Business & Finance, North America, Pumped Storage Hydro, Technology and Equipment

NYPA gets hydro equipment delivery for Blenheim-Gilboa, announces upgraded credit rating

Two generator step-up transformers for New York Power Authority’s 1,160-MW Blenheim-Gilboa Pumped Storage Power Project reached the plant after the last leg of their journey from where they were manufactured overseas, the authority reports.

The transformers, each of which weighs nearly 200 tons, traveled along roadways 26 miles from Richmondville to the facility in North Blenheim, arriving Nov. 6.

NYPA completed life extension and modernization efforts at the project in 2010. The Federal Energy Regulatory Commission license for this project expires in April 2019, and NYPA expects to submit its application for a new license in April 2017.

In other news, reflecting NYPA’s strong financial and operational management, Standard & Poor’s recently upgraded the authority’s long-term credit rating from AA- to AA and raised the rating of NYPA’s short-term debt from A-1 to A-1+. This evaluation contributes to NYPA’s low borrowing costs.

Finally, Jill C. Anderson, vice president of public and regulatory affairs for NYPA, was recently recognized by Diversity Journal as one of its Women Worth Watching in 2015. She was recognized for her leadership in positioning NYPA to meet the challenges of an industry undergoing rapid technological change and helping to redefine the electric utility industry in New York.

This is the 13th year that the journal has produced this issue, and Anderson is among more than 150 executives recognized across North America and Europe.

NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. The authority operats 16 generating facilities in New York, with more than 70% of the electricity it produces coming from clean, renewable hydropower plants.