Printer Friendly

NEW YORK POWER AUTHORITY CHAIRMAN COMMENTS ON RESIGNATION

 NEW YORK, Nov. 20 /PRNewswire/ --Richard M. Flynn announced his resignation Saturday after almost 8 l/2 years as chairman of the New York Power Authority, saying he is "confident that I am turning over a strong and secure Power Authority to my successor."
 In a letter to Gov. Mario M. Cuomo, Flynn, 62, said he was leaving to accept the position of chairman of the Northeast Corridor Initiative (NCI), a Boston-based organization working to develop a high-speed, electrified rail network to link major cities in the Northeast and Eastern Canada.
 "At a time of intensifying activity in the area of high-speed rail transportation, I believe that this is a challenging and exciting opportunity that I cannot turn down," said Flynn, a member of the NCI board. He noted that the rail system "would produce immense economic and environmental benefits for our state and the entire region."
 Flynn said his resignation from the $65,702-a-year-post as head of the nation's largest non-federal public power organization would take effect Feb. l.
 He said he had seriously considered resigning last year, having concluded that he had met his major objectives as chairman. He said he decided to stay on "because of the dramatic competitive changes in the electric utility industry that were affecting the Power Authority and the emergence of unanticipated operating problems at our nuclear power plants."
 Flynn said that as a result of actions taken at his direction, the Power Authority "has either solved the problems that confronted us a year ago or put in place the people and structure necessary to do so. I therefore believe it is now possible for me to leave as chairman, confident that I am turning over a strong and secure Power Authority to my successor."
 He said that in response to the competitive and economic challenges, the Power Authority in the past year has:
 -- Reduced its work force by the equivalent of 400 full-time positions as the key element in a program to cut operating costs by $40 million a year.
 -- Refunded more than $1.1 billion in bonds at the lowest true interest cost for any large public power issue in the nation since at least l977. The resulting lower debt payments will save Power Authority customers $370 million over the life of the bonds.
 -- Frozen rates for its government customers in New York City and Westchester County through at least the end of l996, saving them about $110 million in that period.
 -- Moved decisively to resolve the problems at its two nuclear power plants -- Indian Point 3 in Westchester County and the James A. FitzPatrick plant in Oswego County. In addition to major personnel and procedural changes, Flynn noted that at his initiative, the Power Authority had hired a respected outside consultant to evaluate its nuclear operations and had established a Nuclear Advisory Committee of three nationally recognized experts to advise its trustees on nuclear matters.
 Flynn, who has served as a Power Authority trustee since l975, was elected chairman June 28, l985. He had been a senior partner in the New York City law firm of Pryor, Cashman, Sherman & Flynn, but gave up the practice of law to focus full-time on his duties as Power Authority chairman.
 During his tenure, Flynn was a leading national advocate of increased competition in the electric utility industry as a means of lowering costs for consumers. He called for expanded access to electric transmission lines and helped to develop a voluntary access proposal that has since been endorsed by regulators and utilities throughout the nation.
 At the Power Authority, Flynn spearheaded various efforts to assure low-cost, reliable and environmentally compatible electricity for the state's residents and businesses. These included:
 -- Establishment of a nationally recognized energy conservation program known as the High Efficiency Lighting Program (HELP). The program, available to government facilities and schools throughout the state, has won awards from the U.S. Department of Energy and the American Public Power Association (APPA), as well as the Governor's Award for Energy Excellence.
 -- Implementation and expansion of a "Power for Jobs" program, in which businesses receiving Power Authority electricity are required to create or protect specified numbers of jobs. About l70,000 jobs throughout the state depend on Power Authority electricity.
 -- Construction of two major transmission lines -- Marcy-South and the Sound Cable Project -- that carry economical electricity to downstate New York and Long Island.
 -- Successful negotiation of agreements resolving long-standing and bitter controversies over hydroelectric power allocations. The agreements assured continuing access to the low-cost power for residents of upstate New York, industries in Western New York, and the state's 5l municipal electric systems and rural cooperatives beyond the turn of the century. Another agreement negotiated by Flynn gave the Power Authority formal responsibility for serving government customers in New York City and Westchester County.
 -- Development of the Power Authority's successful entry in a competitive bidding process for the right to build a 150-megawatt natural-gas-fueled plant on Long Island. The plant, at Holtsville, is scheduled for completion in May 1994.
 Flynn was a founder of the Large Public Power Council, an organization of the nation's 18 largest public power organizations, served as its chairman from l99l to l993 and currently heads its Transmission Access Task Force. He has been a director of the APPA since l990 and chairman of the state Economic Development Power Allocation Board, established to recommend allocations of electricity from the Power Authority's FitzPatrick plant to businesses, since l987.
 A native of New York City, Flynn is a graduate of Princeton University and of New York Law School, where he serves on the board of trustees and as a trustee of the Alumni Association. As an attorney, he was active in the development and evolution of cable television law and drafted the first public and leased access rules filed with the Federal Communications Commission.
 Flynn's father, the late Edward Flynn, served as New York secretary of state and was a confidant of Franklin D. Roosevelt when Roosevelt was governor of New York and president.
 -0- 11/20/93
 /CONTACT: Stephen Shoenholz of New York Power Authority, 212-468-6313, or home, 201-568-7565/


CO: New York Power Authority ST: New York IN: UTI SU:

TM -- NYSA010 -- 6605 11/20/93 17:17 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 20, 1993
Words:1038
Previous Article:NEW YORK POWER AUTHORITY CHAIRMAN RICHARD M. FLYNN ANNOUNCES RESIGNATION
Next Article:ALLTEL'S SYSTEMATICS SIGNS LONG-TERM OUTSOURCING CONTRACT WITH HIBERNIA NATIONAL BANK
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters