ML11348A283
| ML11348A283 | |
| Person / Time | |
|---|---|
| Site: | Indian Point  |
| Issue date: | 12/31/2010 |
| From: | State of NY, Dept of Energy Services |
| To: | Atomic Safety and Licensing Board Panel |
| SECY RAS | |
| References | |
| RAS 21538, 50-247-LR, 50-286-LR, ASLBP 07-858-03-LR-BD01 | |
| Download: ML11348A283 (52) | |
Text
NEW YORK'S CLEAN-ENERGY ECONOMY 2009 - 2010 ANNUAL REPORT OAGI0001363_00001 NYS000113 Submitted: December 14, 2011
NYSERDA, the New York State Energy Research and Development Authority, offers innovative programs, techni-cal expertise, and funding to help consumers, businesses, local governments, research institutions, fmd non~profit organizations increase energy dfidency, <:f0t1te deon~energy solutions, and save money.
Using objective analysis and a multifaceted approach, NYSERDA professionals help New York meet its energy goals of reducing energy consumption, increasing the use of renewable energy, protecting our environment, and creating clean-energy jobs. NYSERDA, a public b0nd~1 <:orpon::Jt~on, hos been developing partnerships to advance innovative energy solutions in New York State since 1975.
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State's energy independence OAGI0001363_00002
Energy use will determine our future "The need to address global climate change has placed New York at a critical juncture in our history. The choices we make today regarding our energy use will determine New York's capability to meet the economic and environmental challenges of the future.
Since I became Governor, I have made energy a top priority of my administration, and set ambitious goals for reducing our state's energy use and increasing our energy efficiency.
These benchmarks of "45 by IS" will help us meet our clean energy needs and protect our environment while creating good jobs and stabilizing energy costs.
NYSERDA is a tremendous asset to New York, and a model for the nation in building public-private partnerships that will help create a brighter future for New York."
David A. Paterson, Governor of the State of New York NYSERDA Board Members Vincent A. Delorio, Esq.
NYSERDA Chairman The DeIorio Law Firm, LLP George F. Akel, Jr President Akel Wholesale Grocery, Inc.
Ga rry A. Brown Chairman Public Service Commission Kevin Burke Chairman and CEO Consolidated Edison Company of New York Robert B. Catell U.S. Chairman Advanced Energy Research and Technology Center (AERTC)
David D. Elliman Chairman Elmrock Capital, Inc.
Stanley Gee Acting Commissioner NYS Department of Transportation Alexander B. (Pete) Grannis Commissioner, NYS Department of Environmental Conservation Roger B. Kelley Public Member Elizabeth W. Thorndike, Ph.D.
Founder, Center for Environmental Information, Inc.
Michael J. Townsend Chairman New York Power Authority Mark A. Willis Resident Research Fellow NYU, Furman Center OAGI0001363_00003
Message from Vincent A. Delorio, Esq., Chairman, NYSERDA By making energy a centerpiece of his administration, Governor Paterson has put New York on an ambitious course to become a national leader on the full spectrum of energy issues. NYSERDA plays an essential role in helping to make his vision a reality.
In every area of its operations, NYSERDA works to build partnerships that create incentives for all New Yorkers to use energy in the most efficient way possible, and for businesses to meet the growing demand for energy-efficient technologies.
The examples of our programs in this annual report show the partnerships between State and local governments and between the public sector and the private sector that will help strengthen our economy and position New York for a better energy future.
As it enters its 35th year, NYSERDA will continue to provide New Yorkers with the objectivity and expertise needed to create and implement energy solutions for New York State.
Vincent A. De Iorio, Esq., Chairman, NYSERDA NYSERDA Senior Staff Francis J. Murray, Jr., President and CEO Robert G. Callender, Vice President for Operations and Energy Services Thomas R. Barone, Director of Energy Efficiency Services Stanley Brownell, Facility Manager Michael T Colgrove, Director of the New York City Office Bette lee Foley-Flynn, Director of Human Resources Karen E. Villeneuve! Director of Residel1tial Efficiency Affordability Janet Joseph, Vice President for Technology and Strategic Planning Peter W. Douglas, Director of Energy Efficiency Research Mark R. Torpey, Director of Clean Energy Research and Market Development John G. Williams, Director of Energy Analysis Hal Brodie, General Counsel Paul J. Bembia, Director of West Valley Site Management OAGI0001363_00004
Message from Francis J. Murray, Jr.,
President and CEO, NYSERDA Last year, Governor David Paterson called on New York State to create a "Green Revolution." He followed up his words with actions, providing both investments and initiatives that will strengthen every aspect of the clean energy economy. His work will have a lasting impact on the way New York uses energy, and the way energy powers our economy.
The governor's commitment to support businesses and research entities conducting cutting-edge research, and developing next generation technologies, will help solidify New York's standing as a national energy leader. Furthermore, his work to strategically target federal stimulus dollars will reduce our energy consumption, invigorate our economy, and heighten demand for clean energy technologies while creating jobs for New York's future.
NYSERDA's dedicated professionals support New York's energy agenda through their work to advance technical innovation, im-prove our sustainability, and develop clean-energy solutions. Our programs help all energy consumers increase their energy efficiency, save money, and reduce their impact on the environment.
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(j' Francis J. Murray, Jr., President and CEO, NYSERDA Jeffrey J. Pitkin, Treasurer Bruce A Cabana, Information Securily Officer Cheryl l. Earley, Director of Contract Management Peter V. Mahar, Controller and Assistant Treasurer Mark B. Mitchell, Director of Internal Audit David M. Young, Chief Information Officer, and Director of Information Technology Thomas Lynch, Director of External Affairs Jeffrey R. Gordon, Director of Communications Donald G. laVada, Director of Consumer Services and Events Management Susan B. Moyer, Director of Marketing and Economic Development OAGI0001363_00005
PUBLIC/PRIVATE Large wind turbine New York Energy Policy Institute-facilitating partnerships among New York's energy researchers e focus: The State University of New York at Stony Brook was designated to lead the New York Energy Policy Insti-tute (NYEP!), a key initiative from Governor Paterson's State of the State address. Working in partnership with Rensselaer Polytechnic Institute and S~!racuse University, this consortium will serve as a resource for the State's policymakers and help to facilitate partnerships among New York's energy researchers.
G Significance: NYSERDA will oversee the NYEPI's opera-tions. NYEPI will work with NYSERDA and other State agencies to conduct studies, produce policy analysis, and provide guidance on energy issues affecting New York.
The consortium will coordinate efforts with energy experts at partner institutions from across the State, including the City University of New York, Clarkson University, Columbia Universit~!. Cornell University, Hudson Valley Community College, Morrisville State College, The Rockefeller Institute of Government, SUNY College of Environmental Science and Forestry, the University at Albany, University at Binghamton, University at Buffalo, and the University of Rochester.
OAGI0001363_00006
PARTNERSHIPS Smart Grid Consortium -
reducing electricity cost while increasing reliability
- Focus: The New York State Smart Grid Consortium (NYSSGC) was founded in 2008 when leaders determined that meaningful progress on a Smart Grid required the inclusion of all stakeholders to define and work toward a common vision. The Consortium represents a key public-private partnership to promote broad statewide implementation of the Smart Grid. Governor Paterson announced the kick-off of the Consortium to foster the development and deployment of new technology aimed at reducing the cost of electricity while increasing reliability. The System Benefits Charge (SBC) program allocated $10 million for electric power transmission and distribution projects that clearly demonstrate broad public benefit. The Smart Grid Consortium supports projects that improve the reliability, efficiency, security, and overall per-formance of the electric power delivery system in New York State. The program also supports research with broad statewide energy efficiency and reliability benefits.
o The program has supported more than 30 projects that have made several advancements including the establishment of uniform statewide diagnostics to assess system reliability; integrating advanced communication, control and monitor-ing technologies; developing power electronics',
remote sensing for continuous monitoring of Smart Grid infrastructure; real-time monitoring of real and reactive power; and facilitating the integration and delivery of electricity from renewable generation resources. Technologies include flow batteries, flywheels, stationary batteries, compressed air energy storage, phasor measurement units, reactive power correction advanced distribution management and demand response solutions. The program also supported several research studies to evaluate new technologies, design methodologies, and policies to aid with implementation of a Smart Grid in New York State.
$ Significance: NYSERDNs establishment of NYSSGC has contributed to attracting more than
$250 million in Smart Grid ARRA funding to New York State. NYSERD~s President sits on the board of the NYSSGC, where the primary objective is to coordinate the collective efforts of key energy stakeholders and implement an electric power supply and delivery system that is efficient, secure, and reliable. By establishing a Smart Grid, New York State will create new jobs, reduce energy prices (especially at peak), lower costs in achieving State energy plan goals, and significantly lower energy prices and distribution infrastructure capital costs associated with ac-commodating New York State's goals for electric vehicle penetration. Additional benefits are associated with savings in utility operations, such as reduced losses and improved productivity, also are realized.
Residential photovoltaic system OAGI0001363_00007
PUBLIC/PRIVATE Brookhaven National Laboratory-a fully integrated partnership 5 Focus: Through NYSERDA's multifaceted partnership, Brookhaven National Laboratory, SUNY Binghamton, and SUNY Buffalo are partnering on three New York Battery and Energy Storage Technology (NY-BEST)
Consortium projects to develop improved batteries for use in stationary grid-scale energy-storage applications, including, lithium-air, lithium-ion, and lithium-titanate batteries. NYSERDA is providing $552,890 in funding.
Brookhaven National Laboratory is also one of the regional research partners for the Long Island High Technology Incubator, Inc. (LIHTI) supported by NYSERDA. NYSERDA worked with ECR International, Inc., and Brookhaven National Laboratory on Long Rochester Area Capital District o
NYSERDA Funding by Location o
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PARTNERSHIPS Island, to develop ways to heat New York homes more efficiently. Recent work has shown the ben-efits of low-sulfur heating oil, and some oil-heat customers are now using bio-oil blends instead of conventional petroleum. A B-20 blend, for example, consists of 20% renewable fuel derived typically from soybean oil or recycled cooking oil.
NYSERDA and Brookhaven National Laboratory are collaborating on a range of bioheat projects -
exploring high efficiency/high performance wood heating systems. New York is still the largest home heating oil market in the nation, therefore, the combination of these elements of efficiency and fuel diversity could lead to a dramatic first step in reducing national dependence on imported oil for residential heating as well as reducing air pollution.
New York Battery and Energy Storage Technology (NY-BEST) Consortium -
advancing battery and energy storage
- Focus: N):'-BESTTl>f is an industry-focused coalition working to further the development and manufacture of an advanced battery and energy storage sector in New York State by capitalizing on New York's broad base of energy storage companies and research centers.
- Significance: NYSERDA is awarding $8 million to help develop or commercialize 19 cutting-edge energy storage projects. Awards are being made to companies and universities across New York that are involved in advanced research and development of energy storage applications that could benefit transportation, Smart Grid applications, renewable energy technologies, and other industries. Two of the 19 projects that will leverage $7.3 million in cost-sharing by recipi-ents for a total of $15.3 million in funding are:
- General Electric Co. (Schenectady County) is developing improvements to its sodium metal halide batteries for use in a new generation of cleaner locomotives; various stationary applica-tions to smooth intermittent renewable power generation as it interconnects with the grid; and critical load back-up power.
- Ultralife Corporation, of Newark (Wayne Coun-ty) is integrating battery and ultra-capacitors (an electronic energy-storage device) on a common power circuit serving two renewable-energy generation sources. This will enable increased renewable-energy contributions to the grid. The system also will provide backup electricity dur-ing outages and during normal operation, allow-ing customers to draw on the stored energy to reduce their peak electric demand and reducing the charges associated with peak demand use.
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ENERGY EFFICIENCY &
New York-Presbyterian Hospital New York-Presbyterian Hospital - reducing energy consumption and lowering costs
~ Focus: With support from NYSERDA, New York-Presbyterian Hospital's newly constructed Milstein Heart Center features advanced energy efficiency technologies.
NYSERDA provided $550,000 toward the $150 million construction project through its New Construction Program. In a related campus-wide load analysis, New York-Presbyterian Hospital engaged the NYSERDA FlexTech Program to provide a study of combined heat and power (CHP). The study identified a cost-effective CHP opportunity and potential barriers to the installation.
The NYSERDA Research and Development program helped address the barriers and provided $1.1 million toward the construction of the CHP system, a first of its kind co-generation demonstration system, with cutting-edge circuit -breaker technology. The combined heat and power (CHP) system will reduce the hospital's energy consumption and significantly cut its energy cost.
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RENEWABLE PROGRAMS e Significance: As a result of the NYSERDA New Construction Program investments, New York-Presbyterian is anticipated to cut its energy costs by more than $169,000 per year and reduce its annual energy consumption by the equivalent of the electricity consumed by 177 single-family homes. Energy savings from the new construc-tion improvements will reduce annual emissions of CO2 by 562 tons, the equivalent of removing 112 cars from the road. In addition, the energy-efficiency achievements and attention to sustain-able construction practices will help New York-Presbyterian attain a Silver designation in the Leadership in Energy and Environmental Design (LEED) by the U.S. Green Buildings Council.
The Combined Heat and Power (CHP) system allows the hospital to generate between 60% and 100% of its own electricity and, in the event of a grid emergency, disconnect from the grid and continue to supply power to the majority of the hospital campus. Preliminary results show that the system is exceeding expectations with a fuel conversion efficiency of greater than 85%.
The CHP system is expected to save New York-Presbyterian Hospital $4 million per year in energy costs and significantly reduce CO2 emissions by 54,000 tons per year.
Syracuse University Data Center-a model for data center efficiency
~ Focus: Syracuse University opened a new computer data center with innovations that could dramatically reduce the energy consumption and costs for data centers and telecommunications industries in the future. Developed in partner-ship with NYSERDA and IBM, the data center will provide a model to help these industries address the significant challenge of controlling high energy use in the data center environment.
e Significance: New York has the nation's second largest concentration of data centers, the cen-tralized hub that controls the flow of computer information. Data centers represent the fastest growing sector of energy consumers, with energy use doubling every three-to-five years. The $2 million in NYSERDA funding helped Syracuse University install an on-site electric generating system that will result in an increase in operation-al and energy efficiency. The $12.4-million data center is anticipated to use half as much energy as a typical data center. This project also bolsters New York's standing as a leader in addressing the energy consumption and costs of data cen-ters. NYSERDA will invest $115 million over the next three years to promote smart and sustain-able energy management in the state's industrial facilities and data centers.
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ENERGY EFFICIENCY &
ARRA-Related Projects-bolster economic recovery
~ Focus: The American Recovery and Reinvestment Act (ARRA) of 2009 was signed into law by President Obama on February 17, 2009 to stimulate the nation's economy.
NYSERDA has received $227 million of ARRA funds to date through formula and competitive programs being implemented by the U.S. Department of Energy.
NYSERDA is deploying the funds statewide for energy efficiency and renewable energy projects, energy audits, energy efficiency in homes and buildings, transportation efficiency, alternative fuels, and greenhouse gas mitigation.
Funds were awarded through the State Energy Program (SEP), Energy Efficiency and Conservation Block Grant (EECBG) program, the Clean Cities Program, and the State Energy Efficient Appliance Rebate Program.
