Governor Andrew M. Cuomo announced today that the New York Power Authority Board of Trustees has approved low-cost power allocations to 30 organizations under the ReCharge NY program that will support 1,362 jobs, including 230 new positions.
“The low-cost power made available through ReCharge NY has helped businesses grow, thrive, and create jobs in the Empire State,” Governor Cuomo said. “By reducing the burden of energy costs for businesses, this program has stimulated job creation and spurred new capital investments that are helping build a stronger New York.”
Through these allocations, 5,346 kilowatts of low-cost power will be distributed among 26 business operations and four nonprofit organizations, and are expected to leverage more than $57 million in capital investments. Enterprises in Central New York, the Finger Lakes, Long Island, Mid-Hudson Valley, Mohawk Valley, New York City, Southern Tier and Western New York were recipients.
Click here for today’s ReCharge NY allocations.
Including today’s allocations, ReCharge NY has provided more than 783 megawatts to 694 business operations and 73 nonprofit organizations. (One megawatt is enough power to meet the needs of 800 to 1,000 typical homes.)
New York Power Authority Chairman John R. Koelmel said, “These businesses can now invest further in their operations. Low-cost power can be a huge boost for firms, especially small businesses, where the effects directly translate to bottom-line savings.”
New York Power Authority President and CEO Gil C. Quiniones said, “ReCharge NY allocations target businesses with heavy power demands in need of immediate cash flow. Time and again we have found this program has made the difference in a business deciding to grow its operations and retain or create jobs.”
The power allocations under ReCharge NY stem from legislation signed by Governor Cuomo in 2011. The program, administered by the New York Power Authority, is designed to spur economic development by providing low-cost power to businesses and other entities that agree to retain or create jobs.
In addition to jobs and capital investment commitments, other evaluation criteria for ReCharge NY include the significance of the cost of electricity to the overall cost of doing business, the applicant’s risk of closure or curtailing operations, how important the facility is to the local economy and its commitment to energy efficiency.
ReCharge NY offers up to seven-year power contracts. Half of the power–455 MW—is from the 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 lower-cost power bought by the Authority on the wholesale market.
Today’s announcement complements Finger Lakes Forward, Central NY Rising and Southern Tier Soaring, the regions’ comprehensive blueprints to generate economic growth and community development. Now, the regions are accelerating their plans with a $500 million state investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. More information is available here.
Compliments of Governor Cuomo