MINUTES OF THE REGULAR MEETING OF THE

POWER AUTHORITY OF THE STATE OF NEW YORK

 

November 28, 2006

 

 

Table of Contents

 

            Subject                                                                                                                                      

 

1.              Minutes of the Regular Meeting held on October 24, 2006                                   

2.              Financial Reports for the Ten Months Ending October 31, 2006, Exhibit “2-A”

3.              Report from the President and Chief Executive Officer                                           

4.              Allocation of 3,250 kW of Hydro Power Resolution, Exhibit  “4-A” & “4-B”
                                                                                                                       

5.              Economic Development Power Programs – Extension to the Terms of Service and Energy Cost Savings Benefits, Resolution, Exhibit “5-A” & “5-B”  

6.              Power for Jobs Program – Extended Benefits  Resolution, Exhibit “6-A”
 

7.              Power for Jobs Program – Extended Benefits – 2007 Resolution, Exhibit “7-A” & “7-B”
 

8.              Authorization of Increase in Maximum Amount of Series 1 Commercial  Paper Notes and Authorization to Use Operating Funds to Retire Authority Debt Resolution, Exhibit “8-A”                                                                    

9.              Contribution to the County of Schoharie Office of Emergency Management for Costs Associated with the Implementation of  Emergency Preparedness Measures Resolution

10.           Motion to Conduct an Executive Session                                                               

11.           Motion to Resume Meeting in Open Session                                                          

12.           Authorization to Enter into Negotiations to Execute Long-Term  Supply Agreements for Electric Transmission and Capacity Resolution

13.           Next Meeting                                                                                                                 

            Closing                                                                                                                           

                Minutes of the Regular Meeting of the Power Authority of the State of New York held at the Clarence D. Rappleyea Building, White Plains, New York, at 11:10 a.m.

 

Present:                  Frank S. McCullough, Jr., Chairman

                                Elise M. Cusack, Trustee

                                Robert E. Moses, Trustee

                                Thomas W. Scozzafava, Trustee

                                Joseph J. Seymour, Trustee

                                Leonard N. Spano, Trustee

                               

                                Michael J. Townsend, Vice Chairman – Excused

 

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Timothy S. Carey                                 President and Chief Executive Officer

Thomas J. Kelly                                    Executive Vice President and General Counsel

Vincent C. Vesce                                  Executive Vice President – Corporate Services and Administration

Robert J. Deasy                                    Senior Vice President – Energy Resource Management

Angelo S. Esposito                              Senior Vice President – Energy Services and Technology

Louise M. Morman                              Senior Vice President – Marketing and Economic Development

William J. Nadeau                                Senior Vice President – Energy Resource Management and Strategic Planning

Brian Vattimo                                        Senior Vice President – Public and Governmental Affairs

Edward A. Welz                                   Senior Vice President and Chief Engineer – Power Generation

Thomas P. Antenucci                          Vice President – Project Management

Arnold M. Bellis                                   Vice President – Controller

Donald A. Russak                                Vice President – Finance

William V. Slade                                   Vice President – Environmental Management

Thomas H. Warmath                           Vice President and Chief Risk Officer

Daniel Wiese                              Vice President and Inspector General – Corporate Security

Anne B. Cahill                                      Corporate Secretary

Angela D. Graves                                 Deputy Corporate Secretary

Michael E. Brady                        Treasurer

Dennis T. Eccleston                     Chief Information Officer

Joseph J. Carline                         Assistant General Counsel

Timothy Sheehan                         Principal Attorney II – Finance Affairs

Frederick E. Chase                      Executive Director – Hydro Relicensing

Paul F. Finnegan                         Executive Director – Public and Governmental Affairs

John B. Hamor                            Executive Director – State Governmental Relations

John J. Suloway                           Executive Director – Licensing, Implementation and Compliance

Jordan Brandeis                           Director – Supply Planning, Pricing and Power Contracts

James F. Pasquale                        Director – Business Power Allocations, Compliance and Municipal and Cooperative Marketing

Michael A. Saltzman                    Director – Media Relations

Mary Jean Frank                                  Associate Corporate Secretary

Lorna M. Johnson                               Assistant Corporate Secretary

John J. Canale                                       Project Manager

Jeffrey Carey                                         Special Assistant to President and Chief Executive Officer

Jack Murphy                                         Temporary PR Counsel

Steve Mitnick                                       Transition Office of New York State Governor-Elect Eliot Spitzer

 

 

 

Chairman McCullough presided over the meeting.  Secretary Cahill kept the Minutes.

 

 

1.             Approval of the Minutes

 

The Minutes of the Regular Meeting of October 24, 2006 were unanimously adopted.

 

 

2.             Financial Reports for the Ten Months Ending October 31, 2006

 

Mr. Bellis presented the highlights of the reports to the Trustees.  Responding to questions from Trustee Seymour, Mr. Bellis said that the Southeastern New York (“SENY”) losses were principally due to the fact that revenues from the Poletti and 500 MW plants had been budgeted to reflect the projection of very high energy prices following last year’s hurricane season.  He said that because that energy scenario never materialized, the projected earnings didn’t materialize either.  Mr. Bellis said that a tremendous amount of hedging is built into the Authority’s system of budgeting and that the SENY customers would start to absorb their full cost of service beginning in 2007.