The New York Power Authority’s efforts to stimulate economic development through the allocation of low-cost hydroelectric power created or retained more than 18,500 jobs in 2014, the utility said.
The allocations, made under the ReCharge NY program, are part of a statewide initiative by Governor Andrew Cuomo. Since its implementation in mid-2012, the program has supplied power to northern and western New York allocation recipients at about 40% less than the wholesale market price, with about half of the power is generated by the 2,525-MW Robert Moses Niagara and 960-MW St. Lawrence-Franklin D. Roosevelt hydropower projects.
“We made real and meaningful progress on multiple fronts during 2015 in spurring job commitments and hundreds of millions of dollars in capital investments from our low-cost hydropower and other economic power sources,” NYPA chairman John R. Koelmel said. “Time and again, we successfully leveraged our resources under various programs in partnering with businesses as part of the state’s significant progress of adding private sector jobs and lowering unemployment to its lowest level in six years.”
NYPA allocations awarded to 11 businesses in the Buffalo/Niagara region created 420 jobs and spurred US$210 million in capital investments, the utility said, with recipients including Royal Plastix, Innomotive Solutions, the 3M Company, Moog, GEICO, Goodyear Dunlop, Ford, Ingram Micro Inc., Durez Corp., Graphic Controls Acquisition Corp. and the Trinity Packaging Corp.
Meanwhile, allocations in northern New York to Corning and St. Lawrence Zinc Co. helped create 140 jobs and $55 million in capital investments.
“The Power Authority gives the utmost importance to the efficient operation of its power plants and transmission facilities, recognizing the significant role that they play for economic development in the state,” NYPA president and CEO Gil C. Quiniones said. “By keeping our costs low, we’re able to underpin the competitive operations of hundreds of businesses throughout the state, particularly energy-intensive manufacturers.”
In total, NYPA said its allocations are linked to more than 400,000 jobs and billions in capital investments.
For more business and transaction news, visit here.