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City of Sherrill Municipal Electric System to Receive Low-Cost NYPA Hydropower for New Manufacturing Facility               

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

January 30, 2007

FOR IMMEDIATE RELEASE

WHITE PLAINS—Low-cost hydropower from the New York Power Authority’s (NYPA) Niagara Power Project will help spur a $23 million renovation of the former Oneida Limited knife plant in the City of Sherrill by International Wire Group, and the creation of 37 full-time jobs.

On Tuesday, the NYPA trustees approved an allocation of 2,700 kilowatts (kw) of economical electricity—half of it hydropower—to the Sherrill municipal electric system (Sherrill Power & Light) on behalf of International Wire, which had been considering sites in South Carolina and Georgia for a new manufacturing facility before deciding on Sherrill.

“This allocation demonstrates the value of our low-cost hydropower for encouraging investments by businesses and growing jobs for local economies,” said Timothy S. Carey, NYPA president and chief executive officer. “We’re delighted to be partnering with the City of Sherrill, as one of our municipal electric system customers, to help underpin International Wire’s ambitious plans for renovating the old Oneida Limited knife plant.”

“The importance of the low-cost NYPA hydropower for returning manufacturing jobs to this site cannot be overstated,” said Sen. Joseph A. Griffo. “It will serve as the cornerstone for reducing production costs at International Wire’s new operation in Sherrill, which is great news for the city, Oneida County and the region as a whole. Congratulations to the Power Authority, the City of Sherrill and, of course, International Wire for teaming up to make this a reality.”

“The proposed expansion by International Wire into the former Oneida Ltd. facilities in Sherrill underscores the importance of available low-cost hydropower in the decision- making process for businesses. The New York Power Authority and City of Sherrill Power and Light should be commended for making this allocation of hydropower possible,” said Assemblymember William Magee.

The allocation to Sherrill Power & Light is being provided under the Industrial Economic Development Program (IEDP), which supplies New York’s municipal electric systems and rural cooperatives with 108,000 kilowatts of power for economic development. The Niagara project supports half of the power for the IEDP program.

The NYPA trustees also approved a second IEDP allocation Tuesday, to the Village of Tupper Lake in Franklin County, for a plastic products manufacturer and 21 news jobs. Economic development is a key element of long-term hydropower contracts with the state’s public power systems, through 2025. The other key provisions involve energy efficiency and clean transportation initiatives.

International Wire is the principal supplier of bare wire (uninsulated wire) to various industries, including aerospace, medical devices, electronics, data communications, automotive, appliance and energy. The company plans to move new and existing equipment into the renovated facility in Sherrill, which occupies 80,000-square feet.

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.