NY Power Authority

THE PRIDE OF NEW YORK STATE

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NEW YORK POWER AUTHORITY ENERGY & UTILITIES

P OW E R TO T H E PEOPLE

The New York Power Authority is proudly leading the transition to a carbon-free, economically vibrant state through customer partnerships, innovative energy solutions, and the responsible supply of affordable, clean, and reliable electricity. We learn more with Executive Vice President and Chief Financial Officer, Adam Barsky Writer: Ed Budds | Project Manager: David Knott

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NEW YORK POWER AUTHORITY ENERGY & UTILITIES

N

ew York is the fourth-most populous US state and hosts the country’s third-largest economy.

Additionally, its largest metropolitan area, New York City, is the nation’s financial hub and has been recorded as the city with the most residents in every census since 1790.

As such, the state’s energy resources and provision of power must be meticulously managed and maintained.

Proudly undertaking this task, the New York Power Authority

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(NYPA) is the US’ largest state power organization, operating 17 generating facilities and more than 1,550 circuit miles of transmission lines.

“This is the most exciting yet challenging time to be involved in the energy sector because so many facets of the industry must be balanced simultaneously in order to maintain the broader energy transition,” introduces Executive Vice President and Chief Financial Officer, Adam Barsky.

“At present, we are trying to decarbonize the grid while meeting the requirements for affordable

power,” he affirms.

Joining the authority in 2019 and leveraging over 35 years of experience in financial services, commercial banking, and government, Barsky continues to utilize his considerable competencies to lead capital planning initiatives, establish risk management programs, and optimize NYPA’s financial performance and resilience.

“I currently oversee all financial functions and drive the corporate strategy, aligning it with NYPA’s vision of becoming the first end-to-end digital utility and supporting its clean

“WE’RE SO PROUD OF THE CANAL SYSTEM A N D W H AT I T M E A N S T O N E W Y O R K A N D T H E C O U N T R Y. W E C O U N T O U R S E LV E S L U C K Y T O B E T H E S T E WA R D S R E S P O N S I B L E F O R T H I S I N C R E D I B L E R E S O U R C E O F T H E S TAT E ” – A D A M B A R S K Y, E X E C U T I V E V I C E P R E S I D E N T A N D C H I E F F I N A N C I A L O F F I C E R , N E W YO R K P OW E R A U T H O R I T Y

energy and sustainability goals.”

Throughout his experienced career, Barsky has also held numerous positions in both state and local

government, including Deputy Secretary to the Governor of New York for Finance, Housing, and Public Authorities.

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NEW YORK POWER AUTHORITY ENERGY & UTILITIES

PLANTING THE SEEDS FOR POWER

NYPA’S MISSION, VISION, AND VALUES NYPA’s vision, mission, and values provide a strategic framework to align decision making, actions, and culture.

VISION: A thriving, resilient New York State powered by clean energy.

MISSION: • Spearhead the ongoing transition to a carbon-free, economically sustainable, and flourishing New York.

• Continue operating and maintaining a premier waterway and canal system that honors the historic legacy of the Erie Canal and offers unique recreational and tourism opportunities, while also promoting sustainable economic development throughout the canal corridor.

VALUES: • Work for the greater good and a stronger, sustainable New York.

• Hold the highest standards of integrity, safety, and excellence.

• Remain resilient and use ingenuity to make big things happen.

• Draw strength from diversity – everyone contributes, everyone belongs.

• Work as one team, putting trust and confidence in each other.

Boasting a long and proud history, NYPA began life as an early experiment in public power, serving as a structured model for federal initiatives such as the Tennessee Valley Authority and Bonneville Power Administration.

“Today, we produce some of the cheapest electricity in North America, helping to drive New York’s economic revival, while its efforts to promote efficient use of energy and develop new, environmentally-friendly power sources continue to break new ground and draw both national and international attention,” prides Barsky.

The founding seeds of the authority were planted by Charles Evans Hughes, the 36th Governor of New York, who in 1907 declared that the state’s undeveloped waterpower must be preserved and held for the benefit of the people and should not be surrendered to private interests.

Ultimately, Governor Franklin D. Roosevelt, the 44th Governor of New York and later the 32nd US President, established the state’s model for public power through legislation signed in 1931.

“The authority remains true to its mission, serving the public without the use of any tax revenue or state credit. We finance the construction of our projects through bond sales to private investors, repaying bondholders with proceeds from our operations,” Barsky sets out.

