International Dredging Review

International Dredging Review

Governor George E. Pataki today announced that he has directed the New York Power Authority (NYPA) to provide low-cost electricity to businesses dislocated as a result of the destruction of the World Trade Center.

The power which will be used to assist dislocated companies in New York City had previously been provided by NYPA to the Port Authority of New York and New Jersey for use by businesses located in the World Trade Center. The announcement is part of the State’s comprehensive efforts to assist local businesses impacted by the September 11th attack.

“In the wake of the tragic attack on the World Trade Center we are moving forward with an aggressive effort to help the business community and its employees recover rebuild and prosper in New York City” Governor Pataki said. “This low-cost power from the New York Power Authority will play a key role in helping these businesses get back on their feet – while also keeping these important jobs right here in New York.”

NYPA had previously provided 80 megawatts of electricity to the Port Authority of New York and New Jersey for the World Trade Center. Governor Pataki has now directed NYPA to make that power available for economic recovery efforts in New York. NYPA projections indicate that the low-cost power will save local companies more than $6 million.

NYPA Chairman and CEO Joseph J. Seymour said “The Power Authority’s low-cost electricity provided at prices some 25 percent lower than commercial rates can assist former World Trade Center businesses who received their electricity through the Port Authority to re-establish themselves in New York City.

“Under existing legislative authority regulatory settlements and delivery agreements the Power Authority can play a key role in providing power for economic redevelopment” Seymour said. “We can redirect electricity previously sold to the Port Authority for World Trade Center purposes to business tenants of the former center as an economic development incentive to retain jobs and facilitate redevelopment in New York City.|!|

NYPA will coordinate this effort with the cooperation of the Empire State Development Corporation the New York State Public Service Commission the Port Authority the City of New York and the Consolidated Edison Co. NYPA will immediately begin working with these entities to identify qualified companies and to initiate the process of providing electricity to their sites.