NYPA Press Release

NYPA 2018 Annual Report Highlights Financial Strength

For Immediate Release: 5/22/19
Contact: Susan Craig |
Media.Inquiries@nypa.gov | (914) 681-6770

2018: The Year of the Electric Vehicle, NYPA’s EVolveNY Initiative to Expand Charging Infrastructure in New York State

Power Authority Spurs Statewide Economic Development, Maintains Environmental Stewardship while Growing Customer Energy Solutions, Renewable Energy Projects, and Governor’s Smart Street Lighting Program

                                                                       

White Plains - The New York Power Authority (NYPA), the nation’s largest state electric utility, today issued its 2018 Financial Report and its Year in Review highlighting its continued financial strength while also sharing a summary of the past year’s key accomplishments. The Power Authority’s 2018 Financial Report shows how NYPA’s solid financial position continues to demonstrate the Authority’s responsible management of its power assets and its commitment to reliable operating performance. The report highlights investments in NYPA’s core generating and transmission activities that help the utility serve its customers, promote economic vitality and accelerate Governor Andrew M. Cuomo’s clean energy goals for New York State.  

“NYPA met its operational and financial targets for 2018 while delivering successful outcomes on our key priorities, including being a market leader in energy efficiency and renewable energy services,” said Gil C. Quiniones, NYPA’s president and CEO. “I could not be prouder to lead the talented team that accomplishes so much in support of our and the Governor’s clean energy goals year in and year out. 2018 was a banner year – in announcing new big programs like our electric vehicle infrastructure EVolveNY program and expanding Smart Street Lighting NY across the state. I look forward to our continued progress in spurring growth of clean energy and green jobs in our state.” 

NYPA ended 2018 with a strong financial performance realizing a net income of $102 million. These financial results were driven by an increase in operating revenues primarily associated with higher market-based energy sales while keeping operations and maintenance expenses relatively unchanged from year to year.

Both the Financial Report and the Year in Review demonstrate how prudent management practices place NYPA in a strong financial position to continue to implement its 2020 Strategic Vision available here. The reports detail how the Power Authority maintains its position as the leading provider of low-cost electricity for economic development for New York State and as the entity that advises its customers at public facilities in all state regions on energy efficiency and clean energy projects.

NYPA’s economic development programs throughout the state and the Governor’s ReCharge NY program continue to support more than 410,000 jobs across the state while securing commitments of nearly $36 billion in capital investments that will positively impact the New York State economy.

Key accomplishments by the Power Authority in 2018 include:

- Generating 30.1 million megawatt-hours (MWh) of electricity at NYPA facilities (up to 25 percent of the electricity generated in the state), more than 75 percent of which came from clean hydropower;

 

- Investing $1.2 billion in infrastructure upgrades on NYPA transmission assets in the Central, Western and Northern New York regions, including multi-year work on a $726 million Transmission Life Extension and Modernization (TLEM) project for NYPA’s transmission system and ongoing progress on a $460 million LEM at the Niagara Power Project’s Lewiston Pump-Generating Plant;

 

- Completing 72 energy efficiency projects at public facilities, expected to save New York taxpayers some $14.7 million in annual energy costs while reducing greenhouse gas emissions by more than 65,330 tons a year;

 

- Ranking sixth in the utility industry on the list of companies “liked best” by employees when named to Forbes magazine’s 2018 list of America’s Best Mid-Size Employers;

- Sustaining AA / Aa1 / AA ratings by Fitch, Moody’s and Standard & Poor’s, respectively, on more than $800 million of NYPA long-term bonds and notes; and maintaining F1+ / P-1 / A1+ ratings for NYPA’s $600 million commercial paper program;

Measuring NYPA’s progress toward the goals and priorities outlined in its 2020 Strategic Vision, NYPA reported the following advancements in 2018:

 

Digitization

 

- NYPA’s Integrated Smart Operations Center (iSOC) was recognized with the American Public Power Association’s 2018 Energy Innovator Award. The Advanced Grid Innovation Laboratory for Energy (AGILe), NYPA’s world-class research and development facility, continued simulating the impacts of new technologies on system reliability, performance and resiliency before they are deployed on New York State’s grid;

 

Customer Energy Solutions

 

- Launched NYPA’s $250 million EVolve NY program to accelerate the adoption of EVs and bring the state closer to its goal of installing at least 10,000 charging stations by the end of 2021. The first program phase commits $40 million to address existing barriers and financing gaps that could impede installation of DC fast chargers;

 

- Expanded the Governor’s Smart Street Lighting NY program, which calls for at least 500,000 streetlights statewide to be replaced with energy-saving LED technology by 2025. The town of Southampton, the New York State Fair and Purchase College (SUNY) were among the entities reducing annual energy and maintenance costs in 2018;

