Governor Andrew M. Cuomo today announced that the New York Power Authority (NYPA) Board of Trustees has approved another round of low-cost power allocations under the Governor's Statewide ReCharge NY (RNY) program, resulting in capital investments and new jobs across New York State. A total of 11.8 megawatts (MW) of low-cost power will be distributed among 26 business operations and three not-for-profit organizations, which are expected to leverage an estimated $270 million in capital investments. Nearly 3,100 jobs are supported by this round of allocations, of which more than 300 new jobs will be created.
Over the last few years, the power allocations that we have distributed through the ReCharge NY program have enabled businesses across the state to expand and create jobs in their communities, Governor Cuomo said. With another round of low-cost power allocations, we are continuing to invest in regional economies from Western New York to the North Country, and I look forward to seeing these investments deliver results for New Yorkers.
This is the ninth round of power allocations under the RNY program, which stems from legislation signed by the Governor in 2011. The program, administered by NYPA, is designed to spur economic development throughout New York State by providing low-cost power to businesses and other entities that agree to create or retain jobs.
The RNY allocations can be viewed here.
NYPA Chairman John R. Koelmel said, The Governors ReCharge NY program has had a major impact on economic development in New York State. By lowering electric rates for businesses and other enterprises across the State, the program has proven to be an invaluable resource that directly translates into spurring capital investments and securing jobs.
Gil C. Quiniones, NYPA President and Chief Executive Officer, said, NYPA is committed, under the Governors leadership, to utilize its lower cost power for the protection of jobs throughout the State. ReCharge NY, now in its third year, is supporting more than 380,000 jobs at wide-ranging businesses.
Including todays allocations, the Governors program has provided approximately 737 MW to more than 600 business operations and 71 not-for-profit organizations over the last two years. For perspective, one megawatt is enough power to meet the needs of 800 to 1,000 typical homes.
RNY offers up to seven-year power contracts. Half of the power under the program455 MWis from NYPAs 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 economical power secured by NYPA from wholesale market sources. In addition to jobs and capital investment commitments, other evaluation criteria for ReCharge NY applications include the significance of the cost of electricity to the overall cost of doing business, the applicants risk of closure or curtailing operations, the significance of the applicants facility to the local economy and its commitment to energy efficiency.