ECONOMIC DEVELOPMENT POWER

ALLOCATION BOARD

MINUTES

July 26, 2005

Video Conference – 10:00 a.m.

            New York Power Authority Offices:

30 South Pearl Street, 10^th Floor, Albany, NY

123 Main Street, 16^th Floor, White Plains, NY

St. Lawrence/FDR Power Project, 5^th Floor, 830 Barnhart Island, Massena, NY

Louis P. Ciminelli Construction, 369 Franklin Street, Buffalo, NY

                Ratification by Bernard P. McGarry for the 42 Power for Jobs extended benefits recommendations presented at the June 28, 2005 Meeting

1.                    Approval of the Minutes of the Meeting of June 28, 2005

2.                    Power for Jobs Extended Benefits Recommendations for

Electricity Savings Reimbursements:

3.                      Resolution – Louis P. Ciminelli

OTHER BUSINESS

4.             Next Meeting

            A regular meeting of the Economic Development Power Allocation Board was held via video conference at the following participating locations:

1)       New York Power Authority, 30 South Pearl Street, Albany NY

2)       New York Power Authority, 123 Main Street, White Plains, NY

3)       St. Lawrence/FDR Power Project, 830 Barnhart Island, Massena, NY

4)       Louis P. Ciminelli Construction, 369 Franklin Street, Buffalo, NY

The following Members of the Board were present at the following locations:

Frank S. McCullough, Jr., Chairman (Massena, NY)

James A. Duncan, Member (Buffalo, NY)

Bernard P. McGarry, Member (Massena)

Kevin S. Corbett, Member (Excused)

Also in attendance were:

Eugene W. Zeltmann                           President and Chief Executive Officer

David E. Blabey                                    Executive Vice President, Secretary and General Counsel, NYPA

Louise M. Morman                              Senior Vice President – Marketing, Economic Development
& Supply Planning, NYPA

Gary Paslow                                          Vice President – Governmental Affairs & Policy Development

Thomas Warmath                                Vice President and Chief Risk Officer, NYPA

James H. Yates                                     Vice President – Major Account Marketing &
Economic Development, NYPA

Angela D. Graves                                 Deputy Secretary, NYPA

Joseph J. Carline                                  Assistant General Counsel – Power & Transmission, NYPA

John B. Hamor                                      Executive Director – State Governmental Relations, NYPA

Niko Ladopoulos                                 Legislative Liaison – Public & Governmental Affairs, NYPA

Jordan Brandeis                                   Director – Supply Planning, Pricing & Power Contracts, NYPA

Bonnie Fahey                                       Executive Administrative Assistant, NYPA

Mary Jean Frank                                  Associate Secretary, NYPA

Lorna Johnson                                     Assistant Secretary, NYPA

Michael J. Santarcangelo                    Director - Energy Policy, ESDC

Michael Marlette                                  Marlette National Companies

                Ratification by Bernard P. McGarry approving the 42 Power for Jobs extended benefits recommendations presented at the June 28, 2005 meeting.

1.                   Adoption of Minutes

The minutes of the meeting of July 26, 2005, were unanimously adopted.

2.                   Power for Jobs Extended Benefits Recommendations
for Electricity Savings Reimbursements                                      

The members of the Board considered the 40 applications for electricity savings reimbursements and/or contract extensions listed below for Power for Jobs.  Mr. Yates explained that some 48,717 jobs would be impacted.  See Exhibit ‘2-A.’

                The following resolution was unanimously adopted by members of the Board present.

WHEREAS, the following entities have applied for electricity savings reimbursements under the Power for Jobs program:

Con Edison – Service Territory:

NOW THEREFORE BE IT RESOLVED, That the Board hereby finds and determines that such applications meet the requirements of the Power for Jobs legislation contained in Chapter 316 of the Laws of 1997; Chapter 386 of the Laws of 1998; Chapter 63 of the Laws of 2000; Chapter 226 of the Laws of 2002; and Chapter 59 of the Laws of 2004, would advance the public policy set forth in Section 189(i) of the Economic Development Law to provide effective incentives to promote economic development, maintain and develop jobs, and encourage new capital investment throughout New York State; and be it further

RESOLVED, That the Board recommends to the Power Authority of the State of New York the 40 applications for electricity savings reimbursements discussed herein totaling 44,364 kW until December 31, 2005.

3.                   Resolution – Louis P. Ciminelli

                The members of the Board present approved the following resolution.

      WHEREAS,  Louis P. Ciminelli provided exemplary leadership, invaluable insight and an unswerving sense of purpose throughout his nearly three years as Chairman of the New York State Economic Development Power Allocation Board; and

      WHEREAS, during Mr. Ciminelli’s tenure, which began in September 2002, EDPAB recommended approval by the New York Power Authority of power allocations or related benefits for more than 500 customers, resulting in the creation or retention of approximately 280,000 jobs under the Power for Jobs and Economic Development Power programs; and

WHEREAS, Mr. Ciminelli played a valuable role in working, on behalf of this board, to inform and advise state leaders about issues affecting the administration of these programs, helping to see several new laws enacted to amend, extend and sustain these and other vital economic development initiatives implemented by NYPA to promote the prosperity of the Empire State; and

WHEREAS, during his years at EDPAB, Mr. Ciminelli also served with distinction as Chairman of NYPA, a position in which, until his recent retirement, he made further significant contributions to economic development in New York State, most notably through his successful efforts to improve the process for allocations of the Authority’s low-cost hydropower to Western New York businesses; and

WHEREAS, beginning with his appointment as a Power Authority Trustee in December 1995 and continuing through his elections as Vice Chairman and Chairman, he was a leader in defining NYPA’s role in a competitive electric utility industry and enhancing the Authority’s benefits to the State; and

WHEREAS, Mr. Ciminelli’s stellar record in the public sector has been complemented by his leadership of an eminently successful construction business and his steadfast support for educational and civic causes in the Buffalo region; and

WHEREAS, Louis Ciminelli has retired as EDPAB’s chairman after an extremely eventful and productive tenure;

NOW THEREFORE BE IT RESOLVED, That the members of the New York State Economic Development Power Allocation Board express their gratitude to Lou Ciminelli for his many accomplishments in serving the Board and the people of New York State and wish him a future of continued success and fulfillment.

July 26, 2005

4.             Next Meeting

The next meeting of the Board is to be determined.

Closing

             Upon motion duly made and seconded, the meeting was closed at 10:06 a.m.

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