New York Gov. Andrew Cuomo signed a bill requiring the Long Island Power Authority to undergo periodic audits.

The law took effect immediately.

“This new law is an important step toward improving efficiency and transparency at LIPA to ensure ratepayers are protected,” Cuomo said at Wednesday’s signing.

The law authorizes the state’s Division of Consumer Protection to investigate customer complaints.

The division will mediate and refer complaints to state and local agencies for further review.

The Department of Public Service will oversee the audit process. Those audits could be costly, the Long Island Business News reported.

Last year, according to the publication, the department hired Liberty Consulting Group of Quentin, Pa., to audit Iberdrola USA and its New York affiliates, New York State Electric and Gas Corp. and Rochester Gas and Electric Corp., at a projected cost of $1.54 million.

Also in 2011, the Business News reported, the department brought in Overland Consulting of Leawood, Kan., to conduct an audit, which is expected to cost $1.76 million, of National Grid’s allocation of costs among affiliates.

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