N.Y. Power Authority 2013 Annual Report Highlights Financial Strength
More than $1.2 Billion in Customer Utility Bill Savings from Low-Cost Power Programs and Energy Efficiency Measures; 400,000 Jobs Directly Linked to Economic Development Power Allocations
Jill Murman Payne
April 14, 2014
FOR IMMEDIATE RELEASE
WHITE PLAINS—The New York Power Authority (NYPA) on Monday issued its 2013 Annual Report, combining a summary of the past year’s accomplishments with updates on its sustainability activities in one comprehensive publication. The Power Authority’s 2013 Annual Report is available in its entirety at http://www.nypa.gov/PDFs/AnnRpt2013/.
At the same time as the issuance of its Annual Report, NYPA also released an overview of its financial performance during the last three years, which can be viewed at http://www.nypa.gov/PDFs/AnnRptFinSup2013/. Both documents demonstrate how prudent management practices place NYPA in a strong financial position to implement its 2014-19 Strategic Vision, announced last month, and available at www.nypa.gov/PDFs/StraVis2014/.
Through a variety of interactive features in the online posting, NYPA’s 2013 Annual Report describes the Power Authority as the leading provider of low-cost electricity for economic development and also energy-efficiency and clean energy projects at public facilities in all regions of the state.
The Power Authority provided more than $1.2 billion in direct customer utility bill savings. Additionally, its economic development programs are now supporting more than 400,000 jobs across the state while securing commitments of some $32 billion in capital investments from recipients of NYPA low-cost power allocations.
These benefits are made possible through the Power Authority’s sound financial strength, as detailed in the supplemental overview issued with NYPA’s annual report. The Power Authority, which uses no tax money or state credit, finances its operations through the sale of bonds and revenues earned in large part through sales of electricity.
Additional accomplishments by the Power Authority in 2013 include:
- 27.8 billion kilowatt-hours of electricity generated at NYPA facilities (approximately 20 percent of the electricity generated in the state), 70 percent of which came from low-cost, renewable hydropower;
- Continuing investments totaling $1.2 billion in infrastructure upgrades, including initial work on a $726 million Life Extension and Modernization (LEM) project for NYPA’s transmission system and ongoing progress on a $460 million LEM at the Niagara Power Project’s Lewiston Pump-Generating Plant;
- Completion of 85 energy efficiency projects at public facilities, expected to save New York taxpayers some $13.5 million in annual energy costs while reducing greenhouse gas emissions by more than 54,000 tons a year;
- Recertification of NYPA’s main administrative office in White Plains as a gold-rated facility by the U.S. Green Building Council;
- Attendance by some 187,000 people at NYPA’s admission-free visitors centers, located at its three large hydropower plants, representing a 26 percent increase from the previous year.
■ The New York Power Authority has been designated as the lead entity via Executive Order 88 by Gov. Andrew M. Cuomo to form a central management and implementation plan to carry out his Build Smart NY plan to reduce energy use by state facilities by 20 percent by 2020. ■ 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.■ NYPA is the nation's largest state public power organization, through the operation of its 16 generating facilities in various parts of New York State, participation in a unique public/private partnership to contract for power from a clean generating plant in Queens, and its operation of more than 1,400 circuit-miles of transmission lines. ■ More than 70 percent of the electricity NYPA produces is clean renewable hydropower. Its lower-cost power production and electricity purchases support hundreds of thousands of jobs throughout the state.■ For more information visit www.nypa.gov and follow us on Twitter @NYPAenergy, Facebook, Instagram, Wordpress, and LinkedIn.