The hydropower generated by the mighty Niagara Falls is the real authority behind the New York Power Authority (NYPA). More than 70% of the power that NYPA produces is from hydropower resources. The company generates and transmits more than 20% of New York's electricity, making it the largest state-owned public power provider in the US. It is also New York's only statewide electricity supplier. NYPA owns hydroelectric and fossil-fueled generating facilities (16 in total) that produce about 5,700 MW of electricity, and it operates more than 1,400 circuit-miles of transmission lines. NYPA is owned by the State of New York.
The company serves customers throughout New York State, various public corporations in Southeastern New York within the metropolitan area of New York City (SENY Governmental Customers), and certain out-of-state customers.
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NYPA services more than 500 businesses and industrial customers, including manufacturing companies such as Anchor Glass of Elmira and General Motors of Tonawanda, and non-manufacturing companies like GEICO of Amherst and Yahoo! of Lockport and 114 government entities in New York City and Westchester County, including New York City government, the Metropolitan Transportation Authority, The Port Authority of New York and New Jersey, the New York City Housing Authority, Westchester County government and most Westchester municipalities, school districts, and other public entities.
The company provides electricity to 51 municipal and cooperative electric systems to sell to their customers.
In 2014 the company's net revenues increased by 5% to $3.18 billion due to a higher volume of market energy and capacity sales and higher prices on those sales.
Net income grew by 9% due to higher net revenues and an increase in investment income.
In 2014 NYPA's operating cash inflow slightly decreased by 0.2% due to changes in working capital.
NYPA receives no state funds or tax credits. Instead, it finances new projects through bond sales.
Following its shift from a regulated monopoly to a competitor in an open power market, NYPA is aiming to grow by reducing the cost of the energy it provides and by developing electric transportation (such as electric cars) and other energy-efficiency projects, including installing emergency power generators in metropolitan buildings. It is also working to improve the state's transmission grid, increase its generating capacity, and help support the state's directive to get 45% of its power from clean energy sources (including 100 MW of power from solar arrays at buildings across the state). NYPA has been tagged as the lead agency to reduce energy use at state facilities by 20% by 2020.
In 2014 NYPA completed the installation of solar thermal hot water systems at five New York City firehouses in the Rockaways section of Queens. The $550,000 investment will reduce operating costs and could lead to the wider use of the clean energy-transfer technology in other city government facilities. The company's energy efficiency projects have saved New Yorkers more than $148 million a year, cutting annual oil use by more than 2.7 million barrels and offsetting the release of approximately 890,000 tons of greenhouse gases. Its clean transportation program has placed more than 1,300 electric-drive vehicles into service.
To improve its delivery of power, the company is pursuing the development of a new cross-Hudson transmission line that will connect New York City customers to the PJM Interconnection power grid.