Six businesses in Westchester and Putnam counties have been awarded low-cost power through the ReCharge New York program in the second round of allocations, which took place this week. The program, run by the New York Power Authority, is designed to help attract and retain businesses and jobs in the state and spur economic development.
So far, the authority has accepted 602 businesses and 76 not-for-profits into the program. They have committed to retaining nearly 385,000 jobs in New York and spend billions of dollars in capital investments. The new allocations, which total more than 80 megawatts, went to 161 businesses and not-for-profit groups. Awards to 10 enterprises in the region are expected to help the state retain roughly 25,000 jobs.
The low-cost power will be made available July 1. Contracts are for up to seven years. ReCharge New York replaced the state’s Power for Jobs program.
“Through the NY Works program, we now have a cohesive strategy to leverage resources such as available, low-cost power, allowing businesses to create jobs and make investments in all regions of the state. These power allocations through the ReCharge New York program will provide competitive and reliable energy prices to manufacturers and other key employers, giving them the confidence to invest in their facilities and maintain and increase employment,” Gov. Andrew Cuomo said in a statement.
The New York Power Authority recieved more than 1,000 applications for ReCharge New York, which will draw upon 910 megawatts of low-cost energy. At least 350 megawatts are for upstate businesses, 200 megawatts for business attraction and expansion, and up to 100 megawatts for not-for-profits and small businesses.
New York is providing a transitional electric discount to 95 applicants that were part of the Power for Jobs program but were not recommended for ReCharge New York. They will receive up to 66 percnet of their Power for Jobs energy savings the first two years of the new program and 33 percent for two years after that. The value of the discounts for the first year is $9 million.
“Providing our local businesses and nonprofits with lower-cost energy improves the economic development of our communities. In awarding these allocations to businesses like ISO Plastics in Mount Vernon, New York is taking important and necessary action in support of our business community,” Assemblyman Gary Pretlow, D-Mount Vernon, said in a statement.
The three columns on the right are for kilowatt recommendation, job commitment and capital investment, respectively.