NYPA Press Release

 

New York Power Authority Releases 2024 Integrated Report on Financials and Strategy

NYPA Highlights 2024 Milestones, Progress in Advancing New York’s Clean Energy Transition

 

WHITE PLAINS, N.Y.—The New York Power Authority (NYPA) today released its third annual Integrated Report showcasing significant milestones achieved in 2024 and a continued commitment to providing reliable, affordable and clean energy while contributing to a sustainable future for all New Yorkers.

“The Power Authority’s 2024 Integrated Report reflects a year of substantial achievements and unwavering dedication to advancing New York’s energy transition and supporting statewide economic development,” said NYPA Chairman John R. Koelmel. “The New York Power Authority remains committed to leading New York State’s transition to a low-carbon future while ensuring the transformation is just, equitable and inclusive. This year’s integrated report also highlights how the Canal Corporation is advancing a premier waterway and trail system for New Yorkers and visitors that honors the 200-year legacy of the historic corridor.”

In 2024, the Power Authority made substantial progress under the leadership of Governor Kathy Hochul and the Legislature, particularly in implementing new responsibilities granted in the 2023-24 Enacted State Budget. These advancements, detailed in the 2024 Integrated Report and highlighted below, reinforce the Power Authority's dedication to advancing the State’s clean energy, environmental, and social priorities.

“The Power Authority is determined to transition New York’s electric system to a cleaner, modernized network; it is a technical challenge and a moral imperative,” said NYPA President and CEO Justin E. Driscoll. “Our investments in clean energy projects, energy efficiency upgrades for government and private sector partners, and workforce development underscore our proactive approach to supporting a cleaner, greener and more equitable energy future for all New Yorkers.”

As in previous years, the 2024 Integrated Report details important milestones for the Power Authority. Key highlights include:

• Significant advances along the Power Authority’s Central East Energy Connect and Smart Path projects, marking New York's largest transmission overhaul in decades. Now in service, both of these projects have expanded NYPA’s asset base and enhanced the reliability and resilience of the state’s electric grid.
• Driving the modernization of assets at the Niagara Power Project through NYPA’s NextGen Niagara modernization program and rotor modifications at the St. Lawrence Power Project. Investing in core assets is vital for maintaining and enhancing their capacity to provide reliable, affordable and clean, electricity to support New York’s transition to a clean energy economy.
• Support for customer electrification and energy efficiency projects in buildings across New York State, expansion of statewide EV charging and LED street lighting systems, and customer-sited larger solar installations. The Power Authority also continued to work with state facilities in New York to support BuildSmart 2025’s ambitious energy-saving goals for State buildings.
• Progress in developing utility-scale renewable power projects and, with affordability in mind, formalization of the Renewable Energy Access and Community Help (REACH) program with the Department of Public Service that will offer assistance to low-income households in disadvantaged communities through credits on their utility bills.
• The issuance of $450 million in Series 2024 A Revenue Bonds (Green Bonds) in September 2024 underscores NYPA's financial commitment to sustainable development.
• Significant investment of more than $20 million for the Clean Energy Workforce Development and Training Investment Initiative in collaboration with the New York State Department of Labor. This support for the state’s clean energy sector continues to ensure that current and future generations are prepared to thrive in a decarbonized economy.
• The New York State Canal Corporation, supported by a $50 million capital investment from the state’s Fiscal Year 2025 Enacted Budget, is celebrating the bicentennial of the Erie Canal, emphasizing its historical significance and ongoing importance for all New Yorkers and visitors.

To further explore the value the Power Authority created in 2024 for the state, its customers, local communities, and employees through a wide range of activities and relationships, the report is available here. To read the integrated reports for 2022 and 2023, please visit https://www.nypa.gov/innovation/initiatives/sustainability.

 

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About NYPA

NYPA is the largest state public power organization in the nation, operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.gov and follow us on Twitter, Facebook, Instagram and LinkedIn.