Lockport Union-Sun & Journal — A Lockport-based company was one of the recipients of low-cost hydropower from the New York Power Authority.
The allocations to the five companies, approved Friday by the NYPA Board of Trustees, total nearly 13 megawatts of power from NYPA’s Niagara Power Project. In addition to Yahoo, the firms are SiGNa Chemistry, for a potential new manufacturing facility in Wheatfield, Aurubis Buffalo in Buffalo, International Imaging Materials in Amherst and RubberForm Recycled Products in Lockport.
The five allocations will lead to the creation of 215 jobs and $193 million in investment, Gov. Andrew Cuomo said last week. A big portion of that involves the recently announced expansion of the Yahoo facility in the Town of Lockport.
“Low-cost hydropower is one of the most effective economic development tools that we have to create jobs in New York,” Cuomo said in a statement. “The allocations approved today to five companies in Western New York will help to create over 200 new jobs and support major capital expansion projects. These are smart investments in the region’s economy.”
“The newest power allocations, individually and collectively, signal exciting developments for Western New York’s economy and the Power Authority is pleased to be playing a part in helping these companies realize their expansion goals,” said Gil C. Quiniones, NYPA president and chief executive officer.
The low-cost hydropower to the five companies will be provided under seven-year contracts, with the allocations drawn from two blocks of Niagara electricity known as expansion power and replacement power. In addition to new permanent jobs, the capital investments by the companies are expected to support hundreds of construction jobs.
Rubberform Recycled Products, a manufacturer of recycled rubber products for traffic safety, home improvement, shipping and marine products industries, will receive a Niagara hydropower allocation of 200 killowatts and a $250,000 Environmental Investment Program grant from Empire State Development in support of a $500,000 expansion that includes a new recycled-material production line. The company has committed to add 12 new jobs at its Lockport facility, which currently has a workforce of 15 employees.