Governor Andrew M. Cuomo announced today that the ReCharge NY program, which utilizes low-cost power from the New York Power Authority to spur economic development, has supported 400,000 jobs since its inception five years ago.
"Through ReCharge NY, we're making it cheaper for businesses to compete, grow and ultimately thrive in New York State," said Governor Cuomo. "Electricity can be a major expense for any company, but by providing low-cost power to employers we’re making local communities more affordable, helping create jobs and ultimately strengthening the economy. ReCharge NY is having a profound impact throughout the entire state, and I look forward to seeing the results continue to grow for years to come."
As of December 1, 2015, the Power Authority has awarded ReCharge NY power to 741 business operations, including 71 not-for-profit enterprises. Those allocations support 400,948 jobs and $33.2 billion in commitments for new capital investment.
ReCharge NY provides enterprises with competitively priced power that costs less than electricity generally available through their local utility. A typical business can save approximately five to 25 percent on the New York Power Authority allocation portion of their electric bill. In 2014, the latest year for which figures are available, ReCharge NY saved program participants approximately 31 percent—more than $89 million—when factoring in both production and delivery savings.
ReCharge NY allocations can be found all across the state for a wide range of businesses, including Lockheed Martin in Owego, Bausch & Lomb in Rochester, NBC in New York and Ford Motor Co. in Buffalo. Many hospitals have also lowered their energy costs through ReCharge NY, including Niagara Falls Medical Center and North Shore University Hospital in Manhasset, Nassau County.
The full breakout of jobs gained by region is below:
Job Commitments (Retained)
Job Commitments (Created)
|New York City|
NYPA President and CEO Gil C. Quiniones said, "ReCharge NY is a cornerstone program for the Power Authority, granting our customers timely assistance when they are making critical business decisions about whether to maintain or expand their operations. Every region in the state has benefited from having access to this lower-cost power."
ReCharge NY offers seven-year contracts from a pool of 910 megawatts. Of that, half (455 MW) is low-cost hydropower from the Power Authority's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric projects. In addition, the program provides for the inclusion of at least 350 MW for upstate businesses and institutions, 200 MW for business attraction and expansion, and up to 100 MW for not-for-profit organizations (one megawatt is the equivalent of power used by 800 to 1,000 typical homes).
In addition to jobs and capital investments, ReCharge NY applications are evaluated on the extent an allocation would be consistent with existing regional economic development strategies, the significance of the cost of electricity to the overall cost of doing business, applicant's risk of closure or curtailing operations, the significance of the applicant's facility to the local economy and its commitment to energy efficiency.
The New York Power Authority, which administers ReCharge NY, provided the Governor with a comprehensive report on ReCharge NY's impact, as required under the law that created the program. To view the report, go to http://www.nypa.gov/RechargeNY/ReChargeNYEff_2016.pdf.
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