The New York Power Authority board of trustees today met virtually for its regular meeting to review and approve its planned agenda items. At the meeting, the NYPA board approved a plan to provide fiscal relief to its economic development power customers during the ongoing COVID-19 pandemic.
John R. Koelmel, NYPA chairman, said, “We are committed to supporting our economic development customers through this challenging time. NYPA’s low-cost hydropower is the lifeblood for hundreds of businesses across the state, supporting hundreds of thousands of jobs. It’s critical that we ensure the benefits of our support are sustained during this devastating pandemic.”
NYPA is waiving applicable energy and demand rate increases for its economic development power customers that participate in its ReCharge New York, replacement power, expansion power and preservation power programs for the July 1, 2020, to June 30, 2021, rate year.
In addition, customers participating in those NYPA power programs are now able to suspend payment to NYPA for up to six months beginning with their April 2020 electric bill. Customers that opt-in to the new relief program can make payment installments over the following 18-months, free from any interest or penalties.