Awards Help Leverage $1.4 Billion in Capital Spending
Governor Andrew M. Cuomo today announced the New York Power Authority Board of Trustees has approved another round of 38 low-cost power allocations under the Governor's ReCharge NY Program. This most recent approval is expected to spur $1.4 billion in new capital investment in the state and create 1,006 new jobs.
Administered by the New York Power Authority, ReCharge NY 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. It was launched at the start of the Governor's administration in 2011, and now the ReCharge NY program is providing power to 744 businesses and not-for-profit organizations, creating and retaining jobs, and sparking capital investment in regions throughout New York.
"Since the beginning of this administration, ReCharge NY continues to have great success keeping New Yorkers working and helping to spur investments in every corner of this state," Governor Cuomo said. "Not only has the low-cost power program supported hundreds of thousands of workers, but it continues to create new jobs and encourage growth across New York."
The 19.1 megawatts of low-cost power under the latest allocations will be distributed among 29 businesses and nonprofit organizations from Long Island to Western New York. Enterprises in Central New York, the Finger Lakes, Long Island, Mid-Hudson, Mohawk Valley, New York City, the North Country, the Southern Tier and Western New York are recipients.
Some of the largest recipients include: Green Empire Farms in Oneida, IDEX Health & Science in West Henrietta, Oerlikon Metco in Westbury, New York Presbyterian Hospital in New York City, and Upstate Niagara Cooperative in Campbell. A full list is available here
Chairman of NYPA Board of Trustees John R. Koelmel said, "ReCharge NY is the Power Authority's cornerstone economic development program, supporting job growth and retention in every corner of New York State. The program capitalizes on NYPA's two large hydroelectric facilities in Niagara and Massena to give the state a competitive edge to keep businesses thriving."
President and CEO of NYPA Gil C. Quiniones said, "States are now competing on a global scale to attract and retain businesses, spring job growth and create capital investment opportunities. ReCharge NY is one of the more prominent tools in New York State's tool belt, designed to provide the state with the needed leverage in keep the economy going strong."
Senator Joseph Griffo, Chair of the Senate Energy and Telecommunications Committee, said, "One of the biggest obstacles to economic development in our state is the burdensome cost of energy. By providing low-cost power to businesses, manufacturers and nonprofit organizations willing to invest in New York State, the ReCharge NY program is helping to fuel job growth across the state. I am glad that this program continues to lessen the expense of doing business and creating jobs in New York."
Assemblyman Michael J. Cusick, Chair of the New York State Assembly Energy Committee, said, "ReCharge NY has continued to provide low energy cost to qualifying businesses and nonprofits throughout New York, which in turn has encouraged and promoted economic growth. The New York Power Authority Board of Trustees approval of 38 low-cost power allocations, through ReCharge NY, demonstrates that our State is working to support and keep businesses and nonprofits in New York in order to invest in our local communities and workforce."
Including today's allocations, the Governor's program has provided more than 770 megawatts to 697 business operations and 76 nonprofit organizations. For reference, one megawatt is enough power to meet the needs of roughly 800 typical homes.
For more information about the Governor's Recharge NY program visit the ReCharge NY website.
Power Proceeds Award Goes to Medina Graphics Design Product Manufacturer
Also at the Power Authority's December board meeting, NYPA trustees approved a $150,000 Western New York power proceeds award to Quorum Group, based in Medina. The graphics design product manufacturing firm is investing $2.6 million to construct a 15,500-square-foot addition to its existing facility to accommodate an expansion into the print business to include the design, manufacture and installation of such products as custom wall coverings and window films. The expansion will support the retention of 14 jobs and lead to the creation of more than 50 new positions.
This award is made possible from net earnings from the sale of unused hydropower from NYPA's Niagara power plant and stems from legislation signed into law by Governor Cuomo in 2012. To be eligible for power proceeds awards, enterprises must be located within a 30-mile radius of NYPA's Niagara power plant and the projects must support the growth of business and lead to the creation or protection of jobs. Contracts include provisions for periodic audits to ensure the funds are used for agreed-upon purposes.
Including this latest award to Quorum, there have been 43 awards totaling more than $35 million in funding since 2013. NYPA has provided more than $41 million to the proceeds fund.
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 greenest, cleanest and lowest-cost electricity in the state. The remaining 455 MW is lower-cost power bought by NYPA on the wholesale market.
NYPA is the nation's largest state public power organization, through the operation of its 16 generating facilities and more than 1,400 circuit-miles of transmission lines. NYPA uses no tax money or state credit. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. For more information about NYPA visit www.nypa.gov or follow NYPA onTwitter @NYPAenergy, Facebook, Instagram, WordPress, and LinkedIn.
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