I'm no LIPA fan, but you are wasting your time. Did you complain when LIPA hedged and money was saved? No. Did you write LIPA in June and said oil was going down to $35 a barrel? No. (Nobody did) If oil went to $200 a barrel and LIPA didn't hedge, would you have said bravo for not hedging? No.
No - you can't
You have no legal claim. Those charge would be considered legitimate by any regulatory body or court.
If you want to complain, do so because I hear LIPA is NOT hedging now. That got grief because oil prices crashed (like nobody expected) and they were locked in. Now they are afraid. If it was me I would be locking in this price for as long as I could.
LIPA’s September unaudited 2009 financial states current reserves set aside for oil purchases are $246,800,045
The 2008 actual purchase expenditure was 106,785,000
The 2009 budget approved oil purchase is 393,798 That’s almost a 300% increase ($287,013,000) increase over 2008 cost
Combine the increase with the surplus …$287,013,000+ $246,800,045 that is setting aside ½ a billion dollars when oil is cheep. Or as I prefer $500 per ratepayer
I don’t intend to sue LIPA I want political pressure to push for an elected board. You can’t do what LIPA does and get relected
I recommend hedging oil now too