More than 4,000 jobs supported by latest power awards
Gov. Andrew M. Cuomo has announced the New York Power Authority board of trustees approved another round of low-cost power allocations under his statewide ReCharge NY program to support more than 4,000 jobs.
The more than 3.3 megawatts (MW) of low-cost power will be distributed among six business operations and one not-for-profit organization and are expected to leverage nearly $21 million in capital investments.
"This is the second round of RNY power allocations in as many months and the first round of 2015," Cuomo said. "The state is committed to this important initiative, providing affordable power to enterprises that can utilize it to support the economy."
The power allocations under the RNY program stem from legislation signed by Cuomo 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.
John R. Koelmel, NYPA chairman, said, "ReCharge NY has been a cornerstone in NYPA's economic development capabilities for years now, providing low-cost power to enterprises across the entire state. The seven enterprises awarded power ... act as a wonderful kickoff to the many more allocations to come in 2015."
Including these allocations, the governor's program has provided more than 768 MW to more than 655 business operations and 73 not-for-profit organizations over the past two-and-a-half years. (One megawatt is enough power to meet the needs of 800 to 1,000 typical homes.)
Gil C. Quiniones, NYPA president and CEO, said, "The RNY program leverages inexpensive power to support hundreds of thousands of jobs across New York and it will continue to do so for years to come. The Power Authority is committed to this impactful program and will continue to identify and support businesses and not-for-profit organizations throughout the state that can benefit from it."
In addition to jobs and capital investment commitments, other evaluation criteria for ReCharge NY applications include the significance of the cost of electricity to the overall cost of doing business, the applicant's risk of closure or curtailing operations, the significance of the applicant's facility to the local economy, and its commitment to energy efficiency.
RNY offers up to seven-year power contracts. Half of the power under the program - 455 MW - 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 MW is economical power secured by NYPA from wholesale market sources.
"I am pleased that the New York Power Authority has approved another round of ReCharge NY power allocations," said Assemblywoman Amy Paulin, chairwoman of the New York State Assembly committee on energy. "This round of allocations will leverage $21 million in capital investments and support 4,000 jobs, which is a great benefit for New York state."