N.Y. POWER AUTHORITY TRUSTEES APPROVE NEW RECHARGE NY POWER ALLOCATIONS TO 11 ENTERPRISES ACROSS THE STATE

Power Allocations to Leverage More Than $121 Million in Investments

For Immediate Release: 07/27/16

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

 

WHITE PLAINS—The New York Power Authority Board of Trustees approved on Tuesday low-cost power allocations under Governor Andrew M. Cuomo’s ReCharge NY program that will support 2,017 jobs, including 525 new positions.

“ReCharge NY has proven to be a highly impactful economic development tool for New York, currently supporting more than 374,000 jobs,” Gil C. Quiniones, president and chief executive officer, NYPA, said. “This latest round of allocations builds on the program’s success by providing businesses across the state bottom-line savings.”

The power allocations under RNY stem from legislation signed by Governor Cuomo in 2011. The program, administered by NYPA, is designed to spur economic development by providing low-cost power to businesses and other entities that agree to retain or create jobs.

The 5,390 kilowatts of low-cost power under the latest allocations will be distributed among 11 business operations and are expected to leverage more than $121 million in capital investments. Enterprises in the Capital District, Long Island, Mohawk Valley, and the Southern Tier were recipients. Some recipients include: Dollar General, in Florida; Hudson River Foods, in Castleton; DePuy Synthes Products, in Horseheads; and Poly-Pak Industries, in Melville.

Including this round of allocations, the Governor’s program has provided more than 758 megawatts to 665 business operations and 69 nonprofit organizations. (One megawatt is enough power to meet the needs of 800 to 1,000 typical homes.)

In addition to jobs and capital investment commitments, other evaluation criteria for ReCharge NY include the significance of the cost of electricity to the overall cost of doing business, the applicant’s risk of closure or curtailing operations, how important the facility is to the local economy and its commitment to energy efficiency.

RNY offers up to seven-year power contracts. Half of the power—455 MW—is from NYPA’s Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the lowest-cost electricity in the state. The remaining 455 MW is lower-cost power bought by NYPA on the wholesale market.

About NYPA:

NYPA is the nation's largest state public power organization, through the operation of its 16 generating facilities and more than 1,400 circuit-miles of transmission lines. 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. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. For more information visithttp://www.nypa.gov/and follow us on Twitter @NYPAenergy,Facebook, Instagram, WordPress, and LinkedIn.

About Reforming the Energy Vision:
Under Governor Cuomo’s strategic initiative Reforming the Energy Vision, (REV) New York State spurs clean energy innovation, brings in new investments, improves consumer choice while protecting the environment and energizing New York’s economy. By unleashing innovation, overcoming markets barriers and empowering communities, New York is pioneering a new statewide approach, giving customers greater opportunities for energy savings, local power generation, and enhanced reliability. New Yorkers will benefit by access to a safe, clean and affordable energy infrastructure that creates jobs and provides economic development.