- Significance: Under the SEp, $77,898,253 million in ARRA funding was awarded to New York municipalities, public schools, universities and colleges, hospitals and not-for-profit agencies to support 244 energy conservation projects. The energy efficiency, renewable energy, and clean fleet projects will reduce energy and operating costs by $18,687,528.92 million annually and fully return the initial investment in just under 5.5 years. The projects were competitively selected and represent the program's three rounds of funding, totaling $74 million. These sectors also received $5 million to conduct 217 energy studies. In addition, $10 million in ARRA SEP funding was awarded to five solar energy companies to install solar photovoltaic systems (PV) on homes and businesses throughout New York State.
The EECBG program awarded $24 million in ARRA funding to 206 energy conservation projects. These competitively selected, energy efficiency and renewable energy projects are helping 137 municipalities throughout New York State reduce energy and operating costs by $3.3 million annually, and will fully return the initial investment in less than nine years.
OAGI0001363_00012
RENEWABLE PROGRAMS The State Energy-Efficient Appliance Rebate Program, or New York's Great Appli-ance Swap Out, provided
$16.8 million in rebates to New York consumers who purchased qualified energy-efficient appliances.
NYApplionceSwapOut.com Using federal funds from ARRA the program helped consumers save money on energy costs by reducing their energy usage, and provided a needed boost to the economy. Rebates were available for high-efficiency refrigerators, clothes washers, freezers, and dishwashers. The program required consumers to replace old appliances, and encouraged recycling by offering a larger rebate to consumers who recycled their discarded appliances.
The Clean Cities Program awarded $13.3 million to purchase 375 alternative-fuel vehicles, conduct two training programs, and implement 102 infrastructure projects across New York State. The funding was matched with $18.8 million in cost-share from NYSERD~s partners, including the Clean Com-munities of Western New York, Genesee Region Clean Communities, Clean Communities of Cen-tral New York, Capital District Clean Communities, and the New York City and Lower Hudson Valley Clean Communities organizations that compiled and submitted one competitive proposal to the DOE for alternative fuel vehicle and infrastructure develop-ment funds. This investment will lead to reduced petroleum consumption by displacing an estimated 302,000 gallons of petroleum per year, and cutting greenhouse gas emissions.
Schools have been awarded $23.5 million of ARRA funds through the SEP program for energy projects. These funds have benefitted 93 school districts across the state and supported a variety of projects including energy efficiency, clean fleet, renewable energy and others. Under the Clean Cities Program, schools received approximately $600,000 for alternative fuel vehicles and infrastructure im-provements. This included funding for 16 propane-fueled school buses for six school districts and eight hybrid electric school buses for five school districts.
New York is using funds from the SEP and EECBG Programs to train local officials on the provisions of the New York State Energy Conservation Code (Energy Code). This will help localities comply with the Energy Code for new residential and commercial buildings.
New York also received $40 million through a competitive grant from U.s, DOE to retrofit homes and businesses, using innovative financing methods, including a revolving loan fund with options for direct loans and utility on-bill recovery. The funds support a partnership with New York City, the Com-munity Development Corporation of Long Island representing seven Long Island municipalities, the Town of Bedford, and thirteen other communities in northern Westchester County, as well as National Grid. The funds will be used to expand the Green Jobs-Green New York revolving loan fund to significantly increase energy efficiency projects throughout New York State.
These funds will support the continued growth of New York's clean energy economy, and help New York meet Governor David Paterson's goals of ach-ieving 45% of our energy needs through renewable energy and improved energy efficiency by 2015.
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ENERGY EFFICIENCY &
Photovoltaic system Renewable energy projects - support New York State's 45x 15 goal o Focus: NYSERDA, as administrator of the Renewable Portfolio Standard Program (RPS), has committed about
$934 million, and plans to apply approximately $2 billion, in recently authorized funding by the Public Service Com-mission (PSC) in pursuit of continued development of new renewable energy projects to serve New York electric consumers. Each new award under the RPS program accelerates the development of New York's clean-energy economy and represents a step toward achieving Governor Paterson's goal of meeting 45% of the State's electricity needs through clean renewable energy and improved energy efficiency by 2015.
G Significance: Projects associated with committed funding through March 2010 represent about 1,564 megawatts (MW) of new renewable capacity; 32 MW of which is associated with resources installed behind the customers' retail meters. Expected annual electric energy production associated with new renewable capacity under contract with NYSERDA is expected to approach 4.3 million megawatt-hours (MWh) or about 41 % of the 2015 RPS program goal. On the basis of an independently con-ducted program evaluation in 2009, for every program OAGI0001363_00014
RENEWABLE PROGRAMS dollar awarded, New York can expect nearly four dollars in direct economic benefits associated with short and long-term jobs, increased property tax revenues, royalty payments to landowners, and other economic activity associated with project development and operation.
EmPower - builds neighborhood in Western New York
- Focus: NYSERDA joined Senator Antoine Thompson for the Martin Luther King (MLK) Park Energy Challenge, which provides free energy reduction measures to income eligible residents on the periphery of MLK Park in Western New York and beyond. This energy efficiency project will help fight climate change and save consumers money, while providing an economic development component to lift the profile and desirability of the MLK Park neighborhood.
Senator Thompson secured $300,000 in legisla-tive funding to provide home improvements for low income homeowners, and asked NYSERDA to help by providing services through its programs in our portfolio.
NYSERDA and the senator enlisted the assis-tance of several community-based organizations including Western New York AmeriCorps, which provides young adults from disadvantaged neigh-borhoods with training sponsored by NYSERDA to perform electric reduction measures and energy education; Fillmore-Leroy Area Residents, inc. (FLARE), which is coordinating the repairs funded by the senator; the Urban Center, which is providing insulation and other weatherization services through funding from the Weatheriza-tion Assistance Program; and the Martin Luther King Block Club Association, which is conducting outreach encouraging use of the services.
e Significance: Approximately $600,000 of combined funding from the senator's repair fund and NYSERD~ s EmPower New YorksM pro-gram, along with funding for insulation provided by the Lt. CoL Matt Urban Center (The Urban Center}will be available for this effort. Currently, 73 households have been approved for services.
Outreach continues to enroll additional customers to meet the program goal of providing services to 120 households. Since its inception in July of 2004, EmPower New YorksM has served 59,527 households throughout New York State.
Housing Authority Projects - 25 housing authorities save energy and reduce costs e Focus: NYSERDA has made more than
$1.6 million available through the Multifamily Performance Program (MPP) to the Schenectady Municipal Housing Authority (SMHA) as part of a comprehensive statewide energy reduction plan. The total cost to fully implement the energy improvements at SMHA is more than
$7 million. To help offset the cost of the project, SMHA also received a $6.2 million loan from Bank of Arnerica. Using NYSERDA's New York Energy $martSM Loan Fund, a program that buys down loan interest rates by up to 4%, SMHA received an additional incentive of $947,000 for the Bank of America loan.
o Significance: Following an efficiency upgrade, SMHA will reduce energy use by more than 20% in six of its apartment complexes, which is expected to save SMHA nearly $480,000 annually. This is just one of more than 25 municipal housing authorities throughout New York State that NYSERDA is working with to help save energy and reduce costs.
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ENERGY EFFICIENCY &
Blower door test Home Performance with ENERGY STAR -
makes homes up to 40% more efficient
$ Focus: The Home Performance with ENERGY STAR program provides comprehensive home assesments to show homeowners where energy is escaping from their houses, estimates the money they can save by making energy efficiency improvements; and offers incentives and innovative financing to help make these improvements more affordable. The Program, which can make homes up to 40% more efficient, offers homeowners access to a network of independent home improvement contractors accredited by the Building Performance Institute (BPI), a nationally recognized entity that sets standards for evalu-ating and improving the energy performance of homes.
BPI-accredited contractors use a "whole-house approach" in completing a comprehensive home assessment, including visual inspections of all areas, diagnostic equipment such as blower doors to identify air leakages, and health and safety tests to determine whether the major combustion appliances, furnace, boiler, hot water tank, and stove, are operating safely.
$ Significance: More than 30,000 New Yorkers have saved an average of $700 per year by investing in home energy improvements such as insulation and air sealing, heating OAGI0001363_00016
RENEWABLE PROGRAMS and water heating upgrades, health and safety improvements, and others. Project costs average approximately $7,700, depending on the types of measures implemented. The number of jobs completed in the program has increased by nearly 22% from 2008 to 2009, with a 35% increase in the number of Participating BPI Contractors.
Multifamily Program - providing incentives for energy improvements 5 Focus: NYSERDA announced the completion of the first New York Energy $martSM Multi-family Building in New York State, in Clinton County. Through NYSERDA's Multifamily Perfor-mance Program, apartment buildings or buildings with five units or more can earn the New York Energy $martSM label by reducing overall en-ergy use by 20% or more. The program also pro-vides cash grants, access to low-interest financing, and other incentives for energy improvements.
- Significance: The building at 135 Broadway in Saranac Lake, NY is made up of 13 residential units and commercial space on the ground floor.
The recent improvements have reduced energy use by 27%, which will help save more than
$ 7,300 in annual utility costs and improve comfort for the residents. The total cost of the project was $44,430, with NYSERDA providing nearly $31,000.
Plattsburgh International Airport-uses solar energy 5 Focus: Clinton County has been awarded ARRA funding under NYSERDA's RFP 10, totaling
$500,000; the full amount of funding available to a single municipality under the program. This project will consist of the installation of solar wall heating systems on several buildings at the Plattsburgh International Airport.
e Significance: The proposed system is a product by Conserval Systems, an international solar wall company based in Buffalo, NY The technology involves pre-heating incoming air through the use of solar energy. It is expected that the project will generate approximately 7,250 MMBtu of energy each year.
Potsdam Specialty Paper -
audit identifies savings of nearly
$950,000 in annual energy costs e Focus: Potsdam Specialty Paper Inc. (PSPI) locat-ed in Potsdam, NY is a manufacturer of specialty latex, acrylic, and other saturated base wet strength papers. The 200,000-square-foot facility has 80 employees and operates seven days per week. Through NYSERDA's FlexTech program, PSPI retained the services of a FlexTech contrac-tor to do a detailed energy study.
The study identified and evaluated 16 energy conservation measures (ECMs) that could yield annual energy savings of up to 6.4 million kWh of electricity and 346,000 therms of natural gas, sav-ing nearly $950,000 in annual energy costs. The estimated cost of these measures will be $1.5 mil-lion with a pay back of approximately 1.5 years.
e Significance: PSPI is working with NYSERDA to execute the recommendations through the Industrial and Process Efficiency Program, where they may qualify for up to $750,000 of incen-tives to help offset the capital cost of the project.
A second FlexTech study is being conducted to evaluate the benefits of a biomass combined heat and power (CHP) system to provide a renewable source of on-site power generation for PSPI.
OAGI0001363_00017
ENERGY INNOVATION &
New chiller at New York-Presbyterian Hospital R&D - CHP Demonstration Projects-break down barriers and serve as role models
- Focus: Through this program, NYSERDA has selected a vast portfolio of CHP projects, that helps demonstration sites acquire premium technology while simultaneously creating important new learning opportunities for energy users. This strategic approach has been used to demon-strate trailblazing equipment, economically-important applications, and novel business models that can benefit a variety of users. Every project installs clean, highly efficient equipment that is designed to run on a daily basis, as well as to reliably serve priority loads of the site during a grid outage.
- Significance: Over the past year, a dozen of these projects began producing power, collectively representing more than 47,000 kW of new installed capacity. NYSERDA awarded $9.7 million toward the total $89 million for construction. In addition to, and perhaps as important as the energy savings, everyone of these projects delivered a noteworthy barrier-busting outcome. Among these, OAGI0001363_00018
BUSINESS DEVELOPMENT the New York-Presbyterian Hospital project in Manhattan showcased a clever and cost -effective interconnection device, called a "pyrotechnic fast fuse," that is less expensive and takes less time than having the utility company upgrade its network protector infrastructure; the Syracuse University Green Data Center built a CHP system that simultaneously and efficiently produces AC electricity for lights and fans and DC electricity for computer servers; the Burrstone Faxton-St. Luke's Hospital/Utica College CHP project, which set a regulatory precedent that permits "private wires" crossing public rights-of-way for certain CHP systems; and a 646-unit cooperative called the Schwab House in Manhattan unveiled a win-win lease-to-own financing mechanism. The newest addition to NYSERDA's portfolio, the Saint Eliza-beth's Medical Center in Utica, has been awarded
$2 million by NYSERDA to install a CHP system that will demonstrate an elegant buy/make/sell dispatch decision model that is forecast to save the hospital nearly $800,000 per year.
The Clean-Energy Business Incubator Program - offers the potential to invest nearly S 125 million into the regional economy G Focus: NYSERDA awarded $1.5 million in funding each to the Long Island High Tech-nology Incubator, Inc., Rochester Institute of
'Iechno!ogy, University at Buffalo, Center for Clean Tech Entrepreneurship at the Tech Garden, Polytechnic Institute of New York University, and the University at Albany, to establish clean-energy business incubator programs that will provide business support to accelerate the successful development of early-stage, clean energy technology companies throughout the state.
The College of Nanoscale Science and Engineer-ing (CNSE) of the University at Albany will help growing companies develop and commercialize clean energy technologies and create jobs in the Tech Valley. NYSERDA funding will establish the Incubators for Collaborating and Leveraging Energy and Nanotechnology (iCLEAN), spear-headed by CNSE's Energy and Environmental Technology Applications Center (E2TAC). Over the next four years, iCLEAN expects to incubate 25 successful companies, with the potential for creating 125 new jobs and investing nearly
$125 million into the regional economy.
Through all these awards and other ongoing efforts, NYSERDA is building the capacity to foster innovative clean energy companies, in-crease the clean energy industry in New York, and expand the State's "green collar" workforce.
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ENERGY INNOVATION &
Flywheel-based Energy Storage - reliably regulates grid frequency
- Focus: Beacon Power Corporation (Beacon) has been awarded $2 million toward the deployment of a 20 MW advanced flywheel-based energy storage system in Stephentown, NY to provide fast -response frequency regulation to the NYISO electric transmission system.
The flywheel, comprised of carbon fiber composite material and installed in underground concrete vaults to mitigate noise and safety risk, can raise or lower frequency as needed in real-time. This technology has attractive performance attributes, low variable operating costs, and produces zero direct CO2 greenhouse gas or other emissions.
e Significance: Beacon's 20 MW plant has been designed to provide frequency regulation services by absorbing electricity from the grid when there is too much produced, and storing it as kinetic energy in a matrix of flywheel sys-tems. When there is not enough power to meet demand, the flywheels inject energy back into the grid, thus helping to maintain proper electricity frequency. An additional benefit of the Beacon flywheel plant is to support the integration of greater amounts of intermittent renewable power resources, such as wind and solar.
OAGI0001363_00020
BUSINESS DEVELOPMENT Clean Manufacturing - promoting business growth in New York State o Focus: NYSERDA announced a $1.[) million award to Bridge Metal Industries, LLC (BM!)
to expand its existing manufacturing space in Mount Vernon, NY to produce a new Light Emitting Diode (LED) light fixture designed for the retail sector. This project was funded through NYSERD~ s Clean Energy Manufacturing Incentive Program, which is designed to provide New York consumers with greater access to clean-energy, and energy-efficient products by promoting their manufacture in New York State.
