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 his statewide ReCharge NY (RNY) program. The nearly 33 megawatts (MW) of low-cost power will be distributed among 47 enterprises at 53 facilities and are expected to leverage an estimated $1 billion in capital investments. Nearly 17,000 jobs are being supported by this round of allocations.
ReCharge NY has been creating and retaining thousands of jobs for New Yorkers since power began flowing under the program in July 2012, Governor Cuomo said. ReCharge NY continues to deliver affordable power to businesses and non-profits, providing a critical resource and the flexibility needed for them to keep growing and investing in their communities. With this latest round of power allocations, we are supporting nearly 17,000 jobs across the state and fueling companies to grow our economy.
This is the seventh 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 the state by providing low-cost power to businesses and other entities that agree to create or retain jobs.
John R. Koelmel, NYPA chairman, said, The ReCharge NY program allows NYPA to direct low-cost power to key enterprises in every corner of the state. Todays action by the NYPA board will work to ensure that dozens of companies are able to keep growing and contributing to the upswing in the states economy under Governor Cuomo.
Gil C. Quiniones, NYPA president and chief executive officer, said, This is now the seventh round of power allocations under the Governors ReCharge NY program. Weve allocated more than 80 percent of the available pool of power, aiding in the commercial growth of these regions. Recharge NY has become one of New Yorks most important economic development tools, supporting hundreds of thousands of jobs, making a real difference for families and communities throughout the state.
Including todays allocations, the Governors power program has provided approximately 735 MW to 533 businesses and 70 not-for-profit organizations over the last two years. (One megawatt is enough power to meet the needs of 800 to 1,000 typical homes.)
ReCharge NY provides businesses and organizations with low-cost power, which in turn creates and retains jobs for New Yorkers, said Senator George D. Maziarz, Chairman of the Senate Energy and Telecommunications Committee. The purpose behind this legislation was to spur economic development, and this round of awards is doing just that.
Senator Joseph A. Griffo, who co-sponsored the legislation that created ReCharge NY and is a member of the Senate Energy & Telecommunications Committee, said, Creating a permanent program that trades low-cost power for jobs is one of the most successful initiatives weve undertaken. Since the program began, businesses have created or retained nearly 15,000 jobs in the three counties I represent. This has generated billions in local investments, from buildings to people, and I thank Governor Cuomo and the New York Power Authority for continuing this program for a remarkable seventh round.
I am happy that the NYPA has approved another round of ReChargeNY, said Assemblywoman Amy Paulin, who is also the chair of the New York State Energy Committee. This is a strong program that was originally designed to help jumpstart our economy and create jobs. Its success has warranted it being renewed yet again. Look no further than the fact that this round of allocations will help create nearly 2,000 new jobs.
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.
The ReCharge NY program offers up to seven-year power contracts to businesses. 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 market sources.
This round of allocations is as follows: