Three Western New York businesses have been awarded nearly 1 megawatt of low-cost hydropower by the New York Power Authority under the state’s Recharge New York program to encourage capital investment.
Only one of the three companies receiving the power – Time Warner Cable, which plans to add 152 new jobs in Buffalo – said it expects to create any new jobs, although the two other companies pledge to maintain the 73 jobs they currently have in Dunkirk and Olean.
The companies were granted the power to support initiatives that will invest a combined $4.6 million in those firms.
The $2.1 million Time Warner Cable project is the biggest of the three local projects receiving electricity under the most recent round of allocations by the state’s Recharge New York initiative. Time Warner received the second-largest block of power – 176 kilowatts – to support its expansion in Buffalo.
SolEpoxy, an Olean company that makes molding compounds and insulating coating powders, received the largest allocation of power – 780 kilowatts – for a $2 million project that will retain 55 jobs.
Dunkirk Metal Products of WNY was granted 40 kilowatts of cheap power for its $500,000 investment in its Dunkirk plant, which is expected to retain 18 jobs.
The allocations to the three local companies accounted for 17 percent of the 5.8 megawatts of power that were awarded to 14 companies across New York in the eighth round of power allocations under the Recharge New York program, which was launched in 2011 to replace the state’s Power for Jobs program.
Half of the electricity used in the Recharge New York program comes from the Power Authority’s hydroelectric plants in Lewiston and Massena, with the other half coming from power that NYPA purchases on the open market.
More than 36 percent of the power handed out in the latest round of allocations went to Pratt & Whitney Advanced Coating Technologies in Middletown in the mid-Hudson region, which is planning a $140 million project that is expected to create 100 jobs.
More than a third of the power allocated was divided among six businesses on Long Island that are pledging to create 389 new jobs through investment programs costing nearly $59 million.