~ Significance: It is projected that LEDs will be twice as efficient as today's technology in less than three years. Bridge Metal Industries' new fixture will reduce electricity consumption within the retail sector, increase light levels of products in stores, facilitate job creation, and add to the growing clean-energy sector in New York State.
Companies that have received awards through NYSERD~s Renewable, Clean Energy, and Energy Efficiency Product Manufacturing Incentive Program include loxus, Inc. (Oneonta),
a producer of innovative energy storage products based on uitracapacitor technology; Prism Solar Technologies, Inc. (Highland), a manufacturer of holographic film that increases the efficiency of solar photovoitaic modules; SpectraWatt, Inc.
(East Fishkill), a maker of crystalline silicon solar cells; Solaretch Renewables (Kingston), a prod-ucer of solar PV modules; and Zeropoint Clean-tech (Tonowanda), a fabricator of large-scale biomass gasification equipment.
OAGI0001363_00021
ENERGY EDUCATION &
Gm~1d (fl'i2lJhlg of H~,~MARt ~m", ldf: H~(blJ VaU(f1 ~(f"'lJlly Cn!bg(f j3~%!diitlt lhl;'w Milf~!mk, NYSE!E'lA !'~iiddej'jt ilml {to frl.md, 1 M\\I~Tilj!; h,
}lildso~ V(f!bl' {(f",~mmlly CoU(fg(f !S@d (fS lw:;t(f(fs I1Ik",tm tl(f~1(fld rime TEe-SMART - training workers for growing industries
~ Focus: TECSMART is a joint initiative between Hudson Valley Community College and NYSERDA.
The training facility is being constructed at the Saratoga Technology + Energy Park (STEP), next to the Luther Forest Technology Campus, a 1,350-acre campus designed for nanotechnology manufacturing, and research and development.
5 Significance: TEe-SMART will allow Hudson Valley Community College to continue its long-standing commitment to the technology industry by providing the skilled workers it requires for the growing semiconductor manufacturing, and renewable energy industries of today and tomorrow.
OAGI0001363_00022
WORKFORCE DEVELOPMENT Green Jobs /Green New York - helps residents, businesses, and not-far-profits become energy efficient e focus: Green Jobs** Green NY (GJCNY) is a statewide program administered by NYSERDA to promote energy efficiency and the installation of clean-energy technologies to reduce energy costs and reduce greenhouse gas emissions. The program will support sustainable community development and create opportunities for green jobs. GJGNY provides $112 million in funds, part of which will be used for a revolving loan fund to finance eligible projects.
e Significance:
The program will provide comprehensive home assesments to eligible applicants, based on a sliding scale where audit fees are waived for resi-dential applicants whose demonstrated income is less than two-times the median county household income. Energy efficiency improvements eligible for funding will include, but not be limited to:
weather stripping; caulking; testing; repairing and replacing heating or cooling systems; thermostat upgrades; water heater repair and replacement; health and safety issues; repair and replacement of storm windows, permanent windows, and exte-rior doors; repair or replacement of major house-hold appliances; installation of thermal solar heat or hot water systems; insulation; replacement of inefficient light bulbs and fixtures, and fuel switch-ing to convert an electrically-heated building to a more efficient heating.
NYSERDA will work closely with the New York State Department of Labor and partner with consitiuency-based organizations, workforce development organizations, and labor organiza-tions to provide the necessary workforce training to support the Program, including, but not limited to entry-level, occupational, continuing education and advanced training, and apprenticeships.
PV system installation OAGI0001363_00023
ENERGY & THE Down East Seafood clean-fuel truck State-City NYC Vehicle Emissions -
addressing air quality G Focus: NYSERDA and the New York City Department of Transportation (NYC DOT) announced that 14 companies were awarded over $6.6 million to introduce compressed natural gas (CNG), electric, and hybrid-electric vehicles to their fleets. The funding is awarded through the New York City Private Fleet Alternative Fuel/
Electric Vehicle Program, which is designed to assist private and not-for-profit fleets operating in New York City to purchase new vehicles or repower vehicles with alternative fuels or advanced technologies that improve efficiency and reduce emissions. The New York City Private Fleet Alternative Fuel/Electric Vehicle Program is a State and local partnership between NYSERDA and the NYC DOT. The program uses Federal Department of Transportation Congestion Mitigation and Air Quality (CMAQ) funds distributed through NYSERDA to address air quality improvement strategies in the transportation sector. Additional goals are to reduce emissions of green-house gases and dependence on imported petroleum.
5 Significance: These 137 new dean*-fuel vehicles will displace over 5.8 million gallons of petroleum over their lifetimes as compared to conventional vehicles. Harmful pollution that would have been released in New York will OAGI0001363_00024
ENVIRONMENT be reduced by 790 tons of Oxides of Nitrogen, 2791 tons of Carbon Dioxide, five tons of Hydrocarbons, and 18 tons of particulate matter over the lifetime of the vehicles. Projects that were awarded funds include the following:
Frito Lay was awarded $200,295 to purchase five electric delivery trucks and the associated charging equipment. Partnering with Smith Electric, Frito Lay will demonstrate the Edison electric truck for 10 years with the intention of expanding its zero-point source electric vehicle fleet operations in the New York City Metropolitan and surrounding areas.
Anheuser-Busch was awarded $1,160,720 to re-power 22 heavy duty trucks with California Air Resource Board (CARB) certified CNG en-gines. These re-powered trucks will take the place of older, dirtier vehicles-significantly displacing petroleum and reducing tailpipe emissions.
While this project supports NYSERD~s efforts to improve air quality in high impact areas, it will also be the first Budweiser fleet in the country to convert vehicles to operate on CNG.
Federal Express Corporation was awarded
$1,225,000 to purchase 50 dual fuel E85-hybrid electric delivery trucks. These trucks will replace older delivery trucks in an ideal work environ-ment for hybrids, such as low speed, stop and go, and urban driving operation.
Bartlett Dairy, Inc. was awarded $1,200,000 to purchase 20 CNG milk delivery trucks to replace existing diesel powered delivery trucks in its fleet. In addition, a CNG fueling facility will be constructed for use by neighboring delivery fleets capable of operating on this fuel type.
The W!ld Center - incorporates two renewable heating technologies
- Focus: The W!ld Center natural history museum of the Adirondacks, located in Tupper Lake, installed a high-efficiency wood pellet boiler integrated with a solar-thermal hot water system for space heating and domestic hot water for the museum cafe. The pellet boiler was made in Schenectady, New York by Advanced Climate Technologies. The solar-thermal hot water system is a combination of both flat-panel and vacuum-tube collectors. The two systems are integrated via hot water storage tanks. During the winter, heat will be provided primarily by the pellet boiler. In summer, hot water will be provided by the solar thermal panels for all of the cafe's needs.
During the fall and spring the value of system integration is maximized. The museum will be warmed on chilly mornings by circulating hot water stored from the previous day's solar-thermal production, preventing the need for the pellet boiler to operate.
- Significance: The system bums sustainably har-vested wood pellets supplied by Curran Renew-able Energy of Massena, New York. Clarkson University performed third-party testing of the thermal-efficiency and emissions performance of the pellet boiler.
WlW(,,~~tN Photo courtesy of the WILD Center OAGI0001363_00025
ENERGY & THE New erosion control structure adjacent to the State-Licensed Disposal Area West Valley (CaHaraugus County -
Western New York)
NYSERDA holds title on behalf of New York State to the Western New York Nuclear Service Center (Center), a 3,300-acre property located near the hamlet of West Valley in Cattaraugus County, NYSERDA's activities at the Center are managed by the West Valley Site Management Program (WVSMP) and include:
G Managing the State-Licensed Disposal Area (SDA) and Retained Premises of the Center in a safe, compliant and cost-effective manner 5 Managing NYSERDA's and New York State's interests in the completion of the West Valley Demonstration Project (WVDP) 5 Providing data and evaluations needed to identify safe, scientifically based options for completing the cleanup o Working to address the concerns of the community in regard to activities and facilities at the Center The West Valley Demonstration Project In 1980, the United States Congress enacted the West Valley Demonstration Project Act, directing the U,s, Department of Energy (DOE) to carry out a demonstration project, in cooperation with New York State, to solidify the high-level OAGI0001363_00026
ENVIRONMENT radioactive waste in the underground tanks, trans-port the solidified waste to a federal repository for permanent disposal, dispose of low-level and trans-uranic waste, and decontaminate and decommission the facilities used in the solidification process. DOE has the lead role in the Project, while NYSERDA's participation provides a clear voice for New York State's interests in the completion of the Project.
The State-Licensed Disposal Area The SDA is a shut-down radioactive waste disposal facility that was operated as a commercial radioac-tive waste facility from 1963 to 1975. It contains approximately 2.4 million cubic feet of radioactive waste from industries, government facilities, nuclear power plants, hospitals and universities, waste brokers, and decontamination facilities. In 1975, disposal operations were terminated when water infiltration caused contaminated water to overflow two of the disposal trenches. NYSERDA assumed the day-to-day management of the SDA in 1983 and has effectively managed the SDA for the past 25 years. NYSERDA's extensive environmental monitoring and inspection activities show that the SDA is performing in a safe manner and in full compliance with all regulations.
Deciding on the Future of the Center DOE and NYSERDA released a Revised Draft Environmental Impact Statement (EIS) for public comment in December 2008, followed by a Final EIS in January 2010. In April and May 2010, DOE and NYSERDA issued decision documents that formally selected the Phased Decision-making Alternative for moving forward with the cleanup work in two phases. During Phase 1, a number of highly contaminated facilities will be removed over the next 10 years at a cost of over $1 billion. As the Phase 1 cleanup work is proceeding, DOE and NYSERDA will conduct additional scientific studies to reduce uncertainties for the Phase 2 portion of the cleanup. The Phase 2 decisions, which will be made within 10 years of the Phase 1 decisions, will address the remaining facilities.
Other Program Highlights for 2009-2010
& Work on the West Valley Demonstration Proj-ect focused on decontaminating the Main Plant Process Building that was used in the 1960s and 1970s to reprocess the spent nuclear fuel. DOE plans to have the building "demolition ready" by the beginning of 2012.
& As part of the WVDI~ a cover was constructed over the NRC-Licensed Disposal Area to prevent precipitation and groundwater from entering the disposal facility. Initial monitoring data shows that the cover, which is similar to the SDA cover installed by NYSERDA in the 1990s, is effectively keeping water out of the facility.
- NYSERDA constructed an erosion control struc-ture on Erdman Brook immediately adjacent to the SDA to prevent stream erosion from destab-ilizing a slope on the north side of the facility.
& NVSERDA and DOE reached agreement over the allocation of responsibility for cleaning up certain facilities at West Valley, thereby resolving the key claims in a 2006 lawsuit filed by NYSERDA and New York State against DOE and the federal gov-ernment. By mid-201O, the State expects to ask the court to approve the settlement agreement.
- NYSERDA sent two shipments of mixed radioactive and hazardous waste from the SDA to an off-site treatment and disposal facility. The liquid waste had been stored in an aboveground tank since 1991, when it was pumped from one of the SDA disposal trenches.
OAGI0001363_00027
ENERGY DATA, Residential PV panels State Energy Plan
~ Focus: In December of 2009, C;overnor Paterson accept-ed the final 2009 State Energy Plan from the New York State Energy Planning Board. The Energy Plan provides a comprehensive blueprint for New York to continue to transition to a clean energy economy over a 10-year planning horizon, and is the first State Energy Plan since 2002. The transition to a clean energy economy is a core component of Governor Paterson's New Economy Jobs Plan, and is expected to create tens of thousands of jobs in New York. Additionally, the recommendations and more specific action items in the Plan will make energy more reliable, secure and affordable for New Yorkers, address the threat of climate change, and result in a cleaner environment.
~ Significance: Modeling performed for the Plan indicates that the New York economy would benefit by $2.60 for every dollar invested in electric efficiency investments, and that achieving the governor's goal of increasing OAGI0001363_00028
PLANNING, & POLICY energy efficiency 15% by 2015 would help reduce electric prices and provide aggregate retail bill sav-ings of as much as $1.4 billion in 2015. The Plan identifies a number of specific policy initiatives that set forth a vision for a robust and innovative clean-energy economy that will stimulate investment, cre-ate jobs, and meet the energy needs of residents and businesses over the next 10 years. The policy initia-tives are organized by five overarching strategies:
- Continue to expand opportunities to improve energy efficiency - the cleanest, cheapest energy resource
- Support the development of in-state energy supplies
- Encourage investment in, and identify future needs for, energy infrastructure
- Stimulate innovation in the clean-energy economy and help the existing manufacturing base transition to low-carbon future
- Improve coordination between the State, other governments, and communities Bird sampled for mercury contamination Water-quality sampling at Long Pond OAGI0001363_00029
30 1 NYSERDA Bond Financing (unaudited)
Working in partnership with eligible utility companies, NYSERDA has issued tax-exempt bonds on a conduit, non-recourse basis for projects that qualify under NYSERDA's enabling statute and under relevant provisions of the Internal Revenue Code. NYSERDA has over $3.6 billion in aggregate bonds outstanding, which are providing savings to the rate payers of these companies, through reduced interest rates, of more than $3.5 billion over the term of these bonds. Following is a schedule of bonds outstanding as of March 31,2010 Series Amount (ODDs)
Series Amount (ODDs)
BrooklXn Union Gas (Ollll:1anX Ke~Ran Generation W:: mnt.
1993A 4/2911993 4/112020
$37,500 1994 B 10/2611994 101112024
$2,600 1993 B 4/2911993 4/112020
$37,500 1995A 8/2411995 8/112025
$15,200 1997 A-I 111611997 1211/2020
$75,000 1997 A 12/3011997 12/112027
$24,880 1997 A-2 111611997 1211/2020
$50,000 1999A 10/27/1999 101112028
$41,125 1996A 111511996 11112021
$153,500
$221,425 1991A 7/2411991 7/112026
$50,000 1991 B 7/2411991 7/112026
$50,000 Niagara Mohawk Power (ornoration D
7/2411991 7/112026
$50,000 1991 A 101111991 101112013
$45,600
$503,500 1985A 9/511985 7/112015
$100,000 1988A 12/2811988 121112023
$69,800 Brooklxn Union Gas (olnQanx dlblil KexSi!iln 1998A 1111911998 1111/2025
$75,000 Enery! Delive!! New York 1985 B 12/2611985 121112025
$37,500 2005A 11/1/2005 2/112024
$82,000 1985 C 12/2611985 121112025
$37,500 2005B 11/1/2005 6/112025
$55,000 1986A 1211811986 121112026
$50,000
$137,000 1987 A 3/2611987 31112027
$25,760 1987 B-1 711611987 71112027
$68,200 Central Hudson Gas 8. Electrit Co.
1987 B-2 711611987 71112027
$25,000 1999A 8/311999 8/112027
$33,400 2004 A 5/2712004 71112029
$115,705 1999 D 8/211999 8/112028
$41,000
$650,065 1998A 12/211998 1211/2028
$16,700 NYS Electric 8. Gas (ori!oration 1999 B 8/311999 7/112034
$33,700 1999 C 8/311999 7/112034
$41,150 1985A 311511985 3115/2015
$60,000
$165,950 1985 B 1011511985 10/15/2015
$30,000 1985 D 121111985 121112015
$42,000 Consolidated Edison (Olni!ilnlf of New Yorls, In(.
