased he has agreed to assist LIPA with these very important matters going forward. I also want to extend special thanks to Mike Taunton, LIPA's Chief Financial Officer, who did an outstanding job adding the role of COO to his responsibilities on a temporary basis, and who will now resume his role as full-time CFO." The LIPA Board of Trustees meeting is scheduled for today at 1pm at the LIPA executive offices in Uniondale. LIPA, a non-profit municipal electric provider, owns the retail electric Transmission and Distribution System on Long Island and provides electric service to more than 1.1 million customers in Nassau and Suffolk counties and the Rockaway Peninsula in Queens. LIPA is the 2nd largest municipal electric utility in the nation in terms of electric revenues, 3rd largest in terms of customers served and the 7th largest in terms of electricity delivered. In 2011, LIPA outperformed all other overhead electric utilities in New York State for frequency and duration of service interruptions. LIPA does not provide natural gas service or own any on-island generating assets. More information about LIPA can be found online at http://www.lipower.org. LIPA Media Contact firstname.lastname@example.org Media Pager: 516-229-7248 (bjh) NY
LIPA TO APPOINT NEW CHIEF OPERATING OFFICER
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