NY S67007

Creates the Energize New York Power Program authorizing the Power Authority to allocate up to 910 megawatts of power (equally split between Niagara/Saint Lawrence hydroelectric power and competitively procured market power) to eligible businesses, small businesses, and not-for-profit corporations for economic development purposes.

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

Extends the expiration date of the Power for Jobs program and Energy Cost Savings Benefit program from June 2, 2010 to June 30, 2011, allowing existing recipients to continue receiving benefits through that date.

Authorizes $100 million in annual residential consumer electricity cost discounts for the first 12 months following hydroelectric power withdrawal, declining by $14 million annually for five years, then stabilizing at $30 million annually; dedicates up to $8 million annually for agricultural consumer discounts beginning in the second year.

Requires the Power Authority to submit annual reports on economic development power programs to state leadership detailing recipient information, megawatts awarded, compliance status, job creation/retention data, and program costs.