Power contracts support retention of more than 88,000 jobs in state
The New York Power Authority board of trustees approved power contract extensions that combine to support more than 88,000 jobs throughout the state. The contract extensions also further align the Power Authority's economic development programs with Gov. Andrew Cuomo's state energy plan, which calls for 50 percent of New York's electricity is to be generated by renewable energy sources by 2030.
"NYPA's low-cost power is a powerful economic development driver for the state," said John R. Koelmel, NYPA chairman. "The NYPA board action to extend these contracts - which include the first round of power allocations from the governor's ReCharge NY program - will ensure that more than 88,000 jobs stay committed in New York state."
The NYPA board approved seven-year contract extensions for the continued sale of 218 megawatts (Mw) of discount power under Cuomo's
ReCharge NY program for 180 businesses operations and not-for-profit organizations around the state that were
first awarded power in April 2012. The contracts, which will go into effect on July 1, 2019, are tied to commitments for the enterprises to invest an estimated $1.7 billion to upgrade their facilities over the next five years.
In a separate action, the NYPA board also approved the 10-year extension of low-cost hydropower contracts, totaling 530 Mw, to 116 business operations in Western New York. Those contracts are tied to capital investment commitments of more than $136 million annually.
NYPA's power allocations and economic development incentives have positively affected the New York state economy by encouraging companies to retain and create jobs, while sparking capital investment throughout the state.
ReCharge NY provides 753 Mw of power to 743 enterprises in support of the creation and retention of more than 376,000 jobs in New York. The discount power 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. The full list of enterprises receiving contract extensions as part of the RNY program is
HERE.
Low-cost Niagara hydropower is available for companies within a 30-mile radius of the Power Authority's Niagara Power Project or businesses in Chautauqua County. The hydropower is linked to tens of thousands of existing jobs. The full list of businesses receiving contract extensions as part of NYPA's Western New York low-cost hydropower programs is
HERE.
"The ReCharge NY program is an essential tool to capitalize on the state's rich hydro-electric resources in support of our manufacturing sector and other businesses that provide jobs in New York," New York State Sen. Joseph Griffo said. "It is my hope that the contract extensions approved today will go a long way toward creating even more jobs while retaining the ones already in place."
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. More than 70 percent of the electricity NYPA produces is clean, renewable hydropower. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information, visit www.nypa.gov.
