More than 25,000 jobs supported in New York State
"Over the past three years, the ReCharge NY program has been on the forefront of our economic development agenda, successfully working to create and sustain jobs and new private sector investment in communities across New York," Governor Cuomo said.
"Low-cost power is a valuable resource for businesses as they look to expand here in New York, and this innovative program is leveraging the state’s power generation capacity to create jobs and grow the economy. With the recent news that the unemployment rate in Upstate New York has dropped to its lowest level in the past five years, it is clear that our focus on jobs, jobs, jobs is paying off, and we will continue to work to sustain New York’s economic recovery."
The allocations were made under the Governor’s ReCharge NY Program, a statewide initiative that draws upon low-cost electricity from NYPA’s Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants and economical market power purchases, and from two hydroelectric power programs. A separate fund, also linked to the 2013 job total, was another facet of the support of economic development in Western New York.
To date, NYPA has approved 736 megawatts (MW) of the statutorily authorized 910 MW available under ReCharge NY. A total of 607 businesses and 69 not-for-profit enterprises are currently benefiting from the program under which power began flowing in mid-2012. In return for the lower cost electricity provided under seven-year contracts, the recipients committed to support more than 384,000 jobs and undertake billions of dollars in capital investments.
NYPA also made 12 new power allocations in 2013 under the Replacement Power and Expansion Power Programs, which draw upon two blocks of electricity from the Niagara power plant to create jobs in Western New York. ■