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Low-Cost Hydropower for Municipal Systems in Boonville and Greene to Support Nearly 60 New Jobs and Multimillion Dollar Capital Investments

Contact:
Michael Saltzman
914-390-8181
michael.saltzman@nypa.gov

October 24, 2006

FOR IMMEDIATE RELEASE

NORTH BLENHEIM—Nearly 60 new jobs and capital expenditures totaling about $27 million will be supported by New York Power Authority (NYPA) allocations of low-cost hydropower and other economical electricity to municipal electric systems in the Villages of Boonville and Greene, in Oneida and Chenango Counties, respectively, for two manufacturers undertaking major expansions of their upstate operations.

The NYPA Trustees Tuesday approved the allocations for increased electricity requirements from expansions by Owl Wire and Cable, Inc., which is building a new facility in Boonville to complement an existing operation in the Village of Canastota, Madison County, and The Raymond Corp., for its North America truck manufacturing operation in Greene.

The NYPA allocations were made under an industrial economic development program for the 51 municipal electric and rural cooperative systems in New York State, one of a number of lower-cost power programs administered by the Power Authority for creation and protection of jobs. A total of 108,000 kilowatts (kw) of power—half hydropower—is available for economic development under the New York State Public Authorities Law for areas served by the munis and coops. The hydropower comes from NYPA’s Niagara Power Project, which also meets the bulk of the residential requirements of those systems.

 “Today’s power allocations, which are supported by the Municipal Electric Utilities Association, are the latest example of our partnership with the publicly-owned electric systems to use our low-cost hydropower to spur capital investments and jobs,” said Timothy S. Carey, NYPA president and chief executive officer. “Our close working relationship is reflected by long-term hydropower contracts, and coordinated efforts for economic development, energy efficiency and introduction of electric-drive vehicles. All this is consistent with the overall goals set by Governor Pataki for a vigorous economy, reliable electricity service and air quality.”

The NYPA trustees approved an allocation of 1,800 kw (900 kw, hydropower) for the Boonville municipal electric system on behalf of Owl Wire and Cable and 200 kw (100 kw, hydropower) for the Greene municipal system on behalf of The Raymond Corp.

Owl Wire & Cable, whose customers include the energy, electronics, telecommunications and transportation industries, is relocating some of its production lines in Canastota to the new Boonville facility, and adding new ones as part of a reorganization and expansion to enhance the company’s competitiveness both in the U.S. and abroad. The new facility will occupy 61,000 square-feet on nearly 11 acres. The company has committed to create 34 new jobs at the new facility, exclusive of its current workforce in Canastota, in connection with the $7 million expansion.

The Raymond Corp., a Toyota subsidiary, is undertaking a $20 million expansion of its facility in Greene, where it manufactures forklift trucks and other industrial vehicles for businesses in the U.S., Canada and Mexico. The company, which currently employs 910 workers, is planning to add 24 new jobs. The expansion will include the addition of  68,000-square-feet of space to the company’s 425,000-square-foot manufacturing facility.

About NYPA:

■    NYPA uses no tax money or state credit.  It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity.  ■    NYPA is a leader in promoting energy-efficiency, new energy technologies and electric transportation initiatives.  ■    It is the nation’s largest state-owned electric utility, with 18 generating facilities in various parts of the state and more than 1,400 circuit-miles of transmission lines.

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