Extends provisions of law relating to low cost power

Title of bill

An act to amend the economic development law, chapter 316 of the laws of 1997 amending the public authorities law and other laws relating to the provision of low cost power to foster statewide economic development, the tax law and chapter 645 of the laws of 2006 amending the economic development law and other laws relating to reauthorizing the New York power authority to make contributions to the general fund, in relation to extending the expiration of the power for jobs program and the energy cost savings benefits program; and to amend the public authorities law, in relation to authorizing an additional voluntary contribution into the state treasury under the power for jobs program; and to amend the public authorities law, in relation to an energy audit program

Purpose or general idea of bill

This legislation will extend the Power for Jobs and Energy Cost Savings Benefit Programs through May 15, 2010 and require reports on the performance of the programs, an inventory of available resources and energy audits for all participants to develop the basis for a long term low cost power program.

Summary of specific provisions

-Extends the Power for Jobs and Energy Cost Savings Benefit Programs for ten and a half months through May 15, 2010;

* requires that the Power Authority in coordination with the Department of Economic Development provide reports, by September 30, 2009, detailing the information necessary to assess the existing programs and the resources available going forward along with a review of the performance of all program participants to date;

* requires that that all beneficiaries undergo a comprehensive NYPA funded energy audit and an assessment of distributed generation capabilities, exempting those participants who have undergone such audits within the last five years, beginning with a sample of audits that will reflect the universe of companies in the programs;

* requires the Power Authority to issue progress report on the initial energy audits by December 30, 2009;

* expands the Economic Development Power Allocation Board; and

* provides for expedited renewal of the benefits provided under these programs.

Justification

This legislation extends the Power for Jobs and Energy Cost Savings Benefit Programs through May 15, 2010 giving the businesses participating in these programs the assurance that their benefits will continue through next year. The required energy audits, reports on program performance and inventory of available resources will provide the Legislature with the information necessary to assess the existing programs and develop an effective and efficient long term low cost power program for New York.

Prior legislative history

A new bill.

Fiscal implications

None. The costs would be paid for by a combination of revenues raised from the sale of low-cost hydroelectric power and funds of PASNY.

Effective date

This legislation would be effective immediately upon being signed into law.