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LOWER-COST POWER AUTHORITY ELECTRICITY COULD HELP CREATE OR PROTECT 7,000 JOBS

 LOWER-COST POWER AUTHORITY ELECTRICITY
 COULD HELP CREATE OR PROTECT 7,000 JOBS
 LEWISTON, N.Y., June 30 /PRNewswire/ -- New York Power Authority Chairman Richard M. Flynn said Tuesday that six new allocations of lower-cost electricity may help to create or protect more than 7,000 jobs in New York City, on Long Island and in Rockland, Westchester and Genesee counties.
 "This flurry of activity under my Power for Jobs program bodes well for the state's economy," Flynn said after Power Authority trustees approved the allocations at a meeting at the Niagara Power Project here.
 In return for the power, from the Power Authority's James A. FitzPatrick Nuclear Power Plant on Lake Ontario near Oswego, companies would pledge to create 146 jobs and maintain 6,887 existing positions.
 Five of the allocations were recommended by the state Economic Development Power Allocation Board (EDPAB); the other is from a block of power that the Power Authority set aside for downstate municipal utility agencies. Two of the allocations are subject to approval by Gov. Mario M. Cuomo.
 The trustees approved allocations for:
 -- National Broadcasting Co. (NBC), New York City. Its 7,600- kilowatt (kw) allocation is the final major step in a package of incentives negotiated by the city and state in 1987 to keep the network at 30 Rockefeller Plaza. NBC, which plans to renovate, re-equip and expand its space over a 15-year period at an expected cost of at least $300 million, has agreed to protect 1,700 jobs in the city. The EDPAB- recommended allocation will be supplied via the New York City Public Utility Service through June 30, 2010.
 -- American Cyanamid Co., Pearl River, Rockland County. A 5,000-kw, 10-year allocation for the company's medical research and pharmaceutical manufacturing complex would help it compete with sites in the Sun Belt and elsewhere for new facilities. In return, the company would invest up to $145 million in expansion projects, add 68 jobs and protect 3,454 existing positions. The agreement is subject to approval by Governor Cuomo. American Cyanamid's application to EDPAB was sponsored by Rockland County Executive John T. Grant.
 -- Grumman Corp., Great River, Suffolk County. The company will receive up to 2,000 kw through the Suffolk County Electrical Agency. In return for the five-year allocation, Grumman will maintain 1,000 jobs at the site, headquarters for its Electronic Systems Division. Grumman has made about $29.2 million in capital expenditures at Great River since 1987, and plans another $15.3 million in improvements through 1994. The allocation for Grumman will come from a 4,990-kw block that the Power Authority reserved for the Suffolk agency.
 -- Monitor Aerospace Corp., Amityville, Suffolk County, would keep at least 371 employees at its New Horizons Boulevard site in exchange for 2,300 kw. It also would move ahead with a $2.2 million expansion. Monitor, which makes precision-milled structural aircraft components, has been considering a move of some operations to Pennsylvania. The allocation, recommended by EDPAB, is subject to Governor Cuomo's approval.
 -- Hosiery Concepts Inc., Yonkers, Westchester County. The company would proceed with a $750,000 expansion of its knitting operations in return for 400 kw of lower-cost power. It also would commit to creating 50 jobs and protecting 78 existing positions in exchange for the 10-year power allocation. The City of Yonkers Industrial Development Agency applied to EDPAB for the Hosiery Concepts power, which will be supplied through the County of Westchester Public Utility Service Agency.
 -- LeRoy Industries, near Batavia, Genesee County. In exchange for a 1,300-kw allocation, LeRoy will add 28 jobs, protect 284 existing positions and proceed with a $660,000 expansion of its manufacturing plant. The company makes special parts for automobiles and light trucks. The 15-year allocation will help the company compete in the automotive industry. The Genesee County Industrial Development Agency applied to EDPAB for the allocation to LeRoy Industries.
 EDPAB, which Flynn also chairs, evaluates requests for the economical power and makes recommendations for action by the Power Authority.
 Statewide, Power Authority electricity helps to protect about 140,000 jobs.
 -0- 6/30/92
 /CONTACT: Laurence Frech of New York Power Authority, 212-468-6351/ CO: New York Power Authority ST: New York IN: UTI SU:


AH -- NY066 -- 5201 06/30/92 13:13 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
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