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.
The authority sells power to government agencies, municipal systems, rural cooperatives, private companies, private utilities (for resale), and neighboring states. Its clients include some of the largest electricity users in the US, including the New York City government and the Metropolitan Transportation Authority. NYPA receives no state funds or tax credits. Instead, it finances new projects through bond sales.
In 2012 NYPA's revenues grew by 1% thanks to higher Southeastern New York governmental customer revenues resulting from increased third-party transmission (wheeling charges), and the full year of operation of a new clean natural gas-fueled power plant in Queens (the Astoria Energy II), partially offset by lower generation and a decrease in energy prices.
The company’s net income declined by 26% due to lower non-operating revenues of $25 million and higher non-operating expenses of $72 million partially offset by an increase in operating income of $37 million.
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 by 2015 (include 100 MW of power from solar arrays at buildings across the state). In 2012 NYPA was designated as the lead agency to reduce energy use at state facilities by 20% by 2020.
To improve its delivery of power, is pursuing the development of a new cross-Hudson transmission line that will connect New York City customers to the PJM Interconnection power grid.
NYPA is owned by the State of New York.
▲ Show Less▼ Show Full Description