2005 A 5/2712005 71112026
$65,000 2001 B-1 11/1/2001 1011/2026
$33,000 2004 A 8/2612004 121112027
$34,000 2001 B-2 11/1/2001 1011/2026
$33,000 2004 B 8/2612004 121112028
$70,000 2001 B-3 11/1/2001 1011/2026
$32,000 1994 B 2/2311994 21112029
$37,500 2004 B-I-I 1/29/2004 5/112032
$36,750 1994 C 611511994 61112029
$63,500 2004 B-I-2 1/29/2004 5/112032
$36,750 1994 D 10/2511994 101112029
$74,000 2004 B-I-3 1/29/2004 5/112032
$36,750 2004 C 8/2612004 41112034
$100,000 2004 B-I-4 1/29/2004 5/112032
$16,975
$576,000 1999A-I 7/2211999 5/112034
$97,600 1999A-2 7/2211999 5/112034
$97,600 Oran,!le 8. Rotklond Utilities Inc.
1999A-3 7/2211999 5/112034
$97,500 2004 B-2 1/22/2004 101112035
$19,750 1994A 8/3111994 101112014
$55,000 2001 A 6/6/2001 6/112036
$224,600 1995A 7/27/1995 8/112015
$44,000 2004 A-I 1/29/2004 11112039
$24,600
$99,000 2004A-2 1/29/2004 11112039
$24,575 Rothester GIU 8. Electric Comi!onx 2004A-3 1/29/2004 11112039
$24,575 2004 A-4 1/29/2004 11112039
$24,575 2004 A 8/2612004 511512032
$10,500 2005 A-I 5/26/2005 5/112039
$42,100 2004 B 8/2612004 511512032
$50,000 2005A-2 5/26/2005 5/112039
$42,100 1997 A 81111997 8/112032
$34,000 2005A-3 5/26/2005 5/112039
$42,100 1997 B 81111997 8/112032
$34,000 2004 C-I 11112/2004 111112039
$33,000 1997 C 81111997 8/112032
$33,900 2004 C-2 11112/2004 111112039
$33,000 1998A 9/211998 9/112033
$25,500 2004 C-3 11112/2004 111112039
$33,000
$187,900
$1,085,900 Grand Total
$3,626,740 KexSi!on Generation LiC 1985A 12/3111985 31112016
$58,020 1985 B 12/3111985 31112016
$50,000 1993 B 1111711993 1111/2023
$29,600 OAGI0001363 00030
Financial Statements Responsibility for Financial Reporting Management is responsible for the preparation, integrity, and objectivity of the financial statements of the New York State Energy Research and Development Authority (the Authority),
as well as all other information contained in the Authority's Annual Report. The financial statements of the Authority for the fiscal year ending March 31,2010 were prepared in conformity with accounting principles generally accepted in the United States of America. Financial information contained elsewhere in the Annual Report is consistent with the financial statements. The Board of the Authority adopted these financial statements and the Annual Report at a meeting on June 21, 2010.
The Authority maintains a system of internal controls, the objectives of which are to provide reasonable assurance as to the proper authorization and recording of transactions, the safeguarding of Authority assets, the compliance with ap-plicable laws and regulations, and the reliability of financial records for preparing financial statements. The internal con-trol structure is subject to periodic review by management, internal audit staff and the independent auditors. No internal control system can provide absolute assurance that errors and irregularities will not occur due to the inherent limitations of the effectiveness of internal controls; however, manage-ment strives to maintain a balance, recognizing that the cost of such system should not exceed the benefits derived.
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Francis J. Murray, Jr.,
President and CEO The Authority's financial statements have been audited by Lumsden & McCormick, LLP, independent auditors appointed by the Members of the Authority. Management has made available to the independent auditors all the financial records and related data of the Authority, as well as providing access to all the minutes of the meetings of the Board and its standing committees. The independent auditors periodically meet directly with the Audit and Finance Committee of the Board, which is comprised of Members who are not employees of the Authority.
The independent audit included obtaining an understanding of the internal control structure, tests of accounting records, and other procedures that the independent auditors considered necessary in order to express an opinion as to the fairness of the presentation of the financial statements.
No material weaknesses in internal control or any condition of non-compliance with applicable laws, regulations or policy were noted by the independent auditors. The unqualified independent auditors' report attests that the financial statements are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America.
Jeffrey J. Pitkin, Treasurer and Chief Financial Officer G9.Y~.n:un.~!l.t~.wi.~~.. f.Jng.n~I9.!.. $.tg.t~.m.~!l.t~
This report is designed to provide a general overview of the finances of NYSERDA for interested parties. Questions concern-ing any information within this report or requests for additional information should be addressed to jeffrey 1 Pitkin, Treasurer, 17 Columbia Circle, Albany NY 12203.
Re:!>pom;lMHty fi:l~ flm:m~id ReporH~~ momomo,,,o,,,o,,, 31 lmi~!>Nlcim'§t AmIUm:s' R~pm1 <momomo.<<>><<>><<mowoomo31 Mmm~$me~~\\ Diti~~%itm ~Hd thwlY$h "0>,,0>"0"'0,,,0,33 Statement of Net Assets..0,.00,.00,.00,.0>><0>><0,.00,.00,.00,.0>><0 31 Statements of Activities.<<momomo,<<>><<>><<>>oomomow<>><<o3S G9.1(~.m.m.~".* g.I.. fl,l.".~.
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$t!:l%m~~t d R~1Wf§!l~, ~Jq>~iiclit!lm5 {lmi (hmgli:lti h hsrsd 8dsml:e$.o,,,o,,.m.m.mo,,.O,,,O""HO>' 41 Ag.~.!lu.J.",.. !.!.. d.. J.!.. !.!.. g.n.~.!J!.. !
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Statement of Fiduciary Net Assets <<,.<<>><0,.00,.00,.00..0>><0,41 Notes to Financial Statements,,,,,o<,,o<,,o<,,,,,,,,,,,,,w,o<,A2 OAG10001363_00031
Lurnsden &
McC"otruick, ELI' INDEPENDENT A1JDIl'ORS' REPORT Members of the Authority New York State Energy Research and Development Authority Albany, New York We have audited the accompanying financial statements of the governmental activities and each major fund of the New York State Energy Research and Development Authority (the Authority) (a component unit of the State of New York), as of and for the year ended March 31, 2010, which collectively comprise the Authority's financial statements as listed in the table of contents.
These financial statements are the responsibility of the Authority's management. Our responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Authority, as of March 31, 2010, and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated June 21, 2010, on our consideration of the Authority's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.
Accounting principles generally accepted in the United States of America require that the management's discussion and analysis preceding the financial statements be presented to supplement the basic financial statements.
Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
32 1 June 21, 2010 OAGI0001363_00032
NEW YORK STAn; ENERGY RESEARCH AND DEVElOPMENT AUTHORHY (A Compom~~~~ U~~H of fhe Sil1te of New Ymk}
fO!' the Year tllded &h"m:h 3 t 2m 0 Unaudited The following Management's Discussion and Analysis (MD&A) of New York State Energy Research and Development Authority's (NYSERDA) financial performance provides an overview of NYSERDA's financial activities for the fiscal year ended March 31,2010. The information contained in the MD&A should be considered in conjunction with the information presented as part of NYSERDA's Basic Financial Statements as presented. Following this MD&A are the basic financial statements of NYSERDA with the notes thereto that are essential to a full understanding of the data contained in the financial statements. NYSERDA's basic financial state-ments have the following components: (1) government-wide financial statements; (2) government fund financial state-ments; (3) agency fund statements; and (4) notes to the financial statements.
The government-wide financial statements are designed to provide readers with a broad overview of NYSERDA's finances in a manner similar to a private-sector business.
The Statement of Net Assets presents information on all of NYSERDA's assets and liabilities, and the difference between the two is reported as net assets. The Statement of Activities presents information showing how NYSERDA's net assets change during each fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in the statement for some items that will result in cash flows in future fiscal periods. The government-wide financial statements present information about NYSERDA as a whole. All of the activities of NYSERDA are considered to be governmental activities.
Governmental fund financial statements focus on near-term inflows and outflows of resources, as well as on balances of resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide statements, it is useful to compare the information presented for governmental activities in the government-wide financial statements. By doing so, the reader may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between govern-mental funds and governmental activities.
Agency funds are used to account for resources held for the benefit of parties outside the government. Agency funds are not reflected in the government-wide financial statements be-cause the resources of those funds are not available to support NYSERDA's programs. The notes to the financial statements provide additional information that is essential for a full un-derstanding of the information provided in the government-wide and governmental fund financial statements.
CONDENSED nNAN(~Al ~NFORMAT~ON The following condensed financial information is presented from NYSERDA's government-wide financial statements:
(lisn IIna ilwe~tmenl1i (lipitej e~els Oilier assets Tollil Quets long-term liabilities Oiher liabililies TOlelliabllllles Net As5el~:
Unrestricted IlIl/esled in tapitlll assets, net of debt Restricted iotal Nel beh
$754,322,355 15,732,333 27,763,648 797,818,336 7,009,171 93,308,478 100,317,649 1,137,744 13,889,896 682,473,047
$697,500,687 668,652,368 16,569,884 20,586,951 705,809,203 15,768,011 76,995,027 92,763,038 1,312,310 14,242,592 597,491,263 613,046,165 12.8%
(5.1%)
34.9%
13.0%
(55.5%)
21.2%
8.1%
(13.3%)
(2.5%)
14.2%
13.8%
OAG10001363_00033
Total assets increased $92.0 million (13.0%) primarily due to a $85.7 million (12.8%) increase in cash and investments.
This increase was principally due to scheduled collections from utilities in the New York Energy $mart and Renewable Portfolio Standard programs, which exceeded disbursements for expenses, as well as proceeds received from the sale of emission allowances for the Regional Greenhouse Gas Initiative (RGGI). Expenditure of RGGI funds had been on hold as a result of litigation that commenced in January 2009 by a New York generator. All parties to the litigation signed an agreement to settle the litigation, and in February 2010 NYSERDA's Board approved the expenditure of RGGI funds through a variety of programs. In addition, other assets increased $7.2 million (34.9%) due to increases in accounts receivable balances due to the timing of expenditures and billings.
Total liabilities increased $7.6 million (8.1 %). Long-term liabilities decreased $8.8 million (55.5%) primarily due to the funding of $ 7.1 million of prior years' postemployment retiree health insurance benefit liabilities in a newly established irrevocable Trust account. Additionally the final
$1.7 million State Service Contract Revenue bond principal payment was made on April 1, 2009. Other liabilities in-Summary of Changes in Net Assels from Operating Results 34 1 State Appropriations System lle8elit~ (bc!r:le Fu~dlllg Renewable POrllolioStandard (O~ Edlso~ Rme Settlement Allowance Proceeds Third-parly Illimbulsements Federal grants Investment in(tlme Other Progrum Revemm Generol Revenues (Investment inwme}
Ttlta I Revenues Salalies and Benefits Program Expenditures Olher Operating (osts Depreciatian New York State Assessments Inlelllst Payment to NYS Toiol E~lIenses Increcse ill Net A~ets
$49,582,821
$33,198,137 49.4%
271,094,835 193,715,326 39.9%
87,171,388 67,262,376 29.6%
19,449,802 (100.0%)
125,903,681 111,925,164 125%
19,433,809 40,571,666 (52.1%)
11,999,251 6,482,170 85.1%
10,105,175 12,626,595 (20.0%)
6,252,253 7,182,271 (12.9)%
560,251 1,543,784 (63.7)%
582,103,464 493,957,291 17.8%
33,750,315 30,994,970 8.9%
358,522,005 269,096,332 33.2%
5,915,062 5,685,205 4.0%
1,698,560 763,363 1225%
7,763,000 7,763,000 0.0%
80,475 (100.0%)
90,000,000 100.0%
497,648,942 314,383,345 58.3%
$84,454,522
$179,573,946 (53.0%)
creased $16.3 million (21.2%) as a result of a number of fac-tors including an $11.3 million increase in accounts payable and accrued liabilities, as well as a $2.6 million net increase in the Con Edison payable, and a $2 million increase in deferred revenue resulting from settlement funds received from the Office of the Attorney General under a pending agreement for a program to be administered by NYSERDA. The net increase in the payable to Con Edison was the result of a
$ 7.7 million increase related to the settlement of the RGGI litigation and a net decrease of $5.1 million in payments due Con Edison for program funding advances not committed in the Demand Reduction and Gas Efficiency programs.
Net assets, the difference between NYSERDA's assets and its liabilities, increased overall by 13.8% from $613.0 million to $697.5 million. Restricted net assets (unexpended funds received for particular specified programmatic purposes) increased 14.2% to $682.5 million. Unrestricted net assets, (which can be used to finance operations without constraints established by debt covenants, enabling legislation, or other legal requirements), decreased 13.3% to $1.1 million, principally due to investments made in capital assets and differences in operating revenues and expenses.
Total Revenue increased 17.8% from $494.0 million to $582.1 million. State appropriation revenue in-creased $16.4 million (49.4%) primarily from a non-re-curring appropriation for the construction of a building at the Saratoga Technology and Energy Park ("STEP").
System Benefits Charge revenue increased $77.4 million (39.9%) due to additional energy efficiency funding approved by the Public Service Commission in various Orders issued under the Energy Efficiency Portfolio Standard proceedings. Renewable Portfolio Standard revenue increased $19.9 million (29.6%) as a result of utility assessment collections transferred to NYSERDA pursuant to payment schedules approved by the PSc. Allowance proceeds increased by $14.0 million (12.5%), reflecting a $37.5 million increase in RGGI allowance revenue based on a full program year, offset in part by a reduction in Clean Air Interstate Rule (CAIR) allowance revenues of $23.4 since these revenues were primarily derived in the prior year.
Third party reimbursements decreased by $21.1 million (52.1 %), principally from a decrease in program funding for the administration of multiple gas efficiency pro-grams. Federal grants revenue increased by $5.5 mil-lion (85.1 %), primarily due to new American Recovery and Reinvestment Act ("ARRA") grants, and also due to timing of grant expenditures. Total investment income decreased by $2.5 million (20.0%), primarily from overall reductions in market interest rates. Other Program Revenues decreased by $0.9 million (12.9%)
primarily due to non-recurring revenues in the prior year OAG10001363_00034
of approximately $1.1 million for unanticipated letter of credit proceeds collected upon termination of certain RPS program contracts. General Revenues (unrestricted Investment Income) decreased $1.0 million principally as a result of a decline in market interest rates.
46.6%
Program Revenues State appropriation 8.5%
Third-party funding 3.3%
Investment income 1.1%
Expenses 1.8%
2.1%
Salaries &
NYS 1.6%
Other costs 1.2%
Depreciation 0.3%
Total Expenses increased 58.3% from $314.4 million to $497.6 million. Salaries and benetits increased $2,8 million (8.9%) pri-marily due to increased staffing levels. Program Expenditures in-creased $89.4 million (33.2%) primarily due to increased expen-ditures under the New York Energy Smart and Renewable Portfolio Standard programs. and also as a result of non-recurring expenditures at STEP and recognition ofa $7.7 million payable to Con Edison pursuant to the settlement of the RGGI lawsuit.
