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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
June 16, 1998
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Date of Report (Date of earliest event reported)
LONG ISLAND LIGHTING COMPANY
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(Exact name of registrant as specified in its charter)
NEW YORK 1-3571 11-1019782
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
333 EARLE OVINGTON BOULEVARD, SUITE 403,
UNIONDALE, NEW YORK 11553
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(Address of principal executive offices)
(516)-222-7700
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Registrant's telephone number, including area code
175 EAST OLD COUNTRY ROAD, HICKSVILLE, NEW YORK 11801
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Former Name or Former Address, if Changed Since Last Report
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On May 28, 1998, the Long Island Power Authority (the "Authority")
acquired control of Long Island Lighting Company (d/b/a LIPA, the "Company")
following the merger of a wholly-owned subsidiary of the Authority with and
into the Company. On June 16, 1998, the Board of Directors of the Company
voted to appoint Price Waterhouse LLP as the Company's independent
accountants.
On June 22, 1998, Ernst & Young LLP ("E&Y") was notified that they
were dismissed as the Company's independent auditors. The reports of E&Y on
the Company's financial statements as of and for the year ended March 31,
1998, the transition period from January 1, 1997 to March 31, 1997 and the
year ended December 31, 1996 did not contain an adverse opinion or disclaimer
of opinion, and were not qualified or modified as to uncertainty, audit scope,
or accounting principles. In connection with its audits of the Company's
financial statements as of and for the year ended March 31, 1998, the
transition period from January 1, 1997 to March 31, 1997 and the year ended
December 31, 1996 and through June 22, 1998, there were no disagreements
between the Company and E&Y on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of E&Y, would have
caused E&Y to make reference to the subject matter of the disagreements in
their report on the financial statements for such periods.
The Company has requested that E&Y furnish it with a letter addressed
to the Securities and Exchange Commission stating whether or not it agrees
with the above statements. A copy of such letter, dated June 23, 1998, is
filed as Exhibit 16.1 to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit:
16.1 Letter dated June 23, 1998 from Ernst & Young LLP to the
Securities and Exchange Commission.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LONG ISLAND LIGHTING COMPANY
By: /s/ David P. Warren
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Name: David P. Warren
Title: Chief Financial Officer
Dated: June 23, 1998
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EXHIBIT 16.1
(Ernst & Young LLP Letterhead)
June 23, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read Item 4 of Form 8-K dated June 23, 1998 of Long Island Lighting
Company and are in agreement with the statements contained in the second
paragraph and in the first sentence of the third paragraph on page two
therein. We have no basis to agree or disagree with the other statements of
the registrant contained therein.
/s/ Ernst & Young LLP
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