New York Gov. Andrew Cuomo announced Sept. 24 that 38 businesses across New York State will create an estimated 2,032 jobs as a result of low-cost power allocated through a third round of the ReCharge NY power program.
The ReCharge NY program was created by the governor and put in place by the Legislature in 2011.
“Since we launched ReCharge NY a few months into my administration, it has already helped retain thousands of jobs, and generate tens of millions of dollars in private sector investments in communities across the state,” said Cuomo. “Today’s allotment of additional grants of low-cost power will continue the extraordinary success of ReCharge NY, while demonstrating that an innovative, entrepreneurial government can truly work to rebuild our economy.”
The first two rounds of ReCharge NY provided low-cost power allotments to more than 600 businesses and 76 not-for-profit organizations, helping retain nearly 385,000 jobs. The power allocations announced Sept. 24 were approved that day by the New York Power Authority (NYPA) Board of Trustees, and are the first allocations from the ReCharge NY program tied directly to job creation. Statewide, 38 businesses across New York will create an estimated 2,032 jobs as a result of low-cost power allocated through this third round.
Prior to the enactment of the ReCharge NY legislation in 2011,, a number of efforts had been undertaken in this direction only to fall short. ReCharge New York replaced two existing initiatives—the Power for Jobs (PFJ) and Energy Cost Savings Benefit (ECSB) Programs. Unlike ReCharge New York, those two programs provided for only short-term allocations, limiting their effectiveness as an economic development tool, the governor’s announcement said.
The allocations approved Sept. 24 total more than 29 MW and will be drawn from 200 MW specifically reserved for business expansion and attraction under the 910-MW program. To date, the NYPA trustees have awarded about 716 MW of power under the program. The ReCharge NY program offers up to seven-year power contracts. Half of the power under the program—455 MW—is low-cost hydropower from NYPA’s Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric projects. The remaining 455 MW is economical power secured by NYPA from market sources.
The 38 businesses getting the new allocations include Air Products and Chemicals, GLOBAL FOUNDRIES US and Currier Plastics.