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Governor Cuomo Announces Over 2,400 Jobs Supported by Latest Round of ReCharge NY Power Allocations

Press Release

By:
Date:
Location: Albany, NY

Governor Andrew M. Cuomo today announced that the New York Power Authority (NYPA) Board of Trustees has approved another round of low-cost power allocations under the statewide ReCharge NY program. Approximately 5.8 megawatts (MW) of low-cost power will be distributed among 14 businesses in Western New York, the Finger Lakes, Mid-Hudson area, New York City and Long Island and are expected to leverage in excess of $207 million in capital investment commitments. Of the more than 2,400 jobs supported by this round of allocations, about 670 jobs are being newly created.

"ReCharge NY is one of the strongest tools in the Empire State's economic development arsenal," Governor Cuomo said. "Low-cost power for businesses has helped create thousands of high-impact jobs in local communities, and its ripple effect of ReCharge NY can be felt statewide. Innovative initiatives like ReCharge NY continue to establish New York as a great place for businesses to thrive and grow."

This is the eighth round of power allocations under the ReCharge NY program, which is administered by NYPA and designed to spur economic development by providing lower-cost power to businesses and other entities that agree to retain or create jobs.

NYPA Chairman John Koelmel said, "With today's action, more than a dozen companies can now be added to the growing list of ReCharge NY recipients. These businesses will all be afforded impactful savings on their monthly energy bills, granting them the latitude to prioritize other business needs."

NYPA President and CEO Gil Quiniones said, "NYPA has been diligent in working to allocate lower-cost ReCharge NY power to every region in the state. This latest round of allocations will not only support thousands of jobs, but it will also facilitate the investment of hundreds of millions of dollars into communities all over the state."

Including today's allocations, the power program has provided approximately 736 MW to 619 businesses and 68 not-for-profit organizations over the last two years, when 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 was designed to spur economic development throughout New York State. The $207 million capital investment commitment and job creation in this latest allocation demonstrates the positive economic benefits of the ReCharge NY program that I was proud to sponsor in 2011."

Senator Joseph A. Griffo, who co-sponsored the legislation that created ReCharge NY and is a member of the Senate Energy & Telecommunications Committee, said, "Trading low-cost power for jobs has been a winning formula. Business in this program have created or retained nearly 15,000 jobs in the three counties I represent. This has generated billions of dollars in local investments, from buildings to people. I am pleased that Governor Cuomo and the New York Power Authority have continued this program for an eighth round."

Assemblywoman Amy Paulin, Chair of the New York State Assembly Committee on Energy said, "I am delighted that the New York Power Authority has approved another round of ReCharge NY. This is a successful program designed to help jumpstart our economy and create jobs, which warrants it being renewed once again."

In addition to jobs and capital investment commitments, other evaluation criteria for ReCharge NY applications include the cost of electricity to the overall cost of doing business, the applicant's risk of closure or curtailing operations, the importance of the applicant's facility to the local economy, and its commitment to energy efficiency.

ReCharge NY offers up to seven-year power contracts to businesses and other job-producing entities. Half of the power under the program--455 MW--is from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the lowest-cost electricity in the state. The remaining 455 MW is economical power secured by NYPA from market sources.


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