Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Extras | All Access e-Edition | Home RSS
 
 
 

NYPA report ‘misinterprets key facts’

August 21, 2013

This is in response to the OBSERVER’s View of Aug. 11 headlined “Agency looks power hungry....

« Back to Article

 
 
sort: oldest | newest

Comments

(22)

Steiner

Aug-21-13 8:00 AM

fuuny it is then that a sales rep I know in South jersey pays less per KWH than I do in WNY. liberal largess, i guess. If we had a waterfall or huge natural gas reserves we might get cheaper power. Oh wait the dumbacrats are in control and ration or at least higher prices are their aim.success to a democrat.

2 Agrees | 2 Disagrees | Report Abuse »

joew

Aug-21-13 8:11 AM

Another key fact overlooked Mr Mike is that we here in good ole "open for business" NYS pay the second or third highest cost per KWH in the entire nation! Why is that Mr Mike??????

2 Agrees | 1 Disagrees | Report Abuse »

Steiner

Aug-21-13 8:35 AM

joew, i never heard of an explanation for this. Is it the wonderful taxes cronig loves ! how did this happen in the empoire state?

0 Agrees | 0 Disagrees | Report Abuse »

Christopher

Aug-21-13 8:55 AM

I have mentioned many times that power costs in NYS are way too high and do more to prevent large, manufacturing type businesses locating here than taxes. Steiner, I have also advocated strongly for Hydro power and you mocked me for it. Now it's a good idea blocked by Democrats?

1 Agrees | 2 Disagrees | Report Abuse »

DKexpat

Aug-21-13 9:39 AM

DiNapoli, the NYS Comptroller, and Cuomo don’t like each other. So in the spirit of “what’s good for the goose,” the Cuomo-controlled Dept. of Financial Services audited the Comptroller’s operations.

The audit notes “In a world of high-tech hackers and high-frequency trading, a nearly $160 billion pension fund is being managed with computer code from the 1950s and hardware from the 1980s.”

Findings include: (1) Antiquated equipment handling pension payments is “approaching a point of failure;" (2) Taxpayers/pensioners are at “significant risk: (3) Old, unsupported systems/software lack critical security patches; (4) A robust failover/backup plan is lacking; (5) The Comptroller’s systems leave "data vulnerable to bugs and to security breaches, including attacks by hackers.”

This time it’s DiNapoli who says the audit is “incorrect, exaggerated or misleading.”

Oops...

2 Agrees | 0 Disagrees | Report Abuse »

Marcia

Aug-21-13 11:46 AM

Dkexpat, and yet the New York state pension system is one of the strongest in the country. DiNapoli is obviously doing something right.

0 Agrees | 5 Disagrees | Report Abuse »

DKexpat

Aug-21-13 12:51 PM

NYS pension system strong? Um...no.

Last year DiNapoli’s Common Retirement Fund returned 5.96%. But his investment strategy is based on a HIGHER return – 7.5% (lowered from 8% in 2010). Moreover, the fund is $6.3B lower than it was 5 years ago, while payouts have risen $3.3B since then.

Think those lines won’t one day cross?

Discounting liabilities using Treasury yields, a Harvard study pegs NYS’s underfunded pension liability at $166.4B – that’s 47% underfunded. Ouch!

A 2010 NYS Attorney General study notes, as retirement nears, the amount of O/T worked by NYS employees increased 50% (to pad their pensions). But NYS employees needn’t worry - - they are protected by the NYS Constitution. Once they’re in the system, their pension is locked-in by law. It’s the rest of the taxpayers in NYS (meaning most taxpayers) who will be forced to pay more in taxes to replenish underfunded pension liabilities.

4 Agrees | 2 Disagrees | Report Abuse »

DKexpat

Aug-21-13 1:01 PM

While we’re speaking about Hydrofracturing (Huh? Well, Steiner brought it up) - - In May the Empire Center published a report on the benefits of Marcellus Shale drilling in NYS.

They extrapolate benefits already realized in rural counties in PA from all the drilling and forecast the positive impact that would have on NYS localities.

If we already had all that in-state Marcellus natural gas available, don’t you think that would have moved the dial a bit in favor of repowering NRG?

You can find a link to it on the homepage at empirecenter – dot – org.

3 Agrees | 0 Disagrees | Report Abuse »

joew

Aug-21-13 4:13 PM

Don't argue with Marcia for gods sake(sorry Marcia)she has a MBA from Buff State!

4 Agrees | 0 Disagrees | Report Abuse »

Marcia

Aug-21-13 5:16 PM

DKexpat, it is the police and firefighters who pad their pensions by working overtime. Don't paint all government workers with the same brush. Not acceptable in my opinion, and not allowed in the newer tiers. According to their website:Returned 10.38 Percent on Investments in FY 2013 New York State Comptroller Thomas P. DiNapoli announced today that the New York State Common Retirement Fund (Fund) was valued at an estimated $160.4 billion and earned an estimated 10.38 percent rate of return on its investments for the fiscal year ending March 31, 2013.

“The New York State Common Retirement Fund has reached a milestone,” DiNapoli said. “The Fund ended the fiscal year at an estimated $160.4 billion, an all-time high, and it remains well-positioned for growth as the financial markets continue to gain strength. Fiscal year 2014-2015 will be the final year that employer contribution rates will reflect the market loss of 2008-2009.”