Other Operating Costs increased $0.2 million (4.0%) primarily from increased expenditures for office space rental, otIset in part by lower travel costs, Payment to N'{S represents a $90 million disbursement made to Nev. York State from RGGI allowance proceeds under the State's deficit reduction legislation.
fmANCbU ANAlYS~S Of fUNDS Total fund balances for the Governmental Funds increased from $610.5 million to $688.8 million as further described below:
e The New York Energy Smart fund balance, which accounts for the New York Energy $martSM Program funded through the System Benefits Charge, increased from $298.2 million to $360.8 million primarily due to increased System Benefits Charge funding authorized by the State Public Service Commission, which was received, but not yet spent.
- The Renewable Portfolio Standard fund balance increased from $68.9 million to $81. 7 million principally as a result of funds received, but not yet spent.
- The Con Edison System Wide Demand Reduction fund balance decreased from $54.4 million to $39.5 million as a result of program expenditures without any additional revenue inflows, as this program is winding down.
- The RGGI fund balance decreased from $87.5 million to
$43.6 million principally as a net result of additional al-lowance proceeds collected, less a $90.0 million payment made to New York State as a result of the State's deficit reduction legislation, a $68.3 million transfer to the GJGNY fund to fund this program pursuant to requirements in legislation, and recognition of a $ 7.7 million payable due to Con Edison pursuant to the settlement of the RGGI lawsuit.
9 The G,JGNY fund was established pursuant to legislation enacted in October 2009, to be funded by RGGI Fund proceeds in the amount of $112 million, $68.3 million of which has been transferred as of the fiscal year end.
9 The CAm fund was established late in fiscal year 2009 and its fund balance has not fluctuated significantly as revenues and program expenditures in this fiscal year have been minimal.
9 The Other Programs fund balance decreased from $77.8 million to $71.1 million due primarily to the contribution of prior year designated funds to a segregated Trust for pay-ment of future postemployment health care benefit costs.
CAPHAl ASSET AND DElH !U)NUN~STRATH)N NYSERDA maintains land, buildings, and furniture and equipment in various locations for its corporate purposes.
Total capital assets as of March 31, 2010 were $15.7 million, net of accumulated depreciation. Capital asset additions for the fiscal year ended March 31,2010 were approximately
$1.7 million, primarily for technology equipment upgrades.
Total long-term liabilities decreased from $15.8 million to
$ 7.0 million primarily due to the funding of $ 7.1 million of prior years' postemployment retiree health insurance benefit liabilities in a newly established irrevocable Trust account.
Additionally the final $1.7 million State Service Contract Revenue Bond principal payment was made on April 1, 2009.
NYSERDA also issues tax-exempt bonds on a conduit basison behalf of utility companies to finance certain eligible projects. As of March 31,2010, approximately
$3.6 billion of bonds are outstanding. These bonds are non-recourse bonds and as such are not included in NYSERDA's financial statements.
OAG10001363_00035
A substantial portion of NYSERDA's annual revenues are derived from sources, which, pursuant to Orders of the PSC, a.re currently scheduled to expire a.s follows: System Benefits Charge funds July 2011, Energy Efficiency Portfolio Standard (collected through the System Benefits Charge) January 2015, and Renewable Portfolio Standard funds October 2024.
On behalf of the State, NYSERDA manages the Western New York Nuclear Service Center (West Valley), the site of a former plant for reprocessing used nuclear fuel. Depending upon the clean-up options selected and agreement on cost sharing with the federal government, these costs could be substantial. It is anticipated that New York State's share of future costs for the West Valley site will be provided by New York State to NY-SERDA and will not impact NYSERDA's current funding. As permitted by GASB 49, Accounting and Financial Reporting for Pollution Remediation Obligations, no liability has been recorded in NYSERDA's financial statements for this contin-gency due to the expected recoveries from New York State.
Actual Revenues:
State appropriations
$49,582,821 System Benelil. Charge 271,094,835 Renewable Portfolio Standard 87,171,388 Allowance Proceeds 125,903,681 Third-party tantributions 3,200,000 Third.parly reimblmements 19,433,809 Federal grants 11,999,251 Project repayments 797,462 Rentals from leases 1,144,788 Fees and other income 1,11 0,003 Illtemst i~(ome 10,875,813 Net change infolr value of investments (210,387)
ToM Reyenue~
582,103,464 Expenses:
Sol!lIies und benelits 33,750,315 Program expenditures 358,522,005 Otherop!1ruling (osls 5,915,062 Depredotion 1,698,560 New York Stale Assessments 7,763,000 Budget 57,106,000 270,557,000 87,171,000 155,260,000 3,200,000 24,811,000 45,186,000 921,000 1,233,000 474,000 15,445,000 661,364,000 35,846,000 529,842,000 6,201,000 1,498,000 7,764,000 NYSERDA's programs are impacted by a number of factors including, but not limited to, general economic conditions, energy prices and energy system reliability, and energy technology advancements.
BUDGETARY ~NFORMAHON The following table summarizes actual revenues and expenses, as reported in the Statement of Activities, for the fiscal year ended March 31,2010, in comparison to amounts included in the final Budget approved by NYSERDA's Board:
Total revenues were approximately $79.3 million, or 12.0%,
lower than the approved Budget. State appropriation rev-enues were less than budgeted principally due to the timing of reimbursable expenditures for the certain non-recurring programs funded through State appropriations, which were expected to be fully expended in the current year, but were not, and have been re-appropriated in the FY 2010-11 State Budget. Allowance proceeds were less than budget by
$29.4 million due to a decrease in the RGGI auction allow-Variance (7,523,179) 537,835 388 (29,356,319)
(5,377,191}
(33,186,749}
(l23,538)
(88,212) 636,003 (4,569,187)
(210,387)
(79,260,536}
(2,095,685)
(171,319,995)
(285,938}
200,560 (1,000) ance prices, which cleared at a price less than budgeted. Third-party reimbursements were lower than budget primarily due to lower than anticipated gas efficiency program commit-ments. Federal grants revenue was lower than budget due to the timing of reimbursable expenditures, principally under several new ARRA grants. Fees and other income were higher than budget due to unanticipated funds received from the forfeiture of participant de-posits in the New York Energy $mart program.
Interest income was lower than budget due to declines in overall market interest rates.
Total expenses were approximately $83.5 million, or 14.4%, below the approved Bud-get. Salaries and benefits were lower than anticipated principally due to staff vacan-Payment to NY590,000,000
.............. 90,000,000...
Totlll Expenses 497,648,942 581,151,000 cies. Benefit costs were also less than budget primarily due to lower than anticipated pen-sion, postemployment health insurance, and compensated absences expenses. Program expenditures were less than budgeted primari-ly due to timing of anticipated expenditures for the New York Energy $mart, Regional Green-house Gas Initiative, ARRA, Energy Efficiency Deployment, and Renewable Portfolio Stan-dard programs. Other Operating Costs were less than budgeted primarily due to lower than expected costs incurred for travel, and other general operating expenses.
36j Extess Rev!1nues/(Expellses) 84,454,522 Net ASfiels, be!lin~illg ofyeaf 613,046,165 Ne! Asset., el1d of year Invested in tupitalllSliel~, nel 01 dehl Reslrided for spedfit programs Unrestricted 13,889,896 690,473,047 1,137,744 80,213,000 613,046,000 14,907,000 677,209,000 1,143,000 4,241,522 165 (l,017,104) 5,264,047 (5,256}
Tatul Net ASfiels, end of yeOI
~1}?!':599,68}............ 1}?~,~:5~,000................. ~,241A~?..
OAGI0001363_00036
NEW YORK STAn; ENERGY RESEARCH AND DEVElOPMENT AUTHORHY (A Compom~~~~ U~~H of fhe Sil1te of New Ymk}
Statement of Net Assets fukm:h :n ~ 2010 (wah ({Hiwm~Hve ~{S~t1!s f{Sf Mm~h 31 p 2009j
(<I.a <ll1d immstmenl.
New York 5tate receivable Third-party billings recei1Nlb!e Prepaid expense TotfJl (U IIllU! fJ.sets Non(urrelll assets:
(apillli assets, net al depretiation Total assets (ummi liabllltie.:
Lon!l-term lia bililie5 due wilhin ane year Accounts payable (all Edison pt'Iyable Accrued liabilities Dele lied revenue Total tUFmnt Ilabililies N!lntllrrenl liabilities:
Postemployment benefils Othllllong.10Fl1IliabililieJi Toll1lllontummt liabililies Totall1abililie>
Immste<lln c<lpilal assets, lIet 01 relat!!d deht Restrided for sped fit pla!llllll'lS Unrestricted Totaln!!! assets See accompanying notes to the basic financial statements.
$754,322,355 13,676,279 13,814,885 272,484 782,086,003 15,732,333 797,818,336 3,176,120 29,232,162 10,141,136 50,809,547 3,125,633 96,484,598 3,833,051 3,833,051 100,317,649 13,889,896 682,4 73,04 7 1,137,744 668,652,368 10,013,776 10,208,160 365,()15 689,239,319 16,569,884 705,809,203 4,713,822 25,044,304 7,549,462 43,656,533 744,728 81,708,849 7,058,542 3,995,647 11,054,189 92,763,()38 14,242,592 597,491,263 1,312,310 OAGI0001363_00037
NEW YORK STArt ENERGY RESEARCH AND DEVElOPMENT AUTHORrlY (A C~mpOi'ie~~~ U~~H of fhe Si~te of New Ymk}
Salaries and benefits Program expenditures OIlier ape lilting (Olifi Depredation NY State Assessments Interns!
Payment to NYS Tolel eJpenses Operating grants and contributions Siole appropriations SYs!!!1ll Ilenmlls (h!ll!!!!
Renewable Portfolio Standard (on EdisfJll Rate Seilleme~!
Allowance proceeds Third,pllIty (ontlibutia115 Third-porty reimbursements Federal Grants Charges lor Services Project repayments Rentals from leases Fees and other income Reslricted inlerest Net change in fair value of investments Toh:d plogram revenues hcess R.ffile~ue'S! (hpe~ses)
Unrestricted Interest Net change in fair value of investments (110 nge In lIet esse!s Net assets-beginning of period Net assets-end of period Statement of Activities fm-the YerH' tl1ded &hm:h ~t 2010 (w!ih ~tlmm{'!rhecl wmp{'!m~hfe to~ah for M{'!f(n 3L 2@@9}
$17,964,551 189,479,161 2,732,436 786,520 3,986,712 214,949,380 271,094,835 2,038,923 570,604 7,253,805 (232,475) 280,725,692
$65,776,312 Renewable 1,751,548 72,201,899 465,741 74,399 1,345,848 75,839,435 87,171,388 1,520,006 220,228 88,911,622 13,072,187 Energy 3,237,712 19,328,227 449,817 142,006 344,785 23,502,547 16,652,060 3,200,000 1,118,869 797,462 7,290 21,775,681 (1,726,866)
Energy 2,193,963 22,607,117 286,420 96,224 357,143 25,540,867 1,042,608 14,438,706 8,734,397 37,612 16,241 24,269,564 (1,271,303)
System Wide 546 14,614,815 2,022 274,165 14,891,548 406,253 239,810 (171,965) 474,098 (14,417,450) 38 1 See accompanying notes to the basic financial statements.
849,188 1,237,405 2,243,856 10,414,673 110,690 197,517 37,245 54,124 74,958 3,240,979 10 1,978,677 125,430,330 3,240,979 770,592 185,543 3,240,979 126,386,465 24,407,788 OAGI0001363_00038
- ........ :.~*;i::n ~tc........................... :;..
- i?..................... ::\\;:;:.:;: )::>;:::;:~............................ ::;:: :
~ ~ : ::............................. ::tLf::*.................... ::: k:;c;:.:.: *. ; '>::;';:.................................. ::~ :'~ :i.::;:................................ j;:;;::;:::~'
17,973 419,809 3,275,205 2,093,484 678,205 30,726 33,750,315 30,994,970 110,164 452,700 12,416,197 14,653,196 358,522,005 269,096,332 4,731 99,148 629,274 422,013 512,036 5,239 5,915,062 5,685,205 788 18,413 143,651 106,673 235,147 1,348 1,698,560 763,363 459 12,342 85,708 291,353 57,977 931,550 7,763,000 7,763,000 80,475 23,951 659,876 4,586,538 15,329,720 16,136,561 968,863 497,648,942 314,383,345 145,146 (108,015}
37,131 13,180 473,351 2,010 340,410 (74,151) 741,620 81,744 4,292,000 23,875 4,315,875 (270,663) 15,329,720 15,329,720 12,266,433 1,431,058 145,188 18,940 13,861,619 (2,274,942) 999,600 473,547 1,473,147 504,284 49,582,821 271,094,835 87,171,388 125,903,681 3,200,000 19,433,809 11,999,251 797,462 1,144,788 1,110,003 10,286,010 (180,835) 581,543,213 83,894,271 589,803 (29,552) 84,454,522 613,046,165
$697,500,687 33,198,137 193,715,326 67,262,376 19,449,802 1lI,925,164 3,200,000 40,571,666 6,482,170 872,513 1,211,429 1,898,329 13,788,375 (1,161,780) 492,413,507 178,030,162 1,730,755 (186,971) 179,573,946 433,472,219 613,046,165 OAGI0001363_00039
Cash and investments Receivables:
New York State Third-party billings Prepaid expense Due from other funds Tola I ossets Liabilities:
Accounls payable Con Edison payable Accrued liabilities Payable to bond holders Due to other funds Deferred revenue N~W vmm STAH ENfRGV RESfARCH AND DPinGPM~NT AUTHORiTY
{A Com~~m~m~ U!1B of ~he S~aj{J of New York)
Balance Sheet - Governmental Funds Mm~h 31! 1010
{wHh §ijrmmniwcl wmlnmdhm kst~h kn Nhm:h 31 f :lOO?}
$400,087,467 96,541,475 44,409,389 51,977,802 68,335,092 23,796,225 69,174,905 97,473 13,578,806 6,382,752 1,306,191 6,125,942 272,484 751 10,137,487 406,567,692 96,541,475 45,715,580 51,977,802 68,335,092 23,796,976 99,289,624 9,903,278 2,922,803 526,500 54,972 15,824,609 2,482,429 7,658,707 27,981,382 11,119,420 2,021,773 404,903 15,262 9,266,807 7,866,161 809,191 1,159,683 276,418 26,785 47,000 3,078,633 754,322,355 668,652,368 13,676,279 10,013,776 13,814,885 10,208,160 272,484 365,015 10,138,238 8,009,098 792,224,241 697,248,417 29,232,162 25,044,304 10,141,136 7,549,462 50,809,547 43,656,533 1,740,000 10,138,238 8,009,098 3,125,633 744,728 Total liabilities Fund Balances:
45,797,821 14,851,414 6,190,385 8,395,000 26,785 15,262 28,170,049 103,446,716 86,744,125 Reserved for:
Contractual commitments Unreserved:
Designated for payment of postemployment health care benefits U ndesignated Total lund balances Total liabilities and fund balances 360,769,871 81,690,061 360,769,871 81,690,061
$406,567,692 96,541,475 39,525,195 43,582,802 68,308,307 23,781,714 62,709,433 680,367,383 594,959,267 8,410,142 8,410,142 7,058,542 8,486,483 39,525,195 43,582,802 68,308,307 23,781,714 71,119,575 688,777,525 610,504,292 45,715,580 51,977,802 68,335,092 23,796,976 99,289,624 792,224,241 697,248,417 following is a reconciliation 01 amounts reported differently in 1he Statemenl of Net Assels:
Totaliund balances Capital assets used in governmenlal activities are not financial resources and therefore are not reported in 1he funds Certain long-term liabilities are not due and payable in the current period and therefore are not reported in the funds Net assets of governmenlal activities See accompanying notes to the basic financial statements.
