- First New York State Public Authority and First Public Power Utility in Country to Develop Integrated Report                                                                                              Â
- First Annual Integrated Report Details Power Authority and Canals Strategic Priorities, Performance and Outlook
The New York Power Authority (NYPA) today (Aug 2) released its first annual Integrated Report, which details the operations and activities carried out by the Power Authority and its subsidiary, the New York State Canal Corporation, in 2022. The report takes an integrated approach to communicating the Power Authority's performance, bringing together environmental, social and governance (ESG) data and audited financial information to present a more comprehensive view of the Power Authority's value creation process.
"The 2022 Integrated Report provides insight into the important work that has positioned the Power Authority and Canals as environmental, social and governance leaders," said NYPA Chairman John R. Koelmel. "It provides a more transparent overview of the Power Authority's efforts to keep New York a great place to live and do business. NYPA, as New York's largest supplier of renewable energy, is advancing the state's ambitious energy goals, helping its customers decarbonize their operations and improving quality of life."
The 2022 Integrated Report describes progress toward achieving the priorities set by VISION2030 and the goals outlined in its 2021-25 Sustainability Plan. In particular, 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 three key areas of performance: enabling the just transition to a decarbonized New York state; empowering a resilient New York state through partnerships; and cultivating success as a team.
The Power Authority achieved progress on a myriad of major initiatives such as Next Generation Niagara, Smart Path and Central East Energy Connect and advanced our commitment to 100 percent carbon-free electricity by 2035. The Power Authority will lead the power generation sector by developing and publishing an action plan within the next two years to deliver upon its commitment to phase-out electricity production from its fossil fuel peaker power plants by 2030. NYPA will consider using the plants and the sites for renewable generation, energy storage or electric grid support needs.
The Power Authority has also implemented programs in partnership with customers and communities to help them achieve their sustainability and climate goals and continued to invest in its employees and their health and safety.
In addition to showing the Power Authority's financial performance and progress towards meeting its VISION2030 strategy goals, it also shows the impact of the Power Authority's performance on the environment and the community it serves.
"We are pleased to publish the first New York Power Authority Integrated Annual Report, which explains the importance of sustainability to NYPA and Canals," said NYPA President and CEO Justin E. Driscoll. "NYPA is a first mover in integrating its ESG reporting with its financial reporting to provide a complete picture of the Power Authority's business operations. This annual report will track NYPA's progress as it endeavors to achieve its VISION2030 strategic goals and advance Governor Hochul's nation-leading climate and clean energy agenda."
VISION2030 is a core tenant of the report and focuses on five strategic priorities to achieve the clean energy goals of the Power Authority's customers and the state. They include the Power Authority's ongoing partnerships with customers to deliver clean and affordable energy solutions; pioneering the path to decarbonization while ensuring the reliability, resilience, and affordability of the state's electric grid; facilitating the rapid development of transmission assets; preserving the value of hydropower; and adaptively reimagining the New York State canal system.
The Power Authority will issue an annual Integrated Report moving forward. To learn more about sustainability at NYPA, please visit nypa.gov/innovation/initiatives/sustainability.
New York State's Nation-Leading Climate Plan
New York State's nation-leading climate agenda is the most aggressive climate and clean energy initiative in the nation, calling for an orderly and just transition to clean energy that creates jobs and continues fostering a green economy as New York State recovers from the COVID-19 pandemic. Enshrined into law through the Climate Leadership and Community Protection Act, New York is on a path to achieve its mandated goal of a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and to reach economy wide carbon neutrality. It builds on New York's unprecedented investments to ramp-up clean energy including over $35 billion in 120 large-scale renewable and transmission projects across the state, $6.8 billion to reduce buildings emissions, $1.8 billion to scale up solar, more than $1 billion for clean transportation initiatives, and over $1.6 billion in NY Green Bank commitments. Combined, these investments are supporting more than 165,000 jobs in New York's clean energy sector in 2021, a 2,100 percent growth in the distributed solar sector since 2011 and a commitment to develop 9,000 megawatts of offshore wind by 2035. Under the Climate Act, New York will build on this progress and reduce greenhouse gas emissions by 85 percent from 1990 levels by 2050, while ensuring that at least 35 percent with a goal of 40 percent of the benefits of clean energy investments are directed to disadvantaged communities, and advance progress towards the state's 2025 energy efficiency target of reducing on-site energy consumption by 185 trillion BTUs of end-use energy savings.
About NYPA
NYPA is the largest state public power organization in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.gov and follow us on Twitter, Facebook, Instagram, Tumblr and LinkedIn.
Contact:Â Paul DeMichele | media.inquiries@nypa.gov | (914) 681-6770