1 Agrees | 2 Disagrees | Report Abuse »

Marcia

Aug-21-13 5:16 PM

Returns for the Fund’s asset classes were:

Domestic Equities returned 14.48 percent (at 36 percent of the Fund’s total investments) Fixed Income returned 4.87 percent (28.2 percent) Non-US Equities returned 9.47 percent (14.1 percent) Private Equity returned 11.75 percent (8.6 percent) Real Estate returned 11.08 percent (6.8 percent) Global Equities returned 13.88 percent (2.9 percent) Absolute Return Strategies returned 7.95 percent (3.2 percent) Opportunistic Alternatives returned 7.89 percent (0.2 percent) The Fund is the third-largest public pension fund in the country and remains one of the nation’s best-managed and best-funded pension plans. In February, Funston Advisory Services completed an independent review of the Fund that found it is well-run, operates with an industry-leading level of transparency and invests effectively on behalf of its members.

0 Agrees | 2 Disagrees | Report Abuse »

Marcia

Aug-21-13 5:21 PM

joew, I find it interesting that you are following my curriculum vitae so closely, and a little creepy. But since you are so interested, there is one correction, I did my graduate work at the University of Buffalo, not Buffalo State. Not really why you should feel it is necessary to mention it, are you stalking me?

0 Agrees | 3 Disagrees | Report Abuse »

joew

Aug-21-13 7:19 PM

No Marcia you mentioned that on another topic sometime back,did you forget? I have a very good memory and besides I'd much rather stalk my wife as she is very intelligent! lol

3 Agrees | 1 Disagrees | Report Abuse »

American

Aug-21-13 9:10 PM

Sounds like she is laying the ground work for something joew. Be very careful with someone like that when they make foundless accusations. Trust no one that does that out of the blue like she did.

2 Agrees | 1 Disagrees | Report Abuse »

DKexpat

Aug-21-13 9:33 PM

Marcia, look at Harvard's Kennedy study...and read between the lines of his press releases. The fund woefully underperformed his projections, yet he somehow manages to call that a success.

2 Agrees | 1 Disagrees | Report Abuse »

DKexpat

Aug-21-13 9:35 PM

Marcia, look at Harvard's Kennedy School of Government's study...and read between the lines of his press releases. The fund woefully underperformed his projections in recent years, yet he somehow manages to call that a success.

2 Agrees | 0 Disagrees | Report Abuse »

joew

Aug-21-13 9:57 PM

Certainly ranks right up there with some of the more ridiculous statements made by her American.

3 Agrees | 1 Disagrees | Report Abuse »

DKexpat

Aug-21-13 10:40 PM

Joew, I agree - that post was a little bit spooky...

3 Agrees | 0 Disagrees | Report Abuse »

Steiner

Aug-22-13 7:53 AM

christopher, there aint enough hydro in the US for what we need.certainly not the falls. Plus hydro interferes with fish, so the libs dont like it.they want hydro dismantled in the far west, to save the fish. I mentioned natural gas as we would have a lot of it, but the libs block that too.saving water, they say. If we were a desert, we would have a shortage of sand.Save it for the desert animals they would say. All bought to you by democrats and their looney enviro friends.

2 Agrees | 1 Disagrees | Report Abuse »

Steiner

Aug-22-13 8:02 AM

how about that, dk is agreeing with me ? Things that under perform are considered a success !I have said failure is a success to the democrats, our public schools ! Hydrofracking, he agrees again.The saudis are worried about it so our learned libs will save the saudis, at least in NY. For the unlearned, we a pressure based society, fire being the major pressure force. Falling water on turbines another. windmills for sure.Take this away and we are in the stone age, the place where liberals want us. Just read the many posts and articles in this paper from our unlearned liberals. Right now we need force that is 24/7 and renewables are not. That somehow escapes the libs. Pressures from natural gas or hydro are, but not wind or solar. how this escapes the libs is amazing.

2 Agrees | 1 Disagrees | Report Abuse »

DKexpat

Aug-22-13 8:46 AM

I do agree with Steiner on hydraulic fracturing, whether in the Marcellus Shale for natural gas or in North Dakota, Texas and elsewhere for crude oil.

The chemical industry in the US today is the most cost-effective in the world due to cheap natural gas. Hiring in the industry is UP after a 29% loss the past couple of decades – adding 12,000 jobs in the last year, the highest increase since 1988.

The world’s largest methanol producer is spending $1.1B to disassemble a plant in Chile and move it to Louisiana. Giant companies are investing $100B in new plants, and half of that comes from foreign companies building new facilities in the US.

Heck, even Saudi Basic Industries, the world’s largest petrochem maker, is looking for US opportunities, stating “It is very important that Sabic is not left out from investments in the US.” (Nice to see the shoe on the other foot for once, huh?)

2 Agrees | 1 Disagrees | Report Abuse »

Steiner

Aug-22-13 9:22 AM

dk, the libs like judeye are against fracking. They are against anything that works. Golly, even our hands are fracked from the limbs and torso. Those dumb libs. Natural gas is a source of hydrogen and a feedstock for the chemical industry.Ammonia from natural gas, then nitrates. All of this is ooposed by the dumb liberals.starvation, cold and want are libs favorite things. Witness hugo chavez's policies in Venezuela. It was a food exporter, now an importer. All due to socialist liberal policies. A success story as income inequality went down. everyone got poorer.all of that in an oil rich country, but it is not their fault as christopher would say.

2 Agrees | 1 Disagrees | Report Abuse »

Showing 22 of 22 comments
 
 

Post a Comment

You must first login before you can comment.

*Your email address:
*Password:
Remember my email address.
or
 
 

 

I am looking for:
in:
News, Blogs & Events Web