NEWS
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Low-Cost Hydropower to Keep Laser-Cutting Company in Capital District and Help to Create 15 Jobs Contact: February 26, 2008 FOR IMMEDIATE RELEASE WHITE PLAINS—The New York Power Authority (NYPA) announced today that its low-cost electricity will help retain an Albany County metal-cutting services company that was poised to relocate some of its operations out of state. The NYPA Board of Trustees today approved an allocation of 150 kilowatts (kw) of hydropower from the Power Authority’s Niagara Power Project to the Green Island Power Authority. This will support plans by Arcadia Supply to relocate one of its two Albany facilities to the village to obtain additional manufacturing space and expand its business. Arcadia plans to add 15 jobs to the relocated operations in Green Island, where it is investing $4 million on a new building and equipment. Those jobs will be in addition to the 38 existing jobs it will move to the new facility from Albany. “This power allocation demonstrates NYPA’s commitment to help retain and expand businesses in communities served by municipal electric systems and rural cooperatives across the state,” said Roger B. Kelley, NYPA president and chief executive officer. “We’re happy to team up with the Green Island Power Authority to keep Arcadia Supply in the Capital District.” Up to 54,000 kw of hydropower is made available under NYPA’s Industrial Economic Development program for the state’s 51 municipal electric systems and rural cooperatives from a federally mandated block of Niagara power that serves those community-owned systems. Arcadia manufactures metals and high-temperature metal alloys for industries engaged in architecture and ornamental work, power generation, military applications and various other endeavors. It uses state-of-the-art laser and water-jet cutting systems for its precision work. The new facility in Green Island will provide Arcadia with four times as much manufacturing floor space as its old facility in Albany. The company had been exploring alternate locations in Florida and Ohio before deciding on Green Island. 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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