NEWS
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Hydro Allocations to Support Creation of 110 New Jobs in Western New York Contact: May 1, 2008 FOR IMMEDIATE RELEASE WHITE PLAINS—The Trustees of the New York Power Authority (NYPA) approved Tuesday new low-cost hydropower allocations to three Western New York businesses to help create 110 new jobs and $32.7 million in capital investments. The allocations to Allied Frozen Food Storage, Inc., PortCoat, LLC, and Val-Kro, Inc., support Governor David A. Paterson’s pledge to encourage upstate business opportunities. The allocations come from one of the two large blocks of industrial power, from NYPA’s Niagara Power Project, known as Replacement Power. The other block is Expansion Power. Both are reserved for Western New York businesses located within 30 miles of the Niagara project and provided at rates approximately 75 percent less than average wholesale market prices in the region. The Niagara project helps support about 70 percent of all the manufacturing jobs in the Buffalo-Niagara region. “The latest allocations of low-cost Niagara hydropower demonstrate why this generating facility is a fundamental key to reinvigorating Western New York’s economy,” said Governor Paterson. “The Niagara project provides among the most cost effective industrial power in the country and is a tremendous asset for creating jobs along the Niagara Frontier.” “The Power Authority is working hard with state and local economic development officials to use unassigned portions of the Niagara project’s industrial power to attract new businesses to Western New York,” said Roger B. Kelley, president and chief executive officer, NYPA, said. “The allocations approved by the Power Authority’s trustees Tuesday exemplify this, as we add to the more than 45,000 jobs already directly linked to the project.” The allocations are as follows: Allied Frozen Food Storage: NYPA approved an allocation of 600 kilowatts (kw) for Allied’s plans to create 54 new jobs and invest $2.3 million in connection with leasing and equipping a cold storage warehouse in West Seneca. The company stores food products in temperature-controlled environments for local food producers and retailers. PortCoat: NYPA approved an allocation of 2,000 kw in support of the company’s plans for a Lackawanna facility to provide coated steel for construction product suppliers in the U.S. and Canada. PortCoat will create 50 new jobs at the new facility and invest $30 million. Val-Kro: NYPA approved an allocation of 300 kw in connection with a $400,000 expansion at this aluminum-finishing business. The company, which is installing a full-range of new equipment, will add six new jobs to its current work force of 13 employees in North Tonawanda. 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. The Western New York Advisory Group (WNAG), consisting of the Power Authority, National Grid, Empire State Development Corp., the Buffalo Niagara Enterprise and the Niagara County Center for Economic Development, supported the latest allocations. The WNAG helps identify qualified companies for the hydropower. 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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