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NYPA says it is in strong financial position to implement strategic plans


From the April 16, 2014 issue of Public Power Daily

Originally published April 16, 2014

The New York Power Authority (NYPA) provided more than $1.2 billion in direct customer utility bill savings from low-cost power programs and energy efficiency measures, the utility said in its its 2013 Annual Report. Prudent management practices have placed NYPA in a strong financial position to implement its 2014-19 Strategic Vision, according to an overview of the authority’s financial performance during the last three years.

In addition to customer savings, NYPA said its economic development programs are now supporting more than 400,000 jobs across the state while securing commitments of some $32 billion in capital investments from recipients of NYPA low-cost power allocations. Additional accomplishments by NYPA in 2013 included:
  • generation of 27.8 billion kilowatt-hours of electricity (approximately 20 percent of the electricity generated in the state), 70 percent of which came from hydro power;
  • Generation market readiness and transmission reliability measures of 99.65 percent and 94.14 percent, respectively;
  • Continuing investments in $1.2 billion in infrastructure upgrades, including initial work on a $726 million life extension and modernization project for NYPA’s transmission system and ongoing progress on a $460 million extension and modernization project at the Niagara Power Project’s Lewiston Pump-Generating Plant; and
  • Completion of 85 energy efficiency projects at public facilities, which are expected to save New York taxpayers some $13.5 million in annual energy costs while reducing greenhouse gas emissions by more than 54,000 tons a year.
Over the past three years, NYPA has been able to steadily improve its financial standing by growing its debt service coverage ratio from just under 2.0× in 2010 to better than 3.0× in 2013. The utility is again projecting a better than 3.0× coverage ratio for 2014. Since 2010, NYPA also has reduced leverage (debt as a percentage of total capitalization) from 39 percent to 31 percent, its lowest level ever.

NYPA’s 2013 Annual Report is available on its website.
 

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