Governor Andrew M. Cuomo today announced that the NYPA Board of Trustees has approved a fourth round of ReCharge NY power allocations. The 34 MW of low-cost power allocations will be distributed among 39 businesses and are expected to leverage an estimated $681 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.
"ReCharge NY has been a successful effective economic development tool that the state has used to promote capital investments and protect and create jobs," Governor Cuomo said. "Businesses and not-for-profit organizations are working closely together with New York State and our Regional Economic Development Councils to help use valuable resources -- such as affordable, clean power -- to spur job development and economic growth."
The first three rounds of allocations under the Governor's program--in April, June and September--accounted for approximately 700 MW to 579 businesses and 73 not-for-profit organizations.
John R. Koelmel, NYPA chairman, said, "The Power Authority is grateful to be given such an important role in contributing to job security and creation through our administering of Governor Cuomo's ReCharge New York program. This initiative is of paramount significance to hundreds of thousands of hardworking New Yorkers, and today's allocations are another pivotal step toward allotting all 910 megawatts of the available power under the statute creating the program."
Gil C. Quiniones, NYPA president and chief executive officer, said, "The ReCharge NY allocations the NYPA Board of Trustees has approved today will help advance the competitive success of the recipients, including firms that are planning to expand and add jobs. In working closely with the Governor's regional economic development councils, we understand the value of not only retaining the employment we currently have in the state, but also supporting new opportunities to create jobs and grow the economy further. ReCharge NY is a cornerstone for doing this."
Senate Majority Leader Dean G. Skelos said, "ReCharge NY is providing employers across the state with reliable, affordable power that promotes local economic investments and helps create and retain jobs. The newest round of power allocations announced today will help 39 more businesses reduce power costs and spur growth."
Assembly Speaker Sheldon Silver said, "ReCharge New York uniquely leverages public and private funds to facilitate economic development in our local communities. These allocations represent an important investment that will help businesses that support the state's economy by creating jobs and manufacturing goods locally. I applaud Governor Cuomo and my colleagues in the Legislature for their commitment to revitalizing New York's economy through this and other initiatives."
Senator George Maziarz said, "The creation of the ReCharge New York program provides businesses throughout the state an opportunity to receive low cost power in exchange for the creation and retention of jobs. I championed this legislation in the Senate in order to encourage economic development throughout the state, and to ensure that the creation of jobs would be on a long-term basis. The Niagara Power Project is an extreme asset to this State and I am glad to see those companies selected to use this resource for the good of the State and local communities."
NYPA worked in close consultation with the Governor's regional economic development councils to evaluate the ReCharge NY applications to ensure that local economic development strategies were given sufficient weight in the consideration of the applications. In addition to jobs and capital investment commitments, other evaluation criteria 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 hydropower from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric projects. The remaining 455 MW is economic power secured by NYPA and others from market sources.