Low-cost power will help companies create 1,400 jobs
Gov. Andrew M. Cuomo today announced the New York Power Authority board of trustees approved another round of low-cost power allocations under his statewide ReCharge NY program. This will create nearly 1,400 new jobs. The 30 megawatts of low-cost power will be distributed among 59 business operations and one not-for-profit organization to support more than 10,300 jobs. Nearly $1.5 billion in capital investments will be leveraged.
"This program has proven that providing affordable power to local businesses drives economic development," Cuomo said. "The ReCharge NY program has stimulated job creation and capital investments across the state, and I am proud that these allocations will keep New York's economy moving forward."
The power allocations under the ReCharge NY program stem from legislation signed by the governor in 2011. The program, administered by NYPA, is designed to spur economic development throughout the state by providing low-cost power to businesses and other entities that agree to create or retain jobs.
Including today's allocations, the program has provided more than 765 megawatts of power to more than 650 business operations and 72 not-for-profit organizations over the past two-and-a-half years. (One megawatt provides enough power to meet the needs of 800 to 1,000 typical homes.)
ReCharge NY offers power contracts of up to seven years. Half of the power under the program - 455 megawatts - is from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the lowest-cost electricity in the state. The remaining 455 megawatts is economical power secured by NYPA from wholesale market sources.
ReCharge NY applicants are evaluated on the number of jobs they create or retain; capital investment commitments they make; their cost of electricity compared to their overall cost of doing business; their risk of closing or curtailing operations; how their facilities affect the local economy; and their commitment to energy efficiency.
John R. Koelmel, NYPA chairman, said, "The ReCharge NY program is a surefire economic development tool that provides NYPA with the ability to deliver low-cost power to businesses throughout the state. The program is designed to convert electricity into jobs - a winning formula for success."
Gil C. Quiniones, NYPA president and CEO, said, "ReCharge NY supports hundreds of thousands of jobs throughout New York, and this latest round of allocations will just further cement its tremendous economic development impact. The Power Authority is committed to leveraging low-cost power to support jobs and spur capital investments."
Assemblymember Amy Paulin, chairwoman of the New York State Assembly Committee on Energy, said, "I am happy that NYPA has approved another round of ReCharge NY. This is a strong program that was originally designed to help jumpstart our economy and create jobs. Its success has warranted it being renewed yet again. Look no further than the fact that this round of allocations will help create more than 1,400 new jobs."
The list of approved ReCharge NY allocations can be viewed here.