NYPA power and funding incentives generate more than $551 million in capital investments throughout New York
Gov. Andrew M. Cuomo on Tuesday announced state economic development incentives that directly support the creation and retention of approximately 6,500 jobs and capital investments of more than $551 million throughout New York state. The New York Power Authority board of trustees today approved power and funding incentives through five NYPA economic development programs, including the governor's ReCharge NY program, which provides qualifying businesses and nonprofit organizations with discounted NYPA power in exchange for commitments to retain or create jobs in New York.
NYPA's power allocations and economic development incentives have positively affected the New York economy by encouraging companies to retain and create jobs, while sparking capital investment throughout the state.
"Through Recharge NY and other state economic development programs, New York is working tirelessly to ensure that we continue to retain and attract business on a global scale," Cuomo said. "These economic development programs incentivize businesses to lay down roots and expand in New York state, creating jobs and bolstering the economy for all hardworking New Yorkers."
The NYPA board approved 22 ReCharge NY power awards, which will support more than 6,200 jobs and nearly $444 million in capital investment commitments. Including today's allocations, ReCharge NY provides more than 758 megawatts of power to 666 businesses and 80 nonprofit organizations in support of the creation and retention of jobs in New York.
The jobs created come from a gamut of industries and regions from across the state, including Amazon Fulfillment Services in Staten Island to Amy's Kitchen in Orange County to Kraft Heinz Foods in the North Country.
The program offers up to seven-year power contracts with half of the power - 455 MW - from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the greenest, cleanest and low-cost electricity in the state.
"Funding for programs to boost economic development across the state are helping to increase business and job opportunities in New York," Lt. Gov. Kathy Hochul said. "We're committed to attracting and expanding businesses, helping to grow the economy and advancing progress for all New Yorkers."
NYPA Chairman John R. Koelmel said, "The Power Authority's wide array of economic development programs are key in ensuring that businesses thrive in every corner of the state, from Long Island to Western New York to the North Country. NYPA is proud to play a role in supporting thousands of jobs and millions in capital investments throughout the state."
NYPA President and CEO Gil C. Quiniones said, "NYPA leverages its clean, low-cost power from its large hydroelectric facilities in Niagara and Massena to support hundreds of thousands of jobs throughout New York. The Power Authority's economic development programs energize the state's economy, spurring major economic growth, creating jobs, and generating capital investment opportunities across the state."
In addition to the RNY power allocations, the NYPA board approved hydropower allocations in Western New York and the Mohawk Valley, and funding awards in Western New York and the North Country. The Power Authority coordinates with Empire State Development on its economic development awards to encourage job retention and creation throughout the state.
Empire State Development President, CEO and Commissioner Howard Zemsky said, "New York state has created a strong business climate that continues to encourage businesses statewide to create jobs and support our regional economies."
Senate Energy and Telecommunications Committee Chair Joseph Griffo said, "Over the years, programs such as Recharge NY have been successful in its mission to provide low-cost hydropower to private companies that agree to retain existing jobs and to create new jobs. I am especially happy for the benefits to industry in my district and the surrounding North Country community through the ReCharge NY and the Northern New York Power Proceeds awards. Our state is blessed to have low-cost hydropower from both the Niagara and the St. Lawrence hydro-facilities and it is wonderful to see the fruits of this low-cost, clean, New York power put to good use for the benefit of our businesses and the families that they support."
Among the economic development awards:
Western New York: The NYPA trustees awarded a Western New York hydropower allocation to Unifrax to add a second production line at its recently opened Tonawanda facility. The expansion will create 20 new jobs and generate at least $28.5 million in capital investment. Unifrax is an existing NYPA hydropower customer that receives low-cost hydropower at its three Western New York locations, and was supported by performance-based tax credits through ESD's Excelsior Jobs Program.
The NYPA trustees also awarded $142,000 through NYPA's Western New York Power Proceeds program to the Historic Palace Theater in Lockport in support of $713,000 in planned renovations. The firm is also receiving support from ESD through its Market New York program.
NYPA is the largest state public power organization in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. For more information, visit
www.nypa.gov.
