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Advancing such programs and technologies is among Governor Pataki’s most important priorities in his efforts to save our environment and serve our economy. The Governor has set the bar high, with some of the nation’s most ambitious targets for energy efficiency and renewable energy. But with NYPA’s assistance, New York is making steady progress.

Conserving electricity has become an indispensable means for holding down costs, protecting the environment and cutting our dependence on foreign oil. NYPA is pitching in by committing more than $100 million a year to energy-efficiency initiatives at public facilities, from neighborhood schools to the state capitol building. It’s the most far-reaching program of its kind in the state, reducing taxpayers’ costs by more than $80 million annually.

The reduced energy use also avoids the release of well over half a million tons of greenhouse gases and other pollutants each year.

Our St. Lawrence-FDR and Niagara hydro projects are huge building blocks for the renewable-energy future envisioned by the Governor, and we’re leading the way in tapping the potential of other clean energy sources. NYPA is a pacesetter among utilities nationally in installing photovoltaic systems to capture the energy in sunlight and fuel cell power plants, which produce virtually pollution-free electricity. And we command the Northeast’s biggest fleet of quiet and clean-running electric vehicles.

The Power Authority was active on other fronts in 2002 as we continued to strengthen our generation and transmission capabilities to sustain and enhance their contribution to the reliability of the state’s electric power system. We’re investing more than a half-billion dollars to modernize the Niagara and St. Lawrence-FDR projects so that they can keep producing some of the nation’s lowest-cost electricity. We broke ground in 2002 for what will be one of the cleanest and most efficient power plants ever built in New York City.

And with an eye toward the demands of the deregulated electricity marketplace, we pressed ahead with the installation of the world’s most advanced transmission-control device. The system, in partial operation in 2002, will permit more power to flow on the state’s heavily used power grid while improving reliability.

NYPA also continued to play a pivotal role in energizing the state’s economy in 2002, with our low-cost electricity helping protect more than 400,000 jobs at businesses and non-profit organizations throughout the state under the Governor’s Power for Jobs™ program and other initiatives. New allocation programs during the year aided businesses affected by the destruction of the World Trade Center and promoted economic development in Western New York.

Self-supporting, using no tax dollars, the Power Authority operates like a business. But that does not define all we do. With our skilled and dedicated work force and our tradition of public service—and innovation—we are a vital public asset in achieving New York’s energy, economic and environmental objectives.

Louis P. Ciminelli CHAIRMAN	Eugene W. Zeltmann PRESIDENT and CHIEF EXECUTIVE OFFICER