40 1 688,777,525 610,504,292 15,732,333 16,569,884 (7,009,171} (14,028,011)
$697,500,687 613,046,165 OAGI0001363_00040
~W~H!1U; State appropriations System Benefits Charge Renewable Portfolio Standard Con Edison Rote Settlement Allowance proceeds Third-party contributions Third-party reimbursements Proiecl repoyments Federal grants Rentals/rom leases Interesl Net change in fair value of investments Fees and ather income Toto I reven ue Current:
New York Energy Smort Renewable Port/olio Standard Energy Resea rch and Development Energy Effi<iency Deployment NfW YORK STAn fNHKW R~StAR(H AND DP/HOPMfNT AUTHORITY
{A (ompommi UnH of the St!lh-: of New Ymk) ror ~he Ye~r t!1clecl M~n:h 31p 2010
{with §§..immmi.n~.!cl wmpm[!Hve tot\\1i~ for Mm!h 31.,. 2009}
{i'::':.;;::*
49,582,821
$271,094,835 87,171,388 125,430,330 473,351 3,200,000 2,038,923 406,253 16,988,633 797,462 11,999,251 1,144,788 7,253,805 1,520,0()6 239,810 770,592 145,146 340,410 606,044 217,813,920 76,077,290 24,2()],546 25,847,426 Can Edison System Wide Demond Reduclion ARRA 15,313,749 3,205,080 RGGI GJGNY CAIR Energy Ana lysis West Valley STEP & Economic Development Bond Financing Payme ntta NYS Capital outlay Debt Service 372,494 34,496 1,009 11,990,849 90,000,000 403 25,116 25,620 651,838 8,775 5,223,251 15,720,182 15,197,288 975,326 1,144,573
- ~::::::c,:: ~
49,582,821 34,938,136 271,094,835 193,715,326 87,171,388 67,262,376 19,449,802 125,903,681 111,925,164 3,200,000 3,200,000 19,433,809 40,571,666 797,462 872,513 11,999,251 6,482,170 1,144,788 1,211,429 10,875,813 15,519,130 217,813,920 173,458,555 76,077,290 45,455,480 24,201,546 31,541,425 25,847,426 24,845,073 15,313,749 15,575,610 3,205,080 11,990,849 405,386 25,116 651,838 282,235 5,223,251 3,942,100 15,720,182 11,799,248 15,197,288 1,017,260 975,326 967,096 90,000,000 1,587,370 6,227,008 Principal Interest Total expenditures 1,740,000
............... ~.Q.,~Zt...
3}:¥:d:~~!~:1:~::::}1:,:U~:,?:¥:~:::::J~:!~,l}!Z:~:~:::::J%?:?::1a:~?::::::::::::~~!Z~:1::::::::::?:~~!~:1~::::::?h~}~!~Z?::::::~~~:':~?:9:}?}::::::::E7:!~~~!?::~L:::
Operating translers, net (68,321,912) 68,321,912 Net change in fund balances Fund balances, beginning of year Fund balances, end of year 62,539,278 12,799,836 (14,840,660}
(43,926,699} 68,308,307 81,007 (6,687,836) 78,273,233 178,360,339
....2.9.8.:2.3.~?5?3..... §.8.'.8.9.0.,.2.2.s........ 5.4.:3.§S.?~.5.5......... 8.7.:S.~9..'.5.0.L................... ~.....2.32{}~?7.~?.. n~~7.?~.I.L... §.I~.'.5.0.4.,.2.9.2........ 4.3.2.:1.~3.??.5.3.....
.. P§.Q,Z§2&n.... ~.!A.~.Q.&§}..... }2:???.'.!.~.~....... 1:>.,?.§?.&Q.~..... §.§}Q§}g.z..... ?~.:Z§},?).~... n.,.1}.2,?.l.5..... §§.~2.n,.???... §.}.Q,?.91.'?..~.~.....
Following is a reconciliation of amounts reported differently in the Statement of Activities:
Net change in lund balances Capitalization and depreciation of copilal outlays, rather than recording as on expenditure Expenses for compensated absences in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds Expenses lor postemployment benefits in fiscal year 2009 in the Statement 01 Activities do not require the use of current 'financial resources and therelare are not reported as expenditures in governmental funds State appropriation revenue for debt service provides current linanciolresources to governmental funds, but issuing debt increases long-term liabilities in the Statement 01 Net Assets Payment to Trust account lor prior years' OPEB liabillty is an expendilure in the governmentollunds, but the repayment reduceslong-terrn liabilities in the Statement of Net Assets Repayment 01 principal is on expenditure in the governmentallunds, but the repayment reduces long-term liabilities in the Statement of Net Assets Change in net assets of governmental aclivities See accompanying notes to the basic financial statements.
78,273,233 (960,684)
(524,558) 7,058,542 178,360,339 5,302,555 (445,456)
( 4,219,825}
(1,740,000)
OAGI0001363_00041
NEW YORK STAn [NmGY ~tS[ARCH AND D[,VHOPNHNT AUTHORiTY
{A Component Un!i ~f ihe St©h~ ~f New YOfk}
Statement of Fiduciary Net Assets - Agency Fund f&m:h 31 j 2010
{w!ih wrup{m]iive i{li[d$ fm Nhm:h 31 $ 1009)
Cosh and investments LlRW assessment billings receivable Tala I assels Paya ble to New York State LlRW escrow funds Perpetua I care of nudeor wastes Totalliabililies
$31,842,044 2,459,948 31,116,027 2,619,171
$1,218,629 673,299 4,883,676 4,998,537 28,199,687 28,063,362 See accompanying notes to the basic financial statements.
Notes to Basic Financial Statements (1) GENERAL The New York State Energy Research and Development Authority (NYSERDA) is a public benefit corporation established in 1975 pursuant to Title 9 of Article 8 of the Public Authorities Law of the State of New York (the State).
NYSERDA is included in the State's basic financial statements as a discretely presented component unit. NYSERDA's major functions and programs are summarized below.
N~W... Y9.r.k.. l;n.~.!".gy.. $.mQ.!",s""..p.r.Qgr.Qm.
Pursuant to Orders of the State Public Service Commission (PSC), NYSERDA administers public benefit programs funded by a System Benefits Charge (SBC) on consumers of electricity sold in the State through mid-2011. The program, named the New York Energy $martSM program, is de-signed to support certain public benefit programs, including energy efficiency, research and development, environmental protection, and low-income programs.
Pursuant to a June 2008 and subsequent Orders, the PSC expanded the New York Energy $martSM program through its Energy Efficiency Portfolio Standard proceeding, which 421 provided additional funding for certain energy efficiency programs through January 31,2015.
R~n.~w.Q.bJ.~... I'.Qr.H.9.!.i.Q.. S'Qn.d.Q.r.d Pursuant to a September 2004 Order, the PSC adopted a policy of increasing the percentage of electricity, used by retail consumers in New York State, that is derived from renewable resources to at least 25 percent. The Commission adopted a Renewable Portfolio Standard (RPS) that sets annual, incremental, renewable energy targets for the years 2006 through 2013; requires the use of financial incentives to encourage the development and operation of renewable generation facilities; and adopts a central procurement model to be administered by NYSERDA. It is funded with a non-bypassable wires charge on certain customers of each of the State's investor-owned utilities.
In April 2010, the PSC issued a new Order expanding the RPS goal to increase the proportion of renewable electricity consumed by New Yorkers from 25 percent to 30 percent by 2015. The Order addresses the scope and cost of administration, the cost of program initiatives, and the schedule of collections from utility customers, which extend through October 2024.
OAG10001363_00042
!;.n~r.gY.. R~.~~Qr..~.h.. &.. P'~y.~.I.Q.p.m~nt.
The goals of this program are to promote energy efficiency, encourage economic development, expand the use of New York State's indigenous and renewable energy resources, and reduce or mitigate adverse environmental effects associated with energy production and use. Base funding for the pro-gram comes from State appropriations that are financed by an assessment on the intrastate gas and electricity sales of the State's investor-owned utilities and from other sources, includ-ing annual contributions from the New York Power Authority (NYPA) and the Long Island Power Authority (LIPA).
NYSERDA provides financial and technical assistance to help businesses and institutions assess and implement cost -saving energy efficiency measures; help public and private fleets convert to alternative-fuel vehicles, and provides technical training to public and private building owners, helping them improve energy and environmental efficiency. These pro-grams also strive to provide affordable energy and a cleaner environment for all New Yorkers, including low-income residents, by increasing public awareness of energy efficiency's multiple benefits, providing residential building performance services, and making energy-efficient appliances and other products more widely available to consumers. These activities are primarily funded through various third party reimburse-ments and federal energy grants.
.c.Q.n.Jd.i.~Q.n.. s.y~t~.m.~W.i.d~..P.~.m.g.nd.. R~.d.!.!!;.ti.9.n This program, administered by NYSERDA pursuant to a March 2005 Order of the PSC, provided funding of up to
$122.1 million for NYSERDA to implement electric energy demand reductions in Con Edison's service territory over an initial three-year period ending March 2008, with a goal of achieving 150 megawatts of demand reductions. A March 25, 2008 Order of the PSC provided for a one year extension to the program through March 31,2009. The terms ofthe order required NYSERDA to return to Con Edison all unencumbered funds as of March 31,2009 plus interest and to annually reconcile remaining retained funds and refund any monies no longer committed, until such time as all retained funds are fully expended. As of March 31,2010 NYSERDA has recorded $2.5 million of unencumbered funds as a refund payable to Con Edison, which will be paid during the fiscal year beginning April 1, 2010.
Am.~r.i.~.Q.n.. R~!;Q.v.~r.y.. g.nd... R~.inv.~~.tm.~.nt..A!;t.. (ARRAl NYSERDA has been awarded five grants to support several energy efficiency projects and initiatives under the American Recovery and Reinvestment Act, or ARRA. The grants support competitive subgrants to municipal governments for energy efficiency projects, energy code development and compliance, photovoltaic system installations, incentives for consumer purchases of energy efficient appliances, and incentives for alternative-fuel vehicles for fleet operators. Grant funding is received on a reimbursement basis, requires funds to be expended within three years of award, and includes requirements for compliance with a number of federal regulations and reporting requirements.
R~g.i9..I1.gJ.G.r.~~nb.9.!,J.~.~.. G.Q~.Jni.t.i.Q.t.i.v.~JRG..G.n.
The Regional Greenhouse Gas Initiative, or RGGI, is an agreement among ten Northeastern and Mid-Atlantic States to reduce greenhouse gas emissions from power plants. The RGGI states (Participating States) have committed to cap and then reduce the amount of carbon dioxide that certain power plants are allowed to emit, limiting the region's total contribu-tion to atmospheric greenhouse gas levels. The Participating States have agreed to implement RGGI through a regional cap-and-trade program whereby the Participating States have agreed to auction annual regional emissions. Rules and regulations promulgated by the NYS Department of Environmental Conservation (DEC) call for NYSERDA to administer periodic auctions for annual emissions. Pursuant to these regulations, the proceeds will be used by NYSERDA to administer energy efficiency, renewable energy, and/or innovative carbon abatement programs, and to cover the costs to administer such programs.
G.r.~~n..J.9.P.~.~.G.r.~~n.N~w... Y9.r.k.. (G.J.GNYl Green Jobs-Green New York, or GJGNY, is a Statewide program created by legislation enacted in October 2009 to promote energy efficiency retrofits in residential, multifamily, small commercial and not-for-profit buildings, and autho-rizes NYSERDA to establish innovative financing approaches through revolving loan funds to finance such projects. The program will also support sustainable community development and create opportunities for green jobs. The legislation funded the program with $112 million from RGGI auction proceeds.
.c..I.~.Q.n.. A.i.r... !n.t~r.~.tQt~.. R!,J.!.~.. (C.AJ.Rl The Clean Air Interstate Rule, or CAIR, is an environmental program administered by DEC, designed to reduce NOx and SOx emissions through an emissions allowance cap-and-trade regime. NYSERDA is responsible for selling the allowances allocated by DEC to the Energy Efficiency and Renewable Energy Technology Account and applying the proceeds to support programs that encourage and foster energy efficiency measures and renewable energy technologies, as well as cover NYSERDA's costs associated with the administration and evaluation of these programs.
~!J~rgy8nqly~i~
Through this program, NYSERDA provides objective and credible analyses of energy issues to various stakeholders.
The program also includes activities for energy related emergency planning and response, and support for State energy planning. These program activities are funded primarily by a State assessment on the intrastate gas and electricity sales of the State's investor-owned utilities.
OAG10001363_00043
Furthermore, Energy Analysis staff provide oversight activities pursuant to the State Low-Level Radioactive Waste (LLRW)
Management Act of 1986, whereby NYSERDA is responsible for ultimately constructing and operating the State's LLRW disposal facilities, collecting information, and providing regular reports to the governor and Legislature on LLRW generation in the State. These activities are funded annually by State Appropriations through a sub-allocation from the New York State Department of Health.
NYSERDA is also responsible for coordination of nuclear materials matters, including serving as the State liaison with the Nuclear Regulatory Commission.
w.~~t.'yg.!.I.~.Y NYSERDA manages, on behalf of the State, the Western New York Nuclear Service Center (West Valley), the site of a former plant for reprocessing used nuclear fuel. Through 1972, the former plant operator, Nuclear Fuel Services, Inc., generated as a by-product of its reprocessing operations, more than 600,000 gallons of liquid, high-level radioactive waste, which were stored at the site. In 1980, Congress enacted the West Valley Demonstration Project Act (West Valley Act). Pursuant to the West Valley Act, the U.S. Department of Energy (DOE) is carrying out a demonstration project to: (1) solidify the liquid high-level radioactive waste at West Valley; (2) transport the solidified waste to a permanent federal repository; and (3) decontaminate and decommission the reprocessing plant and the facilities, materials, and hardware used in the project.
NYSERDA also maintains, on behalf of the State, the State-Licensed Disposal Area (SDA), a shut-down commercial low-level radioactive waste disposal facility at West Valley.
NYSERDA is evaluating how to remediate and close this facility in accordance with regulatory requirements.
SIfr~JSQrgtQggI~~I::H:1QIQg.Y+/-!;n~rgyrgrk~l NYSERDA owns, on behalf of the State, a 280 acre parcel of land in Malta (Saratoga County), New York. The site, once used for rocket and weapons-testing programs and space-research activities, and later subject to certain remediation measures under a March 1998 Consent Decree as a "Super-fund" site, was designated in 2001 as a business park devoted to the development of new, clean energy technologies.
