Recharge NY and Low-Cost Hydropower Allocations Expected to Spur More Than $757 Million in New Capital Investment
Governor Andrew M. Cuomo today announced the approval of new low-cost power allocations that will support more than 10,700 jobs. The New York Power Authority Board of Trustees at today's board meeting approved 24 low-cost power allocations to 19 businesses and two not-for-profit organizations under the ReCharge NY program that will support 10,568 jobs, including hiring for 782 new positions. The board also approved low-cost hydropower allocations that will support an additional 150 new jobs.
"These low-cost power allocations help create and support thousands of jobs across New York and bolster our efforts to build a cleaner, greener future for all," Governor Cuomo said. "These initiatives leverage our state's clean, efficient power to help more businesses hire, expand and thrive in every corner of the Empire State."
The ReCharge NY power allocations, approved today, are expected to spur more than $727 million in new capital investment. The 24.47 megawatts of low-cost power under the latest ReCharge NY allocations will be distributed among enterprises from Long Island to Western New York. Enterprises in the Capital District, Central New York, the Finger Lakes, Long Island, Mid-Hudson, Mohawk Valley, New York City, the Southern Tier and Western New York are recipients.
Some recipients include: CEA Capital Holdings in Cicero (Onondaga County), NYU Winthrop Hospital in Mineola (Nassau County), DB USA Core Corporation in New York City, and Corning Incorporated in Big Flats (Chemung County). The complete list of ReCharge NY allocations is available here.
John R. Koelmel, NYPA chairman, said, "Recharge NY has been a core initiative for NYPA since our first low-cost power allocations were awarded under the program in 2012. This round of RNY allocations is making an impact in every corner of the state, providing new job opportunities for New Yorkers and ensuring that we maintain existing jobs."
Including today's allocations, the Governor's ReCharge NY program is currently reducing electricity costs for more than 760 businesses and not-for-profit organizations, and has positively impacted the New York State economy by retaining and creating jobs, and sparking capital investment in regions throughout the state.
ReCharge NY offers up to seven-year power contracts. Half of the power455 MWis from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the greenest, cleanest and lowest-cost electricity in the state. The remaining 455 MW is lower-cost power bought by NYPA on the wholesale market.
Howard Zemsky, President, CEO & commissioner of Empire State Development, said, "Thanks to Governor Cuomo we are seeing another impactful round of ReCharge NY power allocations that enables local companies to reinvest their businesses by providing them with low cost power. This program continues to activate local economies, create thousands of jobs and ensure a clean energy future in New York State."
Senator Joseph Griffo, Chair of the Senate Committee on Energy and Telecommunications, said, "When we talk about economic growth in New York State, one of the biggest challenges for businesses to confront is the high cost of energy. But by providing low-cost power to companies, manufacturers and not-for-profits that are willing to commit and expand their operations in New York, the ReCharge NY program is helping to encourage greater investments and job creation in communities all across our state."
Assemblywoman Amy Paulin, Chair of the New York State Assembly Committee on Energy, said, "I am pleased that the New York Power Authority has approved another round of ReCharge NY power allocations. This round of allocations will spur $727 million in capital investments and support 10,568 jobs, which is a significant benefit for New York State."
Onondaga County Executive Joanie Mahoney said, "CEA Capital Holdings is undertaking a significant expansion project that will create more than 350 jobs in Onondaga County through the support of the Governor's ReCharge NY program. This is great news for our region and I look forward to watching the firm grow."
For more information about the Governor's Recharge NY program, visit Recharge NY.
Low-cost Hydropower Allocations - Building NY Businesses
In addition to the RNY allocations, the NYPA trustees also allocated Niagara hydropower to two municipal electric systems on behalf of expanding businesses and to a firm in Erie County. Those actions are expected to lead to capital investments of nearly $30 million and support the creation of more than 150 jobs.
Gil C. Quiniones, NYPA President and CEO, said, "NYPA's low-cost hydropower allocations grant long-term contracts, providing businesses with the security needed for growth. These hydropower allocations from the Niagara Power Project are directly creating jobs for New Yorkers and ensuring that businesses choose to stay and grow in our state."
Flexo Transparent, a manufacturer of printed flexible packaging in Buffalo, was allocated 300 kW of hydropower to facilitate a $6.5 million expansion that will allow the firm to increase its production. The project will create five jobs.
Low-cost Niagara hydropower is available for companies within a 30-mile radius of the Niagara hydroelectric power plant or businesses in Chautauqua County. The hydropower is linked to tens of thousands of existing jobs.
Learn more about low-cost power allocations and other business growth opportunities on NYPA's Economic Development web page.