“We aim to utilize the state’s great natural resources to generate power and offer great prices, both of which can be used as an engine for economic growth and development.”

This dedication to care and providing essential utilities for the people of New York has echoed true throughout the ever-expanding story of NYPA.

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NEW YORK POWER AUTHORITY ENERGY & UTILITIES

some of the largest hydropower plants in the country, with its sites located in Niagara Falls and St. Lawrence County.

“Together, these impressive facilities generate over 23 terawatt hours of power, which represents more than 20 percent of all electricity generated in New York State,” Barsky explains.

“Meanwhile, in addition to our hydropower sites, we have 15 other generation plants situated throughout the state,” he furthers.

Power generation is at the heart of NYPA’s mission and the core of its business.

As such, thanks mainly to its largescale hydroelectric plants, New York State now produces a substantial portion of statewide power needs.

“Because more than 80 percent of that power is hydroelectric, it’s generated without fossil fuels and their related emissions. New York therefore generates more power from hydro than any state east of the Rocky Mountains.”

In fact, clean generation sources and the fact that New Yorkers use less

“ W E A I M T O U T I L I Z E T H E S TAT E ’ S G R E AT N AT U R A L R E S O U R C E S T O G E N E R AT E P O W E R A N D O F F E R G R E AT P R I C E S , B O T H O F W H I C H CAN BE USED AS AN ENGINE FOR ECONOMIC GROWTH AND DEVELOPMENT” – A D A M B A R S K Y, E X E C U T I V E V I C E P R E S I D E N T A N D C H I E F F I N A N C I A L O F F I C E R , N E W YO R K P OW E R A U T H O R I T Y

– and spend less on – electricity per capita than the citizens of any other state in the country make it a national energy leader.

“We’re also one of the largest owners of the transmission system in the state as we currently operate over 1,500 miles of transmission – almost 40 percent of the high-voltage transmission grid,” Barsky expands.

CLEANING UP THE INDUSTRY A key balance that must be struck by NYPA is the alignment of state goals with federal mandates alongside a constantly shifting set of trends and priorities, meaning the authority must often adjust its strategy accordingly.

“Many subsidies remain on the table for use in technologies such as battery storage, geothermal, nuclear, and biomass energy sources, which are incentives that will remain active for now,” Barsky clarifies.

“However, we’re constantly updating our strategies in order to take full advantage of the money granted by the state so we can get our projects completed on schedule and at a reasonable price point that is acceptable in the marketplace,” he adds.

During recent years, NYPA has been given the additional responsibility of helping to build renewable power production throughout the state,

working across a variety of energy sources such as solar, wind, and geothermal.

“Marking a noteworthy point of pride for our business, in June this year, Governor Kathy Hochul tasked the authority with proudly leading the development and construction of at least one new nuclear facility,” Barsky enthuses.

This will feature as a key component of NYPA’s strategy to meet the state’s 100 percent clean energy target by 2040, which involves a diverse mix of renewable and clean energy sources.

Nuclear power is intended to complement the state’s growing

reliance on offshore and onshore wind, solar, and hydropower resources, with the project being framed as a ‘nuclear renaissance’ within New York’s broader strategy for a brighter clean energy future.

PROUD STEWARDSHIP Elsewhere, a particularly notable achievement for the authority was confirmed back in 2017 as NYPA assumed ownership of the New York State Canal Corporation (NYSCC).

The New York State Canal System includes the Erie, Champlain, Oswego, and Cayuga-Seneca Canals.

“Spanning 524 miles, the historic

waterway links the Hudson River with the Great Lakes, the Finger Lakes, and Lake Champlain, allowing New York to flourish,” states Barsky.

NYSCC is celebrating its 200th anniversary this year with a large bicentennial celebration running through to the end of 2025.

This aligns perfectly with the announcement that New York will be hosting the World Canals Conference in September this year.

By helping to identify and streamline operations together with NYSCC, the authority remains confident it can continue to maintain and advance operating efficiencies to build on the solid foundation of this iconic waterway.

“We’re so proud of the canal system and what it means to New York and the country. We count ourselves lucky to be the stewards responsible for this incredible resource of the state,” he finishes confidently.

Phone: (914) 681-6200 info@nypa.gov

www.nypa.gov

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Phone: (914) 681-6200 info@nypa.gov www.nypa.gov

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