A local manufacturer will get a boost from New York state as Dunkirk Metal Products will receive 40 kilowatts of low-cost electric power under the statewide ReCharge NY program.
Governor Andrew M. Cuomo announced last week that the New York Power Authority Board of Trustees has approved another round of low-cost power allocations under the ReCharge NY program. Approximately 5.8 megawatts of low-cost power will be distributed among 14 businesses in western New York, the Finger Lakes, Mid-Hudson area, New York City and Long Island and are expected to leverage in excess of $207 million in capital investment commitments. Of the more than 2,400 jobs supported by this round of allocations, about 670 jobs are being newly created.
Dunkirk Metal Products of WNY, Inc. will receive those 40 kilowatts as it commits to a capital investment of $500,000 to help it retain 18 employees. Other western New York companies receiving the reduced-cost power include SolEpoxy Inc. of Olean, which will receive 780 kilowatts in exchange for $2 million in capital investment to help it retain 55 jobs; and Time Warner Cable Northeast LLC, which will receive 176 kilowatts as it promises capital investment valued at $2,084,527. The listing for Time Warner includes a commitment of 100 jobs created.
Dunkirk Metal Products did not reply to messages left seeking comment.
"ReCharge NY is one of the strongest tools in the Empire State's economic development arsenal," Cuomo said.
"Low-cost power for businesses has helped create thousands of high-impact jobs in local communities, and its ripple effect of ReCharge NY can be felt statewide. Innovative initiatives like ReCharge NY continue to establish New York as a great place for businesses to thrive and grow," Cuomo continued.
This is the eighth round of power allocations under the ReCharge NY program, which is administered by NYPA and designed to spur economic development by providing lower-cost power to businesses and other entities that agree to retain or create jobs.
NYPA Chairman John Koelmel said, "With today's action, more than a dozen companies can now be added to the growing list of ReCharge NY recipients. These businesses will all be afforded impactful savings on their monthly energy bills, granting them the latitude to prioritize other business needs."
NYPA President and CEO Gil Quiniones said, "NYPA has been diligent in working to allocate lower-cost ReCharge NY power to every region in the state. This latest round of allocations will not only support thousands of jobs, but it will also facilitate the investment of hundreds of millions of dollars into communities all over the state."
Including Tuesday's allocations, the power program has provided approximately 736 MW to 619 businesses and 68 not-for-profit organizations over the last two years, when one megawatt is enough power to meet the needs of 800 to 1,000 typical homes.
In addition to jobs and capital investment commitments, other evaluation criteria for ReCharge NY applications include the cost of electricity to the overall cost of doing business, the applicant's risk of closure or curtailing operations, the importance of the applicant's facility to the local economy, and its commitment to energy efficiency.
ReCharge NY offers up to seven-year power contracts to businesses and other job-producing entities. Half of the power under the program - 455 MW - is from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the lowest-cost electricity in the state.
The remaining 455 MW is economical power secured by NYPA from market sources.
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