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Statement by Timothy S. Carey, NYPA President and CEO, on the Report of the Temporary State Commission on the Future of New York State Power Programs for Economic Development

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

December 1, 2006

FOR IMMEDIATE RELEASE                                                                     

When the Power Authority was created 75 years ago, lawmakers included studying "the desirability and means of attracting industry to the state of New York" among the Authorityís responsibilities. Today, more than 476,000 jobs across the Empire State are linked to NYPA power programs.

As a result of federal and state laws enacted over the past several decades, NYPA now administers nine separate power programs for economic development. Some were created by Congress in the 1950ís. Others were enacted in Albany as recently as last year. Each program has unique features, such as the power supply, eligibility criteria and territory served. Some use hydropower from Niagara or St. Lawrence. Others rely on power purchased from the competitive market. Some are limited to regions in the vicinity of the power project that supplies the electricity; others serve customers statewide.

Given the significance of these power programs and the complexity of economic development issues, NYPA welcomed the creation of the Commission and its attention to the challenges facing the future of the programs.

The Commission has developed an impressive and diverse array of recommendations. Upon initial review, it appears that most of the changes proposed by the Commission would require changes in law to be adopted by the State Legislature and approved by the Governor.

We look forward to working with state policy-makers to assure that effective and enduring measures are adopted to sustain NYPAís ability to supply competitively priced power to keep and create jobs in the Empire State.

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 nationís 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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