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What you need to know for 05/23/2017

3 local companies get cheaper electricity

3 local companies get cheaper electricity

A third round of cheap power through the ReCharge NY program has been announced.

A third round of cheap power through the state’s ReCharge NY program was announced Monday, with GlobalFoundries receiving about half of the 29.3 megawatts of power being distributed.

Throughout the state there were 38 beneficiaries from this latest round of allocations, including EFJ Inc. doing business as Mill Services in Schoharie County, Olbrych Realty Inc. in Fulton County and GlobalFoundries in Saratoga County. The GlobalFoundries site in Malta received 15 megawatts of power, which state officials said will create 450 jobs there and spur a $2.3 billion investment by the company.

Officials from GlobalFoundries did not respond to a call for comment, but earlier this summer they had already announced the $2.3 billion investment and pledged to create 200 to 300 more jobs, with total employment exceeding 1,800 by late 2013. The company had already invested more than $4 billion in the site and employs about 1,500 people there.

The third round of ReChargeNY will be drawn from 200 megawatts of power that was set aside for business expansion and attraction as part of the 910 megawatts allocated for the entire program. So far 716 megawatts of power have been distributed through Recharge NY.

The ReChargeNY program was created in 2011 and replaced Power for Jobs and the Energy Cost Savings Benefit program. ReCharge is designed to offer longer contracts that provide more stability.

Local businesses and nonprofits to receive power during the three rounds include Beech-Nut Nutrition Corporation in Montgomery County, Keymark Corporation in Montgomery County, Nathan Littauer Hospital Association in Fulton County, Cascades Tissue Group in Saratoga County and Norampac Schenectady in Schenectady County.

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