WHITE PLAINS – March 26, 2015 – (RealEstateRama) — The New York Power Authority (NYPA) Board of Trustees today approved an electric rate decrease for municipalities, schools and public agencies in New York City and Westchester County.
The trustees approved a cut of $2.5 million, or 1.8 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 fixed costs for NYPA’s 103 Westchester governmental customers, including the county, towns, villages, cities, schools and housing authorities, by more than $500,000, or 17.5 percent.
“The Power Authority’s partnership with our New York City and Westchester governmental customers stretches back more than 35 years,”said Gil C. Quiniones, NYPA president and chief executive officer. “In 2014 alone, our partnership has saved those customers roughly $480 million and we hope to continue those great savings in the years to come.”
This year’s rate decrease is due to an overall reduction in NYPA’s cost of service. The rate reduction for 2015 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 electricity 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. In 2014, NYPA completed energy efficiency projects with its New York City and Westchester governmental customers for an installed cost of $200 million and annual savings of more than $7 million. The upgrades will also reduce annual greenhouse gas emissions by 34,000 tons.
About NYPA:
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 visit www.nypa.gov and follow us on Twitter @NYPAenergy, Facebook, Instagram, WordPress, and LinkedIn.
