NY S08065

Creates the Energize New York Power Program to allocate up to 910 megawatts of power (equally split between hydroelectric power from Niagara and Saint Lawrence projects and market power) to eligible businesses, small businesses, and not-for-profit corporations to foster economic development statewide.

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

Requires allocation dedication of at least 320 megawatts to utility service territories, at least 200 megawatts for new business attraction and job creation, and up to 100 megawatts for small businesses and not-for-profit corporations.

Extends the expiration of the Power for Jobs program and Energy Cost Savings Benefit program from June 2, 2010 to June 30, 2011, and establishes transitional electricity discounts for existing recipients at 66 percent of prior savings (July 1, 2011-June 30, 2013) and 33 percent thereafter (July 1, 2013-June 30, 2015).

Creates residential and agricultural consumer electricity cost discount programs funded by power sale revenues, providing $100 million annually in the first year declining to $30 million annually after five years to mitigate price impacts from hydroelectric power reallocation.