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Brian McElroy, Tested Corporate Finance Professional, Promoted to N.Y. Power Authority Treasurer             

Michael Saltzman

January 29, 2007


WHITE PLAINS—The New York Power Authority (NYPA) has promoted Brian McElroy to treasurer of the statewide public power utility, from deputy treasurer, succeeding Michael Brady, who retired at the end of 2006.

“Brian’s high-level experiences and his day-to-day oversight of the operation of our treasury department will ensure a smooth transition for managing the Power Authority’s multibillion dollar annual revenues, its investment portfolio and variable-rate and fixed-rate debt, and derivative program,” said Donald Russak, NYPA vice president, Finance. “Over the last decade, he has held positions of increasing responsibility in financial matters, as the Power Authority has achieved a debt-to-equity ratio that is at its lowest level in 25 years. I can think of no one better qualified for treasurer, and I look forward to his continued contribution to our double-A credit-rated organization’s ability to provide reliable, lower cost electricity for job-producing businesses and essential public facilities, and pioneering new clean-energy technologies.”

McElroy began his career at NYPA in 1989 as a budget analyst supporting its nuclear generation and administrative functions. (In November 2000, the Power Authority sold its two nuclear facilities--the Indian Point 3 and James A. FitzPatrick Plants, in Westchester and Oswego counties, respectively--to the Entergy Corp.) In 1997, he transferred to the treasury group where he served as treasury analyst, senior investment analyst and, most recently, deputy treasurer.

Before joining the Power Authority, McElroy was employed as a budget analyst by the New York City Fire Department. He holds a Bachelor of Science degree in Management Information Systems and Managerial Sciences from Manhattan College, and is completing his MBA in Finance and Business Economics and Accounting at Fordham University. He resides in Crestwood, in Yonkers.

The Power Authority also promoted another experienced professional in corporate finance, Lisa Cole, to deputy treasurer, McElroy’s previous position. Since 2004, Cole has served as a senior investment analyst in the NYPA treasury department, which she joined in 2000 after more than a decade working primarily in the finance area at Indian Point 3. She holds a Bachelor of Science degree in Accounting from Excelsior College in Albany, and is currently pursuing an MBA at Mount Saint Mary College in Newburgh. She resides in Wappingers Falls.


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.