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N.Y. Power Authority Trustees Approve Low-Cost Hydropower Allocation for Printing Company in Niagara County

Contact:
Paul DeMichele
914-390-8186
paul.demichele@nypa.gov

February 26, 2008

FOR IMMEDIATE RELEASE

WHITE PLAINS—The New York Power Authority (NYPA) Board of Trustees Tuesday approved a low-cost hydropower allocation to create five new jobs at a printing service company in Wheatfield, Niagara County.

Shipman Printing Industries, which is investing $900,000 to expand and upgrade its product line, will receive an allocation of 130 kilowatts (kw) of hydropower from NYPA’s Niagara Power Project. The company currently employs 35 people.

The allocation will come from a block of power known as Replacement Power, one of two large portions of power from the Niagara project reserved for Western New York businesses under New York State law. The other block is referred to as Expansion Power, and together they provide some of the lowest cost electricity in the country for businesses, linked to more than 45,000 jobs.

The additional power will enable Shipman Printing to upgrade its existing commercial press with an ultraviolet drying system, a favorite among printers. Shipman will also replace its existing web press with a new model, to greatly enhance the production efficiency and the quality of the company’s products.

The Western New York Advisory Group (WNYAG), consisting of the Power Authority, National Grid, Empire State Development Corp., the Buffalo Niagara Enterprise and the Niagara County Center for Economic Development, recommended the allocation to Shipman.

The company is the latest of 92 firms to be allotted hydropower since the formation of the WNYAG in late 2003 to help identify qualified companies for available industrial power from the Niagara project. Over the four-year span, the NYPA trustees have approved allocations totaling more than 126 megawatts (1 megawatt equals 1,000 kw), in return for commitments of approximately 5,000 new jobs.

 About NYPA:

■    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 a leader in promoting energy-efficiency, new energy technologies and electric transportation initiatives.  ■    It is the nation’s largest state-owned electric utility, with 18 generating facilities in various parts of the state and more than 1,400 circuit-miles of transmission lines.

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