On January 24, 2007, then-Governor Eliot Spitzer announced that Kevin Law would replace Richard Kessel as Chairman of LIPA until the fall when a new Chairman would be named and Law would become Chief Executive Officer of LIPA.
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Mr. Scotto also has extensive investment banking project experience – having served as the Senior Regulator/Company negotiator when the Long Island Power Authority (LIPA) acquired Long Island Lighting Company (LILCO).
The Long Island Power Authority (LIPA), headed by Richard Kessel, was created in 1986 specifically to buy the plant from LILCO (which it did in 1992) for one dollar.