Two New Trustees Join New York
Power Authority Board Following Senate Confirmation
August 20, 2008
FOR IMMEDIATE RELEASE
WHITE PLAINS—The New York Power Authority (NYPA)
has two new trustees following the confirmation Tuesday by the New
York State Senate of Judge Eugene L. Nicandri of Massena and
Jonathan F. Foster of New York City to the NYPA board.
Judge Nicandri, whose legal work contributed to the
establishment of the Massena Electric Department in 1981, served on
the St. Lawrence County Court from 1985 until 2004, when he
retired. Jonathan Foster has 20 years of experience as an
investment banker and private equity investor for major financial
“I’m looking forward to working with these two
distinguished New Yorkers on the Power Authority board,” said
Michael J. Townsend, the Authority’s acting chairman. “The
experience that they bring in key areas of law and finance will be a
great asset to helping guide the Power Authority in carrying out its
responsibilities as the nation’s largest state-owned power
"New York State will be well served by the
leadership and expertise that Judge Nicandri and Jonathan Foster are
bringing to the Power Authority as our newest trustees," said Gil C. Quiniones, NYPA acting chief operating
officer. "Their decades of experience in key areas underpinning our
operations, along with demonstrated good judgment, will contribute
to the vital role we play in supporting the goals of Governor
Paterson for reliable, clean and economical power.”
The two new trustees, whose positions are
unsalaried, will serve five-year terms, to May 2013, on the
seven-member NYPA board, which oversees the Authority’s senior
management under state law.
Judge Nicandri served as president of the New York
State County Judges Association from 1999 to 2000. Before becoming a
county judge, he was a partner in the Massena law firm of Lavigne &
Nicandri from 1966 to 1985 and served at various times as the
attorney for the Towns of Massena, Brasher, Louisville and Lawrence
and the Village of Massena. He also served as the attorney for
Massena Memorial Hospital.
Judge Nicandri represented the Town of Massena in
landmark litigation involving the establishment of the Massena
Electric Department, a municipal electric system that benefits from
low-cost hydropower from NYPA as a preference customer under federal
law. He served as the Electric Department’s attorney from 1981 to
Judge Nicandri holds a Bachelor of Arts degree from
the University of Rochester and has a J.D. from Albany Law School.
Prior to law school, he served on active duty with the U.S. Navy as
a commissioned officer.
Judge Nicandri is married to the former Lois Anne
Moore. They have three sons and four grandchildren.
Jonathan Foster has been managing director at
Wachovia Securities and co-head of Diversified Industrials with the
Industrial Growth and Services Investment Banking Group. He is
leaving Wachovia this month to start a private equity firm, Current
Capital, in New York City.
At Wachovia, Mr. Foster served as a member of the
Client Executive Team, a group of senior investment bankers formed
to advise management on initiatives to develop the firm’s client
Before joining Wachovia in June 2007, Mr. Foster
was executive vice president for Finance and Business Development at
Revolution Living, from 2005 to 2007. Prior to that, he was a
managing director and a member of the Investment and Management
committees at The Cypress Group, from 2002 to 2004, and executive
vice president and chief operating officer of toysrus.com, from 2000
to 2001. In addition, he spent more than 10 years at Lazard, where
he held the position of managing director and worked on a wide range
of key industrial and services transactions.
Mr. Foster holds a Bachelor of Business
Administration in Accounting from Emory University and a Master of
Science in Accounting and Finance from the London School of
The New York Power Authority provides up to
one-quarter of New York State’s electricity from its 18 generating
facilities and purchases of economical power from other suppliers.
Its two hydroelectric projects on the Niagara and St. Lawrence
Rivers provide the lowest-cost electricity in the state, supporting
key manufacturing industries in Western and Northern New York. The
statewide public power utility also meets the electricity needs of
downstate public facilities and services, including schools,
hospitals, municipal buildings and the subways and commuter trains.
NYPA is a leader in advancing the state's energy
efficiency and use of clean renewable energy technologies.
Under Governor Paterson's direction, it plans to invest $1.4 billion
on such initiatives through 2015, in line with the state's plan to
cut energy use by 15 percent below forecasted levels by that year.
■ 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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