Amherst Chamber of CommerceAmherst Chamber of Commerce

WNY Power Proceeds Act Stimulates Economic and
Employment Opportunities


The Amherst Chamber of Commerce fully supports the sale of unallocated hydro-power in the open market with a portion of the proceeds being dedicated to an economic development fund for Western New York. The Chamber is pleased to see that the 2012-2013 New York State Budget Part GG addresses the WNY Power Proceeds Allocation Act. This act authorizes the funding of an expanded array of economic development activities from unallocated reserved hydropower dedicated to and reserved for the Niagara/Erie corridor to stimulate WNY's economic and employment opportunities.

 

Eligible projects for funding through the proceeds allocation must be located within a 30 mile radius of the Niagara Power project in Lewiston and be within   New York State. Projects that are approved will support the growth of business throughout the state, leading to the creation or maintenance of jobs. Projects eligible for funding include capital investments, transportation projects, acquisition of land, research and development when the results would directly impact/benefit New York state, support for tourism, marketing and advertising or energy-related projects.

 

Funding for the Proceeds Allocation Act will come from the excess revenues received by the New York State Power Authority through the sale of expansion and replacement power as well as energy produced by the Niagara Power project that was sold in the wholesale energy market. Oversight of the proceeds funding will be done by a newly created WNY power proceeds allocation board. The board will review applications for funds at least twice a year according to the legislation passed.

 

The Amherst Chamber applauds Governor Andrew Cuomo and the New York State Legislature and in particular the Western New York delegation for working to ensure that the profits earned by the Niagara Power Project will be kept in Western New York. The next goal of the Chamber's legislative agenda is now to ensure that Niagara County has a representative on the NYPA board of trustees.

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