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New York Power Authority Breaks Record for Energy Efficiency Funding

Contact:
Paul DeMichele
914-390-8186

March 12, 2010

FOR IMMEDIATE RELEASE

WHITE PLAINS—New York Power Authority (NYPA) President and Chief Executive Officer Richard M. Kessel today announced that NYPA financed about $144 million in energy efficiency and clean energy projects during 2009, breaking the Authority’s previous one-year record of $123 million set in 2007.

“This latest milestone demonstrates the Power Authority’s unrelenting commitment to ensuring a reliable power supply while moving the state toward a clean energy economy,” Kessel said. “2009 has been another banner year for us in energy efficiency accomplishments and we intend to further increase our efforts to help save municipalities and public benefit organizations millions of dollars annually in energy costs.”

“The New York Power Authority is a national leader in promoting energy efficiency, developing alternative energy sources and advancing clean transportation initiatives,” said Michael J. Townsend, NYPA chairman. “We will continue to aggressively look for ways to support the state’s goal under the ‘45 by 15’ initiative, which will help strength our energy independence, help protect our environment and support the growing green economy.”

The Power Authority’s energy efficiency efforts work toward advancing Gov. David A. Paterson’s “45 by 15” plan for 45 percent of electricity needs in New York State to be met through improved energy efficiency and renewable sources by the year 2015. NYPA plans to finance more than $1.2 billion over the next few years on energy efficiency and clean energy initiatives for contributing to those goals.

In 2009, the Power Authority directed funding to nearly 450 projects at municipal buildings, schools, police stations and other public facilities throughout the state. NYPA typically recovers its costs by sharing in the savings in energy bills that result from its initiatives, after which program participants retain all the savings.

NYPA is self-financed and does not use any state-supplied resources for its programs and operations.

The Power Authority’s record total in 2009 reflects expenditures on projects that began during the year or were already in progress. Some of the projects were completed in 2009, while others will continue, requiring additional funding.

The largest single undertaking funded in 2009—more than $12 million—was for a project that NYPA partnered with the New York City Housing Authority, in which upgrades include the replacement of steam traps, lighting fixtures and installation of wireless energy modules for 14 buildings (including 2,025 apartments). The project, which began in 2008 and is scheduled for completion next month, is expected to ultimately cost about $17.6 million and result in energy-cost savings of approximately $1.4 million a year.

Elsewhere in 2009, the Power Authority financed such energy efficiency projects as:

Since the late 1980s, the Power Authority has completed energy efficiency and clean energy initiatives, such as fuel cells and solar power installations, at nearly 3,300 public facilities throughout the state for an installed cost of more than $1.2 billion. The improvements have cut peak electricity demand by about 229 megawatts, resulting in almost $119 million in annual recurring savings. (One megawatt is enough electricity to meet the needs of 800 to 1,000 homes.) The efforts also account for annual reduction in greenhouse gas emissions of 760,000 tons.


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 public power organization, with 17 generating facilities in various parts of New York State and more than 1,400 circuit-miles of transmission lines. ■ More than 80 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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