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Who cares
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Sponsors
3 Co-sponsors
History
- Print number 2532b
- Amend and recommit to energy and telecommunications
- Referred to energy and telecommunications
- Reported and committed to finance
- Print number 2532a
- Amend and recommit to energy and telecommunications
- Referred to energy and telecommunications
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2532B
Title of bill
An act to amend the state finance law and the environmental conservation law, in relation to the power generation modernization act and directing the power authority of the state of New York to release requests for proposals on certain natural gas powered generating facilities in and around New York city
Purpose
To enact the power generation modernization act to provide assistance and incentives for electric generating facilities to meet certain environmental standards.
Summary of provisions
Section 1 of the bill establishes the title of the act as the "Power Generation Modernization Act".
Section 2 of the bill amends the state finance law to create the power plant modernization and community assistance fund consisting of revenues from various sources.
Section 3 of the bill amends the environmental conservation law to authorize the department of environmental conservation to amend regulations relating to a certain multi-state program in which the state participates, and directs revenues derived from such regulations to be deposited into the cower plant modernization and community assistance fund.
Section 4 of the bill directs the New York Power Authority (NYPA) to issue requests for proposals for the purchase of up to ten of NYPA's gas turbine electric generating facilities located in and around New York City, and requires NYPA to deposit proceeds from the sale of such facilities into the power plant modernization and community assistance fund.
Section 5 is the effective date.
Justification
Many power plants in NYS are contemplating repowering or making other investments in infrastructure in order to meet new environmental standards and to remain competitive in the marketplace. Some power plants are even considering the construction of new electric generating units on the same or adjacent property in order to remain competitive and improve their overall environmental performance. Enhancing competition and improving environmental compliance are worthy goals that should be encouraged and incentivized.
Further, these power plants often represent a significant portion of the local tax base for the municipality where they are located. Loss of such local tax base will be devastating for these communities. To make matters worse, these communities will also suffer from loss of jobs if the power plant can no longer remain competitive in the marketplace.
Many of these power plants wish to remain in their communities and continue operations. Unfortunately, they are prevented from taking steps to repower or otherwise improve their infrastructure and
environmental Profile because of the high costs associated with doing so. By creating a fund designed specifically for the modernization of power plants and to assist local communities that host a struggling power plant, this legislation enables power generators to continue operations in a meaningful way while providing a safety net for communities that may lose a power plant.
The fund created by this legislation will also establish individual repowering savings accounts for cower plants. This measure will allow a power plant to "bank" the amount they are required to spend on certain required allowances associated with power generation and then use those funds to repower or invest in other infrastructure upgrades.
These measures will encourage power plants to undertake important infrastructure investment projects which will result in a cleaner, stronger and more modem generating fleet with improved emissions profiles and long term economic viability. It will also allow power Plants to maintain job levels and pave the way for job growth while providing relief to local communities if the circumstances require it.
Prior legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the ninetieth day after it shall become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.