Program Provides Low-Cost Power to Businesses that Commit to Job Creation and New Capital Spending
Awards to 27 Companies and Organizations Will Leverage $167 Million in Capital Investments
Governor Andrew M. Cuomo today announced that the New York Power Authority Board of Trustees has approved another round of low-cost power allocations under his statewide ReCharge NY program. The new low-cost power allocations will be awarded to 27 business operations and nonprofits throughout the state and will create 647 new positions and leverage more than $167 million in new capital investment.
The ReCharge NY program stems from legislation signed by Governor Cuomo in 2011. Administered by NYPA, it spurs economic development by providing low-cost power to businesses and other entities that agree to retain or create jobs and commit to new capital spending.
“ReCharge NY has been incredibly effective in helping businesses remain competitive and expand their operations in communities across the state,” Governor Cuomo said. “This latest round of low-cost power allocations will build on this program’s success and help ensure that enterprises and nonprofits remain in New York, create jobs, and help drive economic growth.”
The 8.5 megawatts of low-cost power under the latest allocations will be distributed among 27 businesses and nonprofit organizations, from Long Island to Western New York. Enterprises in Central New York, the Finger Lakes, Long Island, Mid-Hudson Valley, Mohawk Valley, New York City and Western New York were awarded allocations. Some of the largest recipients include: Frontrick Door, in Batavia; Modern Meadow, in Farmingdale; WHTB Glass, in Brookhaven; and NCI Group in Rome.
A full list of the ReCharge NY allocations are available here.
“Low-cost NYPA power is currently supporting hundreds of thousands of jobs in New York,” said Gil C. Quiniones, president and chief executive officer, NYPA. “Since the Governor created ReCharge NY in 2011, it has had a tremendous impact on the state’s economy, both in keeping companies here and drawing companies in from other states.”
Including today’s allocations, the Governor’s program has provided more than 749 megawatts to 677 business operations and 70 nonprofit organizations. (One megawatt is enough power to meet the needs of roughly 800 typical homes.)
The largest number of recipients in this round of allocations are from Long Island, where 11 companies will support more than 1,100 jobs and commit to more than $78 million in capital investment in return for low-cost power.
Kevin Law, president and CEO of the Long Island Association, a leading business group said, “Utility costs are one of the largest expenses for many businesses and the ReCharge NY program is often the main reason they choose to stay in New York and grow their presence. When they have access to low-cost power, companies know the state is listening to their concerns and wants them to succeed.”
Senator Joseph Griffo, Chairman of the Senate Committee on Energy & Telecommunications, said: “The cost of energy is one of the biggest challenges facing businesses in our state today. But by rewarding employers and manufacturers with affordable and sustainable energy through the ReCharge NY initiative, we can continue to empower our businesses to expand, invest, provide jobs and further fuel the economic growth of New York State.”
Assemblywoman Amy Paulin, Chair of the Assembly Energy Committee, said, “I am pleased that the New York Power Authority has approved another round of ReCharge NY power allocations. The fact that this round supports 2,224 jobs, including 664 new jobs, shows once again that ReCharge NY is making a significant contribution to economic development in New York.”
About ReCharge NY
ReCharge NY 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.