NYPA announces latest economic development power awards
New York Governor Kathy Hochul announced that the New York Power Authority (NYPA) Board of Trustees approved 34 ReCharge NY power allocations to 29 customers in support of more than 22,600 jobs across the state that will also spur more than $629 million in private capital investments.
The NYPA board also awarded two St. Lawrence County firms a total of $250,000 in funding support and updated NYPA’s criteria for evaluating applications for economic development power to include consideration of applicants’ impacts on diversity, equity, and inclusion (DEI) commitments.
“New York continues to lead the nation in tackling the climate crisis and expanding robust clean energy solutions,” Governor Hochul said. “The Power Authority’s economic development awards will help New York establish an energy efficient infrastructure, stimulating our economy, creating jobs, revitalizing communities across the state, and paving the way for a cleaner and greener future.”
The approved allocations of nearly 17.9 MW of low-cost power will benefit companies from every region of New York State.
ReCharge NY, which supports more than 389,000 jobs around the state and has sparked more than $19 billion in private capital investments, has encouraged companies to retain and create jobs, while stimulating capital investment throughout the state. NYPA incentivizes the investments by enterprises through power contracts of up to seven years. Half of the power — 455 MW — is from NYPA’s Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants. The remaining 455 MW is power NYPA purchases on the wholesale market.
“Strengthening the economic resiliency of New York State is more important now than ever before. Statewide power allocations through ReCharge New York and funding allocations from the Northern New York Power Proceeds program supported through the St. Lawrence-FDR Power Project directly support capital investments and jobs. These power and funding awards provide clean, reliable power to customers and help secure the economic vitality of our state,” said Eugene L. Nicandri, NYPA vice chair.
The NYPA Board of Trustees granted $250,000 in awards from the Northern New York Economic Development Fund, otherwise known as the Power Proceeds program. The funding awards apply net earnings from unutilized hydropower from the St. Lawrence-FDR Power Project to St. Lawrence County businesses and institutions. The Northern New York Power Proceeds Act, passed in December 2014, allows for NYPA to deposit the net earnings from the market sale of unutilized electricity into a fund, which can then be used to support economic development projects in St. Lawrence County.
The board approved $220,000 for Atlantic Testing Laboratories in Canton, a woman-owned business enterprise (WBE) that provides quality control and quality assurance programs for construction projects, is creating four new jobs, retaining 22 more, and investing nearly $2.4 million in its drilling, fabrication and vehicle maintenance operation in St. Lawrence County. The NYPA funding will support a multi-year expansion that improves the building’s structure and makes it more functional to facilitate growth.
And the board approved $30,000 for the North Country Children’s Museum in Potsdam, which serves local families and visitors with interactive learning experiences, exhibits and weekly special programs. The museum will invest about $1.9 million to support an expansion to its second floor that will enable a doubling of visitor capacity.
Additionally, the NYPA board approved new criteria for evaluating applications for power under its economic development power programs to consider applicants’ efforts in supporting DEI. The consideration of an applicant’s impact on DEI is aligned with policies outlined in NYPA’s VISION2030 strategic plan to support and encourage a culture of inclusion, a diverse supplier base and a commitment to environmental justice.
The new criteria are also consistent with provisions of New York’s Climate Leadership and Community Protection Act (Climate Act) to provide state support in a manner designed to achieve a goal for disadvantaged communities to receive forty percent of overall benefits of spending on clean energy and energy efficiency programs.
Source: Renewable Energy