WHITE PLAINS – (RealEstateRama) — The New York Power Authority Board of Trustees has approved an electric rate cut for municipalities, schools and public agencies in New York City and Westchester County.
The trustees approved a $4.8 million reduction, or 3.6 percent, for the fixed-cost component of the rates for NYPA governmental customers in New York City, which include the City of New York, the Metropolitan Transportation Authority, New York City Housing Authority, New York State Office of General Services and Port Authority of New York and New Jersey.
The board also lowered the electric supply service rates for NYPA’s 103 Westchester governmental customers, including the county, towns, villages, cities, schools and housing authorities by $780,000, or 2.37 percent.
“Our governmental customers in New York City and Westchester are some of the Power Authority’s most valued customers,” said Gil C. Quiniones, NYPA president and chief executive officer. “Our partnership has saved those customers hundreds of millions of dollars every year and we look forward to continuing those tremendous savings in the future.”
This year’s rate decrease is due to an overall reduction in NYPA’s cost of service. It will go into effect for customers’ March electric usage. NYPA generation, contracted generation and power purchases save customers and taxpayers hundreds of millions of dollars a year on electric bills when compared to the cost of securing power from local utilities.
NYPA meets the electricity needs of thousands of public facilities and agencies in New York City and Westchester, in which the rates correspond with the costs of meeting their energy requirements. NYPA works with governmental customers to obtain power supplies from NYPA generating plants and arrange economical power purchases from the wholesale energy market.
NYPA also partners with its governmental customers on major energy efficiency and clean-energy initiatives to lower their power bills and operating costs. The improvements are connected to Governor Andrew M. Cuomo’s BuildSmart NY initiative, which NYPA administers, as part of an effort to reduce energy use at state facilities 20 percent by 2020.
In 2015, NYPA completed energy efficiency projects with its New York City and Westchester governmental customers for an installed cost of more than $86 million and annual savings of more than $6 million. The upgrades will also reduce annual greenhouse gas emissions by roughly 26,000 tons, the equivalent of removing nearly 5,500 cars from the road.
NYPA is the nation’s largest state public power organization, through the operation of its 16 generating facilities and more than 1,400 circuit-miles of transmission lines. 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. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. For more information visithttp://www.nypa.gov/and follow us on Twitter @NYPAenergy, Facebook, Instagram, WordPress, and LinkedIn.
Paul DeMichele | Paul.DeMichele (at) nypa (dot) gov | (914) 390-8186