Lower Cost Electricity to Help Grow
High-Tech Jobs At Columbia University Business Incubator
May 22, 2001
FOR IMMEDIATE RELEASE
ALBANYAn allocation of lower cost power approved Tuesday by the New York Power
Authority (NYPA) trustees will help a Columbia University enterprise that specializes in
starting up biotechnology businesses protect 131 jobs and create 35 additional ones.
"This power allocation will help support the valuable work undertaken by the
Audubon Business and Technology Center, which helps biotechnology companies get some
traction during their crucial formative stages," said Joseph J. Seymour, NYPA
chairman and chief executive officer. "This is another example of the vigorous
efforts undertaken under Governor Patakis leadership to accelerate the growth of
high-tech industries, and biotechnology is among those areas that offer the most exciting
NYPA will provide 1,000 kilowatts (kw) of lower cost power to the New York City Public
Utility Service (NYCPUS) for resale to Audubon, which occupies a building leased by
Columbia Universitys School of Health Science in upper Manhattan. In return for the
power, the business incubator has promised to work toward the retention of 131 jobs at the
nearly one-block-long facility on Broadway, along with the creation of 35 additional
positions planned under a $500,000 expansion.
Audubon is expected to save approximately $200,000 a year on its electric bills from
the NYPA power, which will be provided under a 10-year contract. Much of the savings will
be passed onto the 16 biotechnology companies housed in the 50,000-square-foot space that
"Were extremely pleased to be able to contribute, with our lower cost
electricity, to the success of this highly regarded biotech facility," said Seymour.
The Audubon Business and Technology Center attracted its first tenants in 1996 and owes
its existence to the combined efforts of Columbia University, New York City and New York
State. The companies at Audubon are involved in bringing medical advances from the
laboratory to the bedside.
NYCPUS is one of several downstate municipal distribution agencies that receive lower
cost NYPA electricity for resale to industrial customers. NYPA provides the power from
electricity it purchases from the James A. FitzPatrick Nuclear Plant near Oswego as well
as power it provides from other sources.