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Power Authority Pays Annual Funds to Local Governments and School Districts as Part of Niagara Project Relicensing Commitments

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

July 6, 2009

FOR IMMEDIATE RELEASE 

LEWISTON—As part of the more than $1 billion in financial support and other benefits that the New York Power Authority provides for Western New York over the 50-year term of the new federal operating license for the Niagara Power Project, the Power Authority (NYPA) has made its third annual payment of roughly $8 million to various public entities in Niagara County. 

“The relicensing of the Niagara Power Project provided an opportunity for the Power Authority to work with local stakeholders and identify measures for enhancing the quality of life in Western New York beyond the benefits provided by low cost power allocations from the hydroelectric project, which helps secure tens of thousands of jobs,” said Richard M. Kessel, President and Chief Executive Officer, NYPA. “The Power Authority is proud of its role in Western New York and we look forward to fulfilling our settlement obligations and license commitments, while working with our partners to deliver the benefits of low cost hydropower to the region.” 

The 50-year license for the 2,441-megawatt project became effective on September 1, 2007, and the annual payment includes approximately $5 million to seven public entities in Niagara County. An additional $3 million will be provided to the Host Community Greenway Fund Standing Committee, which is comprised of the same seven entities. 

Those entities—members of the Niagara Power Coalition, which partnered with NYPA on the relicensing—are the City of Niagara Falls, Lewiston Porter Central School District, Niagara Falls City School District, Niagara County, the Town of Niagara, the Town of Lewiston and the Niagara Wheatfield Central School District.

Niagara power is provided to area businesses at rates typically 75 percent less than the average wholesale market prices in New York State. Factoring in the multiplier effect of those allocations beyond the businesses receiving the power, the project is directly or indirectly tied to nearly $16 billion in gross regional product.

 
 About NYPA:

■    The New York Power Authority 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 New York State and more than 1,400 circuit-miles of transmission lines.  ■    About 75 percent of the electricity it produces is clean renewable hydropower.  Its lower-cost power production and electricity purchases support hundreds of thousands of jobs throughout the state.  ■  For more information, www.nypa.gov.

 

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