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New York Power Authority releases financial data, sustainability goals in 2022 integrated report


Wed, Aug 2nd 2023 09:45 pm

First New York state public authority and first public power utility in country to develop integrated report

√ First annual integrated report details Power Authority and Canals strategic priorities, performance and outlook

The New York Power Authority has released its first annual integrated report, which details the operations and activities carried out by the Power Authority and its subsidiary, the New York State Canal Corp., in 2022.

A press release noted, “The report takes an integrated approach to communicating the Power Authority’s performance, bringing together environmental, social and governance (ESG) data and audited financial information to present a more comprehensive view of the Power Authority’s value creation process.”

NYPA Chairman John R. Koelmel said, “The 2022 integrated report provides insight into the important work that has positioned the Power Authority and Canals as environmental, social and governance leaders. It provides a more transparent overview of the Power Authority’s efforts to keep New York a great place to live and do business. NYPA, as New York’s largest supplier of renewable energy, is advancing the state’s ambitious energy goals, helping its customers decarbonize their operations and improving quality of life.”

The 2022 integrated report describes progress toward achieving the priorities set by “VISION2030” and the goals outlined in its 2021-25 sustainability plan.

In its press release, NYPA noted, “In particular, the report examines the value the Power Authority creates for the state, its customers, local communities, and employees through a wide range of activities and relationships focusing on three key areas of performance: enabling the just transition to a decarbonized New York state; empowering a resilient New York state through partnerships; and cultivating success as a team.

“The Power Authority achieved progress on a myriad of major initiatives – such as Next Generation Niagara, Smart Path and Central East Energy Connect – and advanced our commitment to 100% carbon-free electricity by 2035. The Power Authority will lead the power generation sector by developing and publishing an action plan within the next two years to deliver upon its commitment to phase-out electricity production from its fossil fuel peaker power plants by 2030. NYPA will consider using the plants and the sites for renewable generation, energy storage or electric grid support needs.

“The Power Authority has also implemented programs in partnership with customers and communities to help them achieve their sustainability and climate goals, and continued to invest in its employees and their health and safety.

“In addition to showing the Power Authority’s financial performance and progress towards meeting its ‘VISION2030’ strategy goals, it also shows the impact of the Power Authority’s performance on the environment and the community it serves.”

NYPA President and CEO Justin E. Driscoll said, “We are pleased to publish the first New York Power Authority integrated annual report, which explains the importance of sustainability to NYPA and Canals. NYPA is a first mover in integrating its ESG reporting with its financial reporting to provide a complete picture of the Power Authority’s business operations. This annual report will track NYPA’s progress as it endeavors to achieve its ‘VISION2030’ strategic goals and advance Gov. Hochul’s nation-leading climate and clean energy agenda.”

The press release added, “ ‘VISION2030’ is a core tenant of the report and focuses on five strategic priorities to achieve the clean energy goals of the Power Authority’s customers and the state. They include the Power Authority’s ongoing partnerships with customers to deliver clean and affordable energy solutions; pioneering the path to decarbonization while ensuring the reliability, resilience and affordability of the state’s electric grid; facilitating the rapid development of transmission assets; preserving the value of hydropower; and adaptively reimagining the New York state canal system.”

The Power Authority will issue an annual integrated report moving forward. To learn more about sustainability at NYPA, visit nypa.gov/innovation/initiatives/sustainability.

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