Governor Andrew M. Cuomo today announced that the New York Power Authority (NYPA) Board of Trustees has approved a fifth round of ReCharge NY power allocations. The more than 14 megawatts (MW) of low-cost power will be distributed among 19 businesses and one not-for-profit organization in support of job retention and creation, and approximately $156 million in capital investments.
The ReCharge NY program was created by the Governor and put in place by the Legislature in 2011. The program is designed to spur economic development in all corners of the state by providing low-cost power to businesses and other entities that agree to create or retain jobs.
"Low-cost power is an important economic development tool for businesses to reduce their overall costs and make new investments," Governor Cuomo said. "ReCharge NY has proven to be a major success and this fifth round of low-cost power allocations will support job growth and economic development in communities across the state."
John R. Koelmel, NYPA chairman, said, "The latest allocations represent an important investment in key employers and are yet another step in allotting all 910 megawatts of power under the Governor's ReCharge NY program. This marks the fifth round of allocations--the first such round in 2013--and we expect to continue the momentum through the year in optimizing the benefits of the program's lower cost power for New York State's economy."
Gil C. Quiniones, NYPA president and chief executive officer, said, "We have been working very closely with Empire State Development and the Governor's regional economic development councils to strategically allocate the power under the ReCharge NY program to make it as impactful as possible for the various areas of the state. NYPA will continue to follow the Governor's lead in our carrying out this vital program."
The first four rounds of allocations under the Governor's program occurred last year and accounted for approximately 730 MW to 612 businesses and 75 not-for-profit organizations. (One megawatt is enough power to meet the needs of 800 to 1,000 typical homes.)
Senator George D. Maziarz, Chairman of the Senate Energy and Telecommunications committee said, "The ReCharge NY Program is one that will help sustain thousands of jobs across New York State. I have long said that low-cost hydropower is the best, most unique tool we have to promote economic development. I congratulate these businesses on their selection and I look forward to the continued allocations that this program will provide to more businesses across the State."
Assembly Energy Committee Chair Amy Paulin said, "By reducing their energy costs we allow New York's job creators to focus on growing their businesses and expanding their workforce. This funding represents a crucial investment in the health of New York's economy. I thank the Governor for his leadership on ReCharge New York, a program that spurs economic development and helps ensure a strong economic future for the Empire State."
In addition to jobs and capital investment commitments, other evaluation criteria for ReCharge NY applications included 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 ReCharge NY program offers up to seven-year power contracts. Half of the power under the program--455 MW--is low-cost electricity from the Power Authority's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants. The remaining 455 MW is economical power secured by NYPA from market sources.