ReCharge NY's Low-Cost Power Allocations Support Job Creation and Retention, New Partnerships to Initiate More Than $400 Million in Capital Investments
Governor Andrew M. Cuomo today announced more than 520 new jobs will be created through the latest round of ReCharge NY power allocations. ReCharge NY, administered by the New York Power Authority, supports new and existing partnerships with qualifying businesses and non-profit organizations with low-cost NYPA power in exchange for commitments to retain or create jobs statewide. These partnerships are expected to result in capital investments of more than $400 million throughout New York.
"Clean energy is our future, and New York is committed to supporting this industry in a way that not only combats climate change but also creates jobs and spurs economic growth throughout the state," Governor Cuomo said. "Through innovative programs like ReCharge NY, New York can and will continue to lead the nation in clean energy initiatives that protect our environment and boost our regional economies."
"Public-private partnerships are vital to advancing economic development across the state," said Lieutenant Governor Kathy Hochul. "These clean energy programs with businesses and non-profits are creating new opportunities and jobs in the industry. Programs like ReCharge NY are helping to meet our clean energy goals and strengthen the economy of the entire state."
The NYPA Board of Trustees today approved 14 megawatts (MW) of low-cost ReCharge NY power to 28 enterprises around the state. With today's allocations, ReCharge NY currently provides more than 760 megawatts of power to 770 businesses and nonprofit organizations in support of the creation and retention of jobs statewide.
The regional breakdown of jobs supported throughout New York from NYPA board action today:
Economic Development Region
Total Jobs Committed
Central New York
Western New York
The jobs created come from a wide-range of industries and regions from across New York State, including Cortland Company in Cortland County, Ascent Pharmaceuticals on Long Island and GoPal Farm in Ulster County.
Gil C. Quiniones, NYPA president and CEO, said, "NYPA's low-cost hydropower fuels all of our economic development programs as we're constantly exploring ways to provide critical operational support to businesses all across the state. This round of statewide RNY power allocations is a major boon to the state's economy."
Empire State Development President and CEO Howard Zemsky said, "New York continues to support businesses across the State looking to grow, encouraging job creation and regional economic development."
Senator Joe Griffo said, "The New York Power Authority's economic development programs such as Recharge NY have helped to provide low-cost hydropower or funds derived from the sale of such power to private companies that agree to retain existing jobs and to create new jobs. New York State is blessed to have ample hydropower from both the Niagara and the St. Lawrence hydro-facilities, which produce low-cost, clean electricity. I am pleased to see this power being put to good use for the benefit of our businesses and the families that they support."
Assembly Member Michael J. Cusick said, "New York's hydropower resources continue to allow the state to invest in job creation and retention in every region. I am excited to see this program continue and look forward to future successes."
The discount power program offers up to seven-year power contracts with half of the power—455 MW—coming from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the greenest, cleanest and low-cost electricity in the state.
The full list of today's RNY awards can be found here.
In addition, the NYPA board also approved seven-year contract extensions for 62 existing ReCharge NY customers around the state. Those contracts directly support more than 97,000 jobs and are tied to $4 billion in new capital investments over the next several years. The renewed ReCharge NY contracts will go into effect as early as July 1, 2019.
The full list of today's RNY contract extensions can be found here.
NYPA is the largest state public power organization in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. 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. For more information visit www.nypa.gov and follow us on Twitter @NYPAenergy, Facebook, Instagram, Tumblr and LinkedIn.