~Qndfingn!;ing As part of its Bond Financing Program, NYSERDA issues bonds and notes for participating gas and electric utility companies and other private purpose users to finance cer-tain energy-related projects. This program permits a private enterprise to obtain the benefits of tax-exempt financing for projects that qualify under NYSERDA's enabling statute and under relevant provisions of the Internal Revenue Code.
441 (2)
SUMMARY
OF S~Gi\\UF~(ANT A((OUNT~NG POUC~ES (0)
~Q~.i~.. QLp.r.~~~n.tQt.i.Q.fI.
The basic financial statements include government-wide financial statements and governmental fund financial statements. The government-wide financial statements consist of a Statement of Net Assets and a Statement of Activities and report overall information on NYSERDA without dis~lay ing individual funds. These statements exclude information about fiduciary activities where NYSERDA holds assets in a trustee or agency capacity for others since such assets cannot be used to support NYSERDA's own programs.
The Fund financial statements consist of a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances and report information concerning major funds:
New York Energy Smart - this fund accounts for the proceeds of specific revenue sources that are legally restricted to expenditure for the New York Energy $martSM program.
Renewable Portfolio Standard - this fund accounts for the proceeds of specific revenue sources that are legally restricted to expenditure for the Renewable Portfolio Standard program.
Con Edison System-Wide Demand Reduction - this fund accounts for the proceeds of specific revenue sources that are legally restricted to expenditure for the Con Edison System-Wide Demand Reduction program.
RGGI - this fund accounts for the specific auction proceeds that are legally restricted to expenditure for the Regional Greenhouse Gas Initiative program.
GJGNY - this fund accounts for the Green Jobs - Green New York Statewide program, funded by a transfer from the RGGI fund.
CAIR-this fund accounts for specific allowance proceeds that are legally restricted to expenditure for the Clean Air Interstate Rule program.
Other Programs - these funds account for all of NYSERDA's activities, except those reported in one of the other funds.
Assets held by NYSERDA in a fiduciary capacity for others are reported in the Statement of Fiduciary Net Assets.
NYSERDA's fiduciary funds include: (1) funds held for reimbursement to the State for costs associated with the Low-Level Radioactive Waste Management Act of 1986; and (2) funds that, pursuant to a Cooperative Agreement, must be turned over to the US. Departrnent of Energy upon delivery of the solidified high level radioactive waste from West Valley to a permanent federal disposal repository to provide for perpetual care and management of the waste.
The basic financial statements include certain prior-year sum-marized comparative information in total, but not by separate governmental activities and major funds. Such information does not include sufficient detail to constitute a presentation in OAG10001363_00044
conformity with generally accepted accounting principles. Ac-cordingly, such information should be read in conjunction with NYSERDA's financial statements for the year ended March 31, 2009, from which the summarized information was derived.
(b)
~Q.~.i.~.. 9.f...g.~".9.1,.!.!:I.t.i!:!g The Statement of Net Assets, Statement of Activities, and Statement of Fiduciary Net Assets - Agency Fund, are prepared using the economic resources measurement focus and the accrual basis of accounting. Revenues resulting from ex-change transactions are recognized when the exchange takes place. Revenues resulting from non-exchange transactions, such as program funding received in the form of grants, contributions, and State appropriations, are recognized when all eligibility requirements (if any) have been met or when the resources are received, whichever is first.
NYSERDA's administrative overhead charges are included as program direct expenses in the Statement of Activities.
Financial statements for governmental funds are presented using the current financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when they become measurable and available (expected to be collected in the next twelve months).
(c)
!.!:I.Y.~.~tm~.m~
Investments are recorded at fair value, which reflects quoted market prices for U.S. governrnent obligations, and arnortized cost for all other investments.
(d) ~gpitQ.18~~~!~
Generally, assets with a cost of more than $2,500 and an estimated useful life in excess of two years are capitalized and reported at historical cost in the government-wide financial statements. Depreciation is calculated using the straight line method over the estimated useful life of the capital assets ranging from three to 50 years and reported in the Statement of Activities. Capital asset purchases are recorded as expenditures in the governmental funds financial statements.
(e) P~f~.n:~d... R~.Y.~n.I,.!.~
Deferred Revenue consists of funds received in advance of revenue recognition conditions having been met, for both a public benefit program without an executed agreement in place as of March 31, 2010, as well as cost-sharing arrangements with outside parties.
(f) ~9.mp~n~gJ~dAb~~n~~~
NYSERDA employees are granted vacation and sick leave in varying amounts. In the event of termination or retirement, an employee is reimbursed for accumulated vacation leave up to the equivalent of 45 days, and sick leave up to a maximum of five days. Retired employees may use additional accumulated sick leave to pay for the employee share of health insurance premiums.NYSERDA's accrual for compensated absences, included in the Statement of Net Assets amount for long-term liabilities, includes fringe benefits on compensated absences and estimated costs to use employee sick leave for post-retirement health benefits. Compensated absences are not accrued in the governmental funds financial statements.
(g)
N.~w..Y9.r.k.S.tg.t~...A~.~~~.~m.~.nt~
New York State Assessments for the year ended March 31, 2010 consisted of $6,850,000 and $913,000 in fees paid or payable to the State under Section 2975 of the Public Authorities Law (Governmental Cost Recovery System) for general governmental services and under a budget bill pursuant to Article VII of the New York State Constitution.
NYSERDA administers certain programs on behalf of the State Public Service Commission and others whereby funds are provided at program inception or on a fixed payment schedule over the program duration, but the terms of the program sponsor or enabling legislation limit the use of funds to certain program purposes. Frequently, the collection and recording of revenues does not occur in the same accounting period as the expenditure of such funds, and the difference is reported as Net Assets Restricted for Specific Programs on the Statement of Net Assets. Following is a summary of Restricted Net Assets and related outstanding contractual commitments (less accrued expenses) as of March 31,2010:
New York Enelgy Smlllt'M Renewable Portfolio Standard Energy Researdl and Development Energy Efficiency Deployment Can Edison System-Wide Demo nd Reduction Amencan Recovery a nd Reinvestment Act Regional Greenhouse Gas Initiative {RGGI}
Green Jobs-Green New York (GJGNY)
Clean Air Interstate Rule (CAIR)
Energy Analysis Total
$362,818,348 81,878,035 25,613,979 36,601,073 39,347,200 43,587,909 68,335,092 23,780,963
/........ -.:"
$315,853,651 459,582,408 39,772,846 25,561,926 39,347,200 14,040,876 942,299 50,000 120,611 510,448 83,064
$682,473,047
$895,354,881 The outstanding contractual commitments in excess of Restricted Net Assets under certain FunctionslPrograms will be funded from future scheduled collections and reimbursements.
On March 31,2010 NYSERDA transferred $68.3 million of the $112 million legislatively approved Green Jobs-Green New York Statewide program from RGGI auction proceeds, resulting in a decrease in RGGI restricted net assets and an increase in GJGNY restricted net assets.
OAG10001363_00045
(i)
P~~.i.gr.!Q'~d...f.I,.I.r.!d... P'Q.I.9.r.!!;.~
Designations on the Balance Sheet - Governmental Funds are not legally required segregations, but represent fund balances segregated for a specific purpose by NYSERDA through Board resolu-tion. Designated for payment of postemployment health insurance benefits at March 31, 2009, rep-resents funds designated for the future payment of postemployment health insurance benefits and The following schedule presents cash and investments as of March 31, 2010:
NYSERDA Funds
.. ~!~.~E!~!!.~~~~~................................
Weighted Weighted Average Average is equal to the actuarially determined net obliga-tion at March 31,2009. As disclosed in Note 10, in 2010 NYSERDA established an irrevocable
<asli and money lIIarket
<llIt1frtm~ of deposit U.S. TleaslllY Bills
$13,645,593 1.8%
253,302,781 33.6%
140,369,190 18.6%
nla 0.0%
n/a 5.1 5,903,635 18.5%
3.4 4.2 25,938,409 81.5%
6.8 Trust to fund postemployment health insurance benefits.
u.s. Treasury Strips Tolol 347,004,791 46.0%
100.0%
36.3 0.0%
n/a 19.4 100.0%
6.2 (i)!J~gQl~~timgJ~~
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies. Estimates also affect the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.
Certain amounts for the fiscal year ended March 31, 2009 have been reclassified to conform with the amounts presented as of March 31,2010.
Pursuant to Public Authorities Law Section 1859(1), the Commissioner of the New York State Department of Taxation and Finance serves as fiscal agent for NYSERDA's cash and investments, maintaining such funds on NYSERDA's behalf and implementing investments subject to the Department's policies and with direction and authorization from NYSERDA.
NYSERDA has a written investment policy that applies to all its investments. The policy permits deposits with financial institutions approved by the fiscal agent and permits invest-ments in: certificates of deposit of bank or trust companies located in New York State; obligations of New York State and the United States government and certain of their agencies; repurchase agreements subject to certain limitations; and money market funds subject to certain limitations.
46j Interest Rate Risk. NYSERDA investment policies limit investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Invest-ment maturities are selected based on anticipated cash flow needs. Historically, most investments are held to maturity, so changes in interest rates do not impact the anticipated return realized on investments.
Credit Risk. Money market fund investments consist of non-rated funds whose investments are restricted to U.S.
government obligations.
Concentration of Credit Risk. NYSERDA's investment policy limits investments with any single eligible banking institution to no more than 35% of its total investment portfo-lio, except as otherwise required by any policies and practices of the Commissioner of Taxation and Finance. As of March 31,2010, NYSERDA's investments with institutions that were individually in excess of 5% of total investments included investments in certificates of deposit with two different banks, which aggregated 23.0% of NYSERDA's total investments.
As of March 31,2010, the amount due from New York State is $13,676,279, which represents grant receivables and other contractual provisions.
OAG10001363_00046
Capital asset activity for the year ended March 31,2010 was as follows:
Land Land improvements Buildings Matninery and equipment Leasehold improvements Less atwmulal!ld depredation 101:
Land ImplOlJements Buildings I::{:::.:::.::::::
$685,301 4,681,641 9,309,439 9,292,084 361,512 24,329,977 (105,558)
(3,100,568)
(4,253,554)
(300,413)
- ~{}.ti;
- ::;::~::.
495,682 (814,871) 69,816 (15,315) 951,380 (504,334) 193,626 1,710,504 (1,334,520)
(140,365)
(281,016)
(1,239,1 %)
485,025 (37,983)
- i:::*&::::::;:
~~t:t::.:.:::::::
685,3{)j 4,362,452 9,363,940 9,739,130 555,138 24,705,%1 (245,923)
(3,381,584)
(5,007,725)
(338,396)
Ma<ili8f1ry and flqlliplUeJll Leasehold improvements (npita I assets, net
$16,569,884 11,944 (849,495) 15,732,333 Long-term liability activity for the year ended March 31, 2010 was as follows:
Beginning St{lte 5!lFvke (onlIne!
Reve nue Bonds Ending Amounts Due within Mortgage note Pllvuble (apit{ll lease obligations (ompensoted abcsences Post-employment benefits
$1,740,000 1,949,552 377,740 4,642,177 123,134 3,146,069 (1,740,000)
(545,925)
(62,064)
(2,621,512) 1,403,627 438,810 5,166,734 572,226 101,800 2,502,094 (see note 10) 7,058,542 3,666,000 (10,724,542)
Long-ferm liabilities
$15,768,011 6,935,203 (15,694,043) 7,009,171 3,176,120 Mortgage note payable reflects a Bank Qualified Mortgage Note (Mortgage Note) dated July 18, 2002, maturing August 1,2012, at an annual interest rate of 4.65%. The Mortgage Note is secured by a Mortgage of NYSERDA's main corporate offices at 17 Columbia Circle, Albany, New York. The Mortgage Note is payable in monthly installments of approximately $52,182 consisting of principal and interest.
Capital lease obligations reflect two capital leases. The first is a capital lease with a bank, dated October 27,2004 and OAG10001363_00047
maturing October 29,2014 at an annual interest rate of 5.90%, used to finance certain building improvements at Saratoga Technology + Energy Park. The lease is payable in monthly installments of approximately $6,631 consisting of principal and interest.
The second capital lease is with a vendor, dated February 28, 2010 and maturing February 28,2013 at an annual interest rate of 4.48%, used to finance the purchase of a network stor-age device. The lease is payable in monthly installments of approximately $3,662 consisting of principal and interest.
As of March 31,2010, future debt service requirements on the Mortgage note and Capital lease obligations are:
ending 2011 2012 2013 2014 2015 Totol P'9.Y!!~!~
$572,226 53,952 599,752 26,426 231,649 2,429
$1,403,627 82,807 101,800 107,385 109,620 74,486 45,519 21,715 16,130 10,233 5,087 900 749,693 749,693 353,931 79,573 46,419 438,810 54,065 1,979,309 Nearly all employees of NYSERDA are members of the New York State and Local Employees' Retirement System (Sys-tem), a cost-sharing, multiple-employer public employee re-tirement system. The State Comptroller is sole trustee and ad-ministrative head of the System. The System issues a publicly available financial report including financial statements and required supplementary information that may be obtained by writing to the New York State and Local Employees' Retire-ment System, 110 State Street, Albany, New York 12244.
The System provides retirement benefits, as well as death and disability benefits. Retirement benefits are established by the New York State Retirement and Social Security Law.
Retirement benefits, contributory requirements and vesting depend on the point in time at which an employee first joined the System (membership "tier"). Members of the System who joined before July 27, 1976 are enrolled in a noncontributory plan; NYSERDA contributes the entire amount determined to be payable to the System. Personnel who joined the System after July 27, 1976 through January 1, 2010 and who have 48 1 less than ten years of accredited service are required by law to contribute three percent of their gross salary; NYSERDA contributes the balance payable to the System during that period, and the full amount determined to be payable there-after. Members who joined the system after January 1, 2010 contribute three percent of their gross salary during the full term of employment. Retirement benefits vest after five to ten years of accredited service, depending on the applicable tier.
NYSERDA's contributions to the System, expressed in dollars and as a percentage of salary, for each of the years ended March 31, 2008 through March 31. 2010 were:
Fis(al year 2010 2009 2008
$1,529,346 1,505,901 1,582,254 7.0-9.3%
8.0-10.8%
8.9-12.1%
NYSERDA made 100% of the required contributions for each of the years displayed above.
In addition to the capital leases recorded as assets and capital lease obligations within Long-Term Liabilities, NYSERDA has multi-year operating leases expiring May 31,2011, June 30, 2011, March 31, 2013, September 14, 2013, and September 30, 2013 for office space in West Valley, NY; Buffalo; 15 Columbia Circle, Albany; 210 Washington Ave Ext., Albany; and New York City, respectively. For the year ended March 31,2010, rental expense for all office facilities was $755,101.
The following is a schedule by year of future minimum rental payments for NYSERDA's office space as of March 31, 2010:
NYSERDA is also the lessor of certain equipment comprising a cooling water structure at the Indian Point Nuclear Power Plant in Buchanan, New York under a lease that expires on March 31, 2017 with annual future minimum lease rental payments of $999,600 for the fiscal years ending March 31, 2011-2017.
