Jan. 10--Amid new calls for heightened oversight, the Long Island Power Authority will issue an executive directive Monday mandating that the cost of all new energy and capacity contracts be publicly disclosed, LIPA chief Kevin Law said Friday.

The directive comes in response to revelations, reported in Newsday Friday, that LIPA inked more than $6 billion in new long-term energy and capacity contracts over the past half decade without disclosing a cent of the costs to ratepayers.

In an interview Friday night, Law said the disclosure rule will appear in contract language that in the past has allowed vendors a loophole around cost disclosure. He said he is not worried vendors may shun LIPA because of it.

"If vendors don't want to bid on projects because of that, so be it," he said, adding he will make the mandate part of a new solar power bid. Noting LIPA is the nation's second-largest public utility, he added, "I trust there will be some companies that will still do business with us."

Still, revelations of the $6 billion in previously undisclosed contract costs have renewed calls for legislation to scrutinize LIPA books, contracts and rate increases after a decade of no oversight.

Citing figures recently released by the state comptroller, Newsday on Friday reported two contracts for the Neptune cable alone will incur some $2.75 billion in costs, while the Caithness power plant will add another $1.49 billion -- both over 20 years.

Former LIPA chief Richard Kessel said Friday cost savings from the ventures, along with the need for excess capacity, necessitated the expensive contracts. He noted the contracts were competitively bid, and reviewed by the state comptroller.

Lawmakers, however want deeper reviews.

Assemb. Robert Sweeney (D-Lindenhurst) said Friday he has scheduled a meeting with a top energy aide to Gov. David A. Paterson in two weeks to hammer out an agreement for new LIPA oversight legislation. Paterson last year vetoed the bill, saying it could drive up costs and hurt bondholders. A Paterson spokesman was unable to comment Friday.

The $6 billion in contracts "is a textbook example of why oversight and review is necessary," said Steve Liss, a former LIPA trustee and an aide to Sweeney, who expects to draw up a bill next month.

Added Sweeney, "Something urgently needs to happen," given recent funding disclosures.

Assemb. Marc Alessi (D-Wading River), who said he will introduce a bill mandating all LIPA contracts undergo Public Service Commission review, put it more bluntly.