New York Power Authority Releases 2023 Integrated Report, Showcasing Progress Towards Strategic Priorities and Setting a Roadmap for Accelerating Renewables

New York Power Authority Releases 2023 Integrated Report, Showcasing Progress Towards Strategic Priorities and Setting a Roadmap for Accelerating Renewables

For Immediate Release:08/19/24

Contact:Media Inquiries | [email protected] | (914) 681-6770

New York Power Authority Releases 2023 Integrated Report, Showcasing Progress Towards Strategic Priorities and Setting a Roadmap for

Accelerating Renewables

Second Annual Integrated Report Details Power Authority and Canals

Strategic Priorities, Performance and Outlook

WHITE PLAINS-The New York Power Authority (NYPA) today released its second annual integrated report, which details how the Power Authority and its subsidiary, the New York State Canal Corporation, are charting a path to a clean energy future and creating value for customers and stakeholders. The report brings together sustainability and financial information to provide a comprehensive view of 2023 performance and accomplishments.

"The 2023 Integrated Report outlines the critical and innovative work underway at the Power Authority and Canal Corporation that is advancing New York's nation-leading climate and clean energy goals," said NYPA Chairman John R. Koelmel. "2023 was a banner year for NYPA, and this report provides an open and robust review of our operations as we strive to develop more clean energy solutions and grow New York's clean energy infrastructure."

NYPA achieved progress on a variety of major initiatives and projects in 2023. The Power Authority laid the groundwork to accelerate renewables development following landmark legislation from Governor Kathy Hochul. NYPA was granted enhanced authority to develop, own, and operate renewable energy generation and storage projects-either alone or in collaboration with other entities-to help support the goals of the state's Climate Leadership and Community Protection Act, maintain an adequate and reliable supply of electric power and energy in the state, and support the new REACH program, which will enable low-income and moderate-income electricity customers to receive bill credits through the production of renewable energy by NYPA.

In 2023, NYPA completed Central East Energy Connect, a new 93-mile transmission line in the Mohawk Valley and Capital Region, and Smart Path, which upgraded 78 miles of transmission lines in the North Country. Additionally, the NYPA Board of Trustees authorized the issuance of $751 million in green transmission revenue bonds in 2023, directly supporting the Power Authority's Smart Path Connect project.

The Power Authority also made significant progress with Next Generation Niagara, a multi-year program to modernize the Niagara Power Project to ensure NYPA continues to deliver clean, low-cost power in Western New York and support economic development in the region. Other accomplishments include decarbonization projects with customers, such as the Clean Heat for All Challenge-an initiative with New York City Housing Authority and New York State Energy Research and Development Authority to install air-source heat pump window units in New York City-and an electric bus charging infrastructure project with the MTA at New York City bus depots that will help to reduce emissions on local community streets.

The integrated report also details important work underway to revitalize the canal system by strengthening infrastructure and improving accessibility and recreational opportunities.

Additionally, the report describes a variety of programs that support neighboring communities and local and diverse suppliers.

"The Power Authority's second annual integrated report provides a complete picture of our business operations and strategy as we prepare to develop renewable generation projects, promote clean energy workforce development, and decarbonize state facilities," said NYPA President and CEO Justin E. Driscoll. "Our determination to help decarbonize New York's energy system is more than a technical endeavor; NYPA is working to ensure that the clean energy transition is just, equitable and inclusive so that all New Yorkers benefit from the environmental and economic advantages of renewable energy."

The 2023 Integrated Report presents a clear view of the progress NYPA has made toward achieving the priorities set by VISION2030 and the goals outlined in its 2021-25 Sustainability Plan. The report examines the value the Power Authority creates for the state, its customers, local communities, and employees through a wide range of activities and relationships, focusing on the five strategic priorities laid out in VISION2030 to achieve the clean energy goals of the Power Authority's customers and the state.

Some highlights of NYPA's impact in 2023 are reflected in the following report numbers:

• 84% of the Power Authority's electricity is generated by hydropower and pumped storage facilities
• 22.6 million megawatt hours of hydropower generated
• 20,227 metric tons carbon emissions avoided through 81 completed customer energy efficiency projects
• 4 million visitors through the canal system for tourism, recreation and education

The report further expands the scope of greenhouse gas accounting, not only for direct emissions from NYPA assets, but also for indirect emissions from its value chain.

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New York State's Nation-Leading Climate Plan

New York State's climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent, of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation's most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts - including the New York Cap-and-Invest program (NYCI) and other complementary policies - to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy-wide carbon neutrality by mid-century. A cornerstone of this transition is New York's unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and 130 certified Climate Smart Communities, over 500 Clean Energy Communities, and the State's largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.

About NYPA

NYPA is the largest state public power organization in the nation, operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.govand follow us on Twitter, Facebook, Instagram, Tumblrand LinkedIn.

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