Fiscal year ending 2011 2012 2013 2014
$802,028 687,128 683,686 273,857
$2,446,699 OAG10001363_00048
(a)
W~.s.t.~.r.n.N.e.w...YQ.rk.. Nv!;J.~.Q.r... S.~.IY..i.!;e... C.~n.te.r Under the federal West Valley Demonstration Project Act and an implementing Cooperative Agreement between DOE and NYSERDA, the federal government will pay 90% of the West Valley Demonstration Project (Demonstration Project) costs, and NYSERDA, on behalf of the State of New York, will pay the remaining 10%. NYSERDA, on behalf of the State, cur-rently pays the full costs associated with the State-Licensed Disposal Area (SDA). Under a Supplemental Agreement, NYSERDA pays 17% of environmental impact statement (EIS) costs in addition to the 10% share paid as part of the 90/10 cost-sharing for the Demonstration Project. In addi-tion New York State and the federal government are close to completing an agreement that will settle most of the claims identified in a 2006 lawsuit filed by NYSERDA and New York State against the federal government and DOE regarding the financial responsibility for cleaning up certain facilities at West Valley. The agreement defines a specific cost share for the cleanup of a number of facilities that had long been in dispute between NYSERDA and DOE.
In January 2010, NYSERDA and DOE issued a final EIS, which identifies and assesses the potential environmental impacts of a range of reasonable alternatives proposed to meet DOE's responsibilities under the West Valley Act and options for the State of New York, acting through NYSERDA, for management of West Valley. In April and May 2010, respectively, DOE and NYSERDA issued decision documents that formally selected the Phased Decision making alternative for continuing the cleanup. Under Phased Decision making, decommissioning work will be conducted in two phases.
During Phase 1, which will take approximately 10 years, several highly contaminated facilities will be removed at an estimated cost of $1.162 billion. As the Phase 1 cleanup work is proceeding, DOE and NYSERDA will conduct additional scientific studies to reduce uncertainties in the decisions for the Phase 2 portion of the cleanup. The Phase 2 decisions, which will be made within 10 years of the Phase 1 decisions, will address the remaining facilities, including the High-Level Waste Tanks, State-Licensed Disposal Area, NRC-Licensed Disposal Area, and the main body of a groundwater contami-nation plume. Total costs for completing the Phase 2 work range from $500 million to $8.2 billion, and are dependent on the alternative selected for the remaining facilities.
In accordance with Governmental Accounting Standards Board Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations, no liability has been included in NYSERDA's financial statements as of March 31, 2010 or 2009 for this contingency because NYSERDA expects to continue to be reimbursed from State appropriations for the State's share of the costs of the Demonstration Project, any costs NYSERDA may incur in relation to the SDA, and any other costs allocated to NYSERDA under the agreement resolving the lawsuit referenced above.
(b)
~.Q.w..~.~e.y.~.LRqd.i.Q.q!;'iy.e...wqs.'e.
Pursuant to the Low-Level Radioactive Waste (LLRW)
Management Act of 1986, NYSERDA annually assesses licensees of operating nuclear power plants an amount suf-ficient to reimburse the State for the LLRW disposal facilities development activities of the Departments of Health and Environmental Conservation and must provide nuclear power plant licensees with a user-fee reduction, when the disposal facilities are operational, equal to the statutory assessments collected, plus interest at a fair market rate. During the year ended March 31,2010, NYSERDA paid, from the agency fund, a total of $3,404,734 to reimburse the State for such costs pursuant to Public Authorities Law Section 1854-d(2)(a).
( c)~QndEinqn.. ingPrQgrqm The principal and interest on obligations issued for partici-pating gas and electric utility companies and other private purpose users are payable solely from payments made by participating companies. They are not general obligations of NYSERDA nor do they constitute an indebtedness of or a charge against the general credit of NYSERDA, or cause any monetary liability to NYSERDA. These bonds and notes are not a debt of the State of New York.
The bonds and notes issued bear the name of NYSERDA and the participating company. NYSERDA assigns most of its rights and obligations to a trustee who is responsible for, among other things, disbursing bond and note proceeds and handling principal and interest payments. As of March 31, 2010, all participating companies were current in their debt service payments for these bonds and notes, the principal of which totaled approximately $3.6 billion.
(d).Ri~.k.. M.qngg.~me..m NYSERDA is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters.
NYSERDA maintains commercial insurance coverage for each of those risks of loss. Management believes such coverage is sufficient to preclude any significant uninsured losses to NYSERDA. NYSERDA has not experienced any reductions in coverage and has not had any insurance settlements exceeding the coverage in the past three years.
OAG10001363_00049
( e) R~n~wQblg
.. rQrtfQ!iQ.. StQm:lQrd.... (RrSJ.... PrQgrgm Pursuant to Orders of the PSC, NYSERDA is the central procurement administrator to manage an incentive-based procurement mechanism to support the development of additional renewable energy resources. The Orders directed each of the State's six investor-owned electric utility companies to collect an RPS surcharge to fund the program through a volumetric charge applied to the delivery portion of customer bills, commencing October 1, 2005. Each utility was directed to establish RPS collection rates sufficient to collect certain amounts specified in the Order for each of the years 2005 through 2024, with any over or under collections being trued up on an annual basis. In the aggregate, future scheduled collections total approximately $2.76 billion over the remaining IS-year collection period.
Pursuant to requirements of the Order, each utility will enter into a contractual agreement with NYSERDA to make quarterly payments to NYSERDA, commencing July 1, 2010 and continuing through October 31,2024, based on the annual collection amounts prescribed in the Order. Each utility's payment obligation is fixed and is not adjusted for actual RPS surcharge collections.
Procurement contracts entered into by NYSERDA and funded with RPS funds become general obligations of NYSERDA, payable pursuant to such contract terms. NYSERDA intends to ensure that procurement contracts entered into shall not cause amounts payable under such contracts to exceed at any time the amounts due and payable under the funding agreements with the utility companies. As of March 31,2010, NYSERDA has contractual obligations totaling approximately
$459,582,408, payable at varying dates upon successful operation of the renewable generation facilities, which will be funded in part from RPS surcharge collections to be received in the future pursuant to Order of the PSc.
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On January 29,2009, a lawsuit was initiated in State Supreme Court against the Governor, NYSERDA and other State entities, claiming that the RGGI regulations are unlawful and discriminatory. In the Fall of 2009, the original parties to the lawsuit as well as others that were joined as parties, including Con Edison, entered into a settlement agreement resolving the litigation. Obligations imposed on NYSERDA and other parties will be effective once a May 13, 2010 Order of the Public Service Commission regarding Con Edison becomes final and non-appealable. Under the terms of the stipulation, NYSERDA will become obligated to pay Con Edison $7,658,707 over the next three years. NYSERDA will use proceeds from RGGI auctions to meet its obligation under the settlement, and that obligation has been included in the board-approved RGGI Operating Plan that governs how NYSERDA will spend auction proceeds, including future estimated proceeds. Con Edison, in turn, will use the sol monies provided by NYSERDA to fund energy efficiency and renewable energy programs with significant carbon reduction potential within its service territory.
As of March 31,2010, included in the amount payable to Con Edison is $7,658,707, which is anticipated to be paid in accordance with the stipulation.
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@} POSTEMPlOYMENT HEALTHCARE BENH~TS The New York Civil Service Law, Section 163(2), provides for health insurance coverage for retired employees of New York State including their spouses and dependent children.
The law extends to public benefit corporations. NYSERDA maintains a single-employer defined benefit plan (the Plan) providing this benefit to eligible retirees and/or their spouses and dependent children. Eligibility is determined by member-ship in the New York State and Local Employees' Retirement System, enrollment in the New York State Health Insurance Program at the time of retirement and the completion of a minimum number of years of service as required by the employee's membership tier in the retirement system. The plan provides that retired employees pay the same percentage share of the health insurance premiums as that charged for active State employees. Plan members presently contribute 10% of the premium for individual coverage and 25% of the incremental premium for family coverage.
NYSERDA is billed by the New York State Department of Civil Service monthly for pay-as-you-go funding requirements.
Through 2009, there was no pre-funding of actuarially determined liabilities. In March 2010 an irrevocable Trust account was established for the accumulation of funds to pay future benefit costs. The Authority contributed $10.3 million to the Trust on March 31,2010, to fully fund the actuarially determined accumulated OPEB obligation as calculated under the requirements of Governmental Accounting Standards Board (GASB); Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other than Pensions. The Authority's post-retirement health care Trust has not issued stand-alone financial reports.
NYSERDA's annual other postemployment benefit (OPEB) expense for the year ended March 31,2010 is calculated based on the annual required contribution (ARC) of NYSERDA. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost each year and to amortize unfunded actuarial liabilities over 30 years.
The following table summarizes NYSERDA's annual OPEB expense for the year ended March 31,2010, the amount contributed to the Plan, and changes in NYSERDA's OPEB obligalion:
OAG10001363_00050
Annual required contribution Normal cost Amortization 01 unfunded actuarial accrued liability Interes! on Net OrE!! Ohllll11ilon Adjll~mllnt to ARC Ttltol annllol OI"EB tost (onilllllllion~ mode (hange in net OP£B obhll11iloll lIlel OPE'B obiigation. beginning of year lIlel OPES obligation-end 01 year
$1,759,800 2,094,600 494,900
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3,666,000
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(7,058,542) 7,058,542 NYSERDA's annual OPEB cost amounted to $3,666,000,
$4,594,800 and $3,154,300 for the years ended March 31, 2010,2009 and 2008, the percentage of annual OPEB cost contributed to the Plan was 292%, 8.2% and 10.0%, respec-tively, and the net OPEB obligation was $0, $7,058,542 and
$2,838,720, respectively, for each of the years ended March 31, 2010, 2009 and 2008.
Valuations are required to be performed at least every two years. NYSERDA's actuarial liability, status of the accrued liability, annual payroll, and ratio of the unfunded accrued liability to the covered payroll for valuation dates of April 1, 2009, April L 2008 and April 1, 2006 are as follows:
Status 01 Ra1iool Actuarial Actuarial Accrued Annual unfunded
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$29,130,800 Unfunded
$23,404,372 124.5%
AIIFil1,2GOS
$34,448,900 Unfunded
$20,406,237 168.9%
AilFilI,2G06
$23,638,800 Unfunded
$18,062,819 130.9%
The projection of future benefit payments for an ongoing plan involves estimates of the value of reported amounts and as-sumptions about the probability of occurrence of events into the future. Examples include assumptions about future em-ployment, mortality, and the health care cost trend. Amounts determined regarding the funded status of the Plan and ARC of NYSERDA are subject to continual revision as actual results are compared with past expectations, and new estimates are made about the future.
Projections of benefits for financial reporting purposes are based on the Plan as understood by NYSERDA and Plan members and include the types of benefits provided at the time of valuation and the historical pattern of sharing benefit costs between NYSERDA and Plan members. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential of legal or contractual funding limita-tions on the pattern of cost sharing between the employer and Plan members in the future.
The methods and assumptions used included techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations.
The following significant assumptions were made in the actuarial valuation:
Retirement age for active employees - based on assumptions used under the New York State and Local Employees' Retirement System (ERS), since eligibility for NYSERDA employees covered under this plan is based on membership in that system. The ERS assumptions were based on extensive analysis of their covered populations.
Marital status - Assumed 80% of future retirees will be married, with male spouses assumed to be three years older than female spouses.
Mortality - RP 2000 mortality tables issued by the Society of Actuaries.
Turnover - Rates were based on age and length of service for the first ten years and age thereafter as the basis for assigning active members a probability of remaining employed until the assumed retirement age.
Healthcare cost trend rate - The expected rate of increase in health care premiums was based on projections developed by the actuary's healthcare specialists. A rate of 8.6% initially, reduced to an ultimate rate of 4.0% after 89 years was used.
Health insurance premiums - 2009 health insurance premiums were used as the basis for calculation of the present value of total benefits to be paid.
Investment return - As of March 2010, Plan benefits are pre-funded in a segregated Trust, and a discount rate of 6.5%
was used, representing the long-term earnings potential of investments in the Trust.
The actuarial cost method used was the projected unit credit method. The unfunded actuarial accrued liability is being amortized as a level dollar amount over a period of 30 years.
The remaining amortization period at March 31,2010 was 27 years. As of March 31,2010, there were 47 retirees and dependent survivors actively receiving benefits under the plan.
The plan also provides that the dollar value, subject to certain limitations, of member's accumulated sick leave credits at the time of retirement may be used to offset the portion of health insurance premiums paid by retirees. NYSERDA's estimated liability associated with sick leave credits is recorded as a Compensated Absence within "Other long-term liabilities" in accordance with the requirements of GASB Statement No. 16.
The balance of $10,137,487 due to the Other Programs fund from the special revenue funds resulted from the timing differ-ence of when expenditures are incurred and when interfund reimbursement occurs. These balances are expected to be liquidated within a year.
OAG10001363_00051
NYSERDA Program and Service Areas h~~i.ltive!Admi~h*!'~N>:<~
- Communications
- Consumer Sen/ices and Events Management
.. Contract Management
- Counsel
- Facility and Administrative Services
- Finance and Accounting
- Governmental Affilirs
- Human Resources
- [nt(mnation Technology and Security
- Internal Audit
- Marketing and Economic Development Energy Analysis and Planning
- Energy Modeling and Forecas1ing
- Policy and Program Development
.. Program Evaluation
.. Data Clearinghouse and Contingency Planning
(:I~[l§'l t§'llloq:gy Re$llom~h !:mci Mmimt Omi'd(\\iml~!lt
- Energy Resources
.. TnmspOl1ation arld Power Systems
- Environmental Research
- Energy and Environmental Markets bergy ~Hk!~SH:y Rll>:s~m(h l'wilmrn
- Industry
- Buildings
- Transmission & Distribution Research West Vdiey Site Mmwgemerst
- State-Licensed Disposal Area
- West Valley Demonstration Project AR* 2009*2010
[swS'~n' mki~nq $e!'vk~$
- Altema1ive Fuels and Transportation
- FlexTech, Power and Process
.. Exis1ing Facilities
- New Construction and Green Buildings
- NYS Energy Codes and Appliance Standards
- Distributed Generation
.. lmplementHtion Services
.. lndustrial Processes
- Market Transt(}rmation
- Electric Dermmd Management
.. Regulatory Affhirs and Strategic Planning
- Institutional Facilities
- Commercial Real Estate
- Wastewater Treatment Facilities
- Hospitality
- Healthcare facilities
.. Universities Rmicillo§'lHd Wkiersq Imci Afbrci{shiHty
.. Community and Market Support Consumer Education and Outreach
.. Energy Education in Schools
- ENERGY STAR") Products
- Home PerfoTln;illce with ENERGY STAR (lA family)
.. Low Income Affordability Programs
.. New York ENERGY S1~L\\R Homes (1A family new construction)
.. Regulatory Plamling
- Vvorkf()yce Development
.. PVand Solar Themml New York Gty OHiw
- Economic Development
- Commercial and Industrial
.. Multi-tamily Buildings
.. Regulatory and GovelTlmentAfJ'hirs
- Residential B~Hd(\\ CHk~
- Commercial and Industrial
.. Economic Development
- Residential OAGI0001363_00052