NY A41007

Creates the Energize New York Power Program to allocate up to 910 megawatts of electricity (455 megawatts of hydroelectric power from Niagara and Saint Lawrence projects plus 455 megawatts of market power) to eligible businesses, small businesses, and not-for-profit corporations in New York State, with applications beginning January 31, 2011.

Establishes a New York State Economic Development Power Allocation Board to review applications and recommend allocations based on thirteen criteria including electricity cost significance, capital investment, job creation/retention, energy efficiency measures, and consistency with state economic development strategies.

Requires at least 320 megawatts be dedicated to facilities in utility service territories that previously purchased Niagara and Saint Lawrence hydroelectric power, at least 200 megawatts for attracting new business and job creation, and up to 100 megawatts for small businesses and not-for-profit corporations.

Provides residential consumer electricity cost discounts totaling $100 million annually for the first year declining by $14 million per year for five years, then $30 million annually thereafter, to mitigate price impacts from power reallocation to business recipients.

Extends the expiration dates of the power for jobs program and energy cost savings benefit program from June 2, 2010 to June 30, 2011, and repeals requirements for energy audits in the Public Authorities Law.