NYPA meaning in Business ?

The New York Power Authority (NYPA), officially the Power Authority of the State of New York, is a New York State public-benefit corporation. It is the largest state public power utility in the United States. NYPA provides some of the lowest-cost electricity in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. Its main administrative offices are in White Plains.

NYPA uses no state tax dollars and incurs no state debt, financing its projects principally through the sale of bonds. The bonds are repaid and the projects operated using revenues from operations.

State and federal regulations determine NYPA’s customer base, which includes large and small businesses, not-for-profit organizations, public power systems and government agencies. NYPA also sells electricity to private utilities for resale (without profit) to their customers, and to neighboring states, under federal requirements. Approximately 70 percent of the electricity NYPA produces is clean renewable hydropower.

The New York Power Authority has been financially responsible for the New York State Canal Corporation since April 2016 and has owned it since January 1, 2017.