 

- Embarked upon a new initiative to spend $250 million over five years to accelerate flexibility to the electric grid—primarily through energy storage—so New York State can take advantage of more zero-emission resources such as wind and solar power. SUNY and NYPA announced plans for a solar and energy storage system that will provide clean local power to SUNY Delhi and the nearby community. The initiative sets a target of deploying 1,500 MW of energy storage by 2025;

 

Economic Development

 

- Economic development programs in 2018 secured 207,297 jobs and $5.8 billion in capital investment commitments through the extension and allocation of 784.5 MW of NYPA hydropower;

 

Utility Operations, Power Generation and Transmission

 

- Established a continuous protection system to monitor the health of transformers and protective relays at switchyards and substations to ensure the continued delivery of reliable power to our customers;

 

- Successfully filed an application with the New York State Department of Public Service for the planned rebuild of an 86-mile stretch of Moses-Adirondack transmission lines in Northern New York;

  

- Reached historic agreements with communities, and state and federal partner agencies to provide approximately $70 million in benefits over the next 50 years in support of the continued operation of the Authority’s Blenheim-Gilboa Pumped Storage Power Project;

 

- Approved the 10-year extension of low-cost hydropower contracts totaling 530 MW to 116 business operations in Western New York. The contracts are tied to capital investment commitments of more than $136 million annually;

 

- Opened the Northland Workforce Training Center on Buffalo’s East Side, which received $15 million in NYPA funding and focuses on careers in the clean-energy economy and advanced manufacturing sectors;

 

- Completed a $68.7 million project to place underwater transmission cables across 1.7 miles of Lake Champlain to allow power flow to and from Vermont and improve communications systems;

 

Environmental Justice

 

- Delivered 260 new energy-efficient refrigerators to Massena Housing Authority residents through a program that aims to strengthen an underserved community and promote a sustainable clean energy future. The Environmental Justice program also hosted after-school and STEM programs for more than 2,000 children;

 

Puerto Rico

 

- Signed a Memorandum of Understanding with the Puerto Rico Electric Power Authority (PREPA) to provide NYPA’s expertise to help Puerto Rico rebuild a strong and resilient electric grid;

 

Canals


- Awarded $2 million to the winners of the Reimagine the Canals competition, which sought the best ideas to turn the canals into an engine for economic development, and serve as recreation and tourism hubs.

 

To see more 2018 details, visit NYPA’s documents library and click on “Financials.”

About NYPA

NYPA is the largest state public power organization in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. More than 75 percent of the electricity NYPA produces is clean renewable hydropower. 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. For more information visit www.nypa.gov and follow us on Twitter @NYPAenergy, Facebook, Instagram, Tumblr and LinkedIn.

 

New York State’s Green New Deal
Governor Andrew M. Cuomo’s Green New Deal, the nation’s leading clean energy and jobs agenda, will aggressively put New York State on a path to economy-wide carbon neutrality This initiative will provide for a just transition to clean energy, spurring the growth of the green economy and mandating New York's power be 100 percent clean and carbon-free by 2040, one of the most aggressive goals in the U.S. The cornerstone of this newly proposed mandate is a significant increase of New York's successful Clean Energy Standard to 70 percent renewable electricity by 2030. As part of the unprecedented ramp-up of renewable energy, New York has already invested $2.9 billion into 46 large-scale renewable projects across the state as it significantly increases its clean energy targets, such as: quadrupling New York's offshore wind target to a nation-leading 9,000 megawatts by 2035; doubling distributed solar deployment to 6,000 megawatts by 2025; and deploying 3,000 megawatts of energy storage by 2030. To support this ambitious work, NY Green Bank intends to use its expertise in overcoming financing gaps to foster greater environmental impacts per public dollar by raising over $1 billion in third party funds to expand climate financing availability across New York and the rest of North America.

 

Reforming the Energy Vision

The Green New Deal builds on Governor Andrew M. Cuomo's landmark Reforming the Energy Vision strategy to lead on climate change and grow New York's economy. REV is building a cleaner, more resilient and affordable energy system for all New Yorkers by stimulating investment through regulatory and programmatic reforms to expand and deploy more clean technologies like solar, wind, and energy efficiency. Already, REV has driven growth of nearly 1,500 percent in the statewide solar market, improved energy affordability for 1.65 million low-income customers, and has led to more than 150,000 jobs in manufacturing, engineering, and other clean tech sectors across New York State.

 

To learn more about the Green New Deal and REV,  visit rev.ny.gov, follow us on Twitter, Facebook, and LinkedIn.