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Sponsors
1 Co-sponsor
History
- Reported and committed to finance
- Referred to energy and telecommunications
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes unallocated EP/RP and a percentage of relinquished or withdrawn EP/RP to be allocated for western NY economic development fund benefits
In Assembly Committee · Energy · Sponsor Francine DelMonte
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law and the economic development law, in relation to authorizing unallocated expansion or replacement power to be allocated for western New York economic development fund benefits
Purpose
The creation of this economic development fund currently has a model within the existing statute under energy cost savings benefits program. Since this would comply with the intent under section 1005 of the Public Authorities Law, this fund would simply expand NYPA's abilities to assist with the economic development in Western New York.
Summary of provisions
Section 2 Gives the Authority authorization to allocate unallocated and relinquished or withdrawn expansion and replacement power to be used for Western New York economic development fund benefits.
Section 3 Defines eligibility criteria for qualification for such allocations.
Justification
Under Section 1005 of the Public Authorities Law, a designated amount of expansion and replacement power must be allocated to businesses located within 30 miles of the Niagara Power Project. A large amount of this expansion/replacement power is unallocated, due to a combination of factors, including business closure and portions of allocations being returned to NYPA by companies unable to meet the criteria for that allocation.
In addition to this unallocated power is the allocated but not yet utilized allocation. When expansion/replacement contracts are authorized by NYPA, the contracts have a stipulation that allocations be utilized within a certain period of time. During this time period, while the power can not be allocated to another company, it is sold at market rate until the company is ready to draw down their allocation.
This bill designates that the proceeds from the sale of this unallocated power and allocated but not yet being utilized power be placed into an economic development fund for Western New York. Utilization of this funding for Western New York abides by the intent of section 1005, which designates the expansion/replacement power be allocated within 30 miles of the Niagara power Project.
Legislative history
This is a new bill.
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.