NYSEG and RG&E Funded Nearly $10 Million in Upstate New York Economic Development in 2011
Programs Help Drive Economic Growth in the Region
Rochester, NY – NYSEG and RG&E, subsidiaries of Iberdrola USA, awarded nearly $10 million for electricity and natural gas infrastructure improvements and rate incentives to 59 upstate businesses in 2011. These funds helped support more than $430 million in capital investments at those businesses and helped add or retain approximately 6,000 jobs in 13 counties.
“NYSEG and RG&E have always been good partners with the communities we serve. That’s why we work closely with local and state economic development agencies and provide millions of dollars in economic development funds each year to add or retain jobs in upstate New York,” said Mark S. Lynch, president of NYSEG and RG&E. “Our economic development programs play a key part in driving economic growth in our region.”
In 2011 NYSEG awarded approximately $5.1 million in electricity and natural gas rate incentives and assistance grants to 20 firms ranging from manufacturing and agribusiness to warehouse/distribution companies. The economic development assistance recipients made or are making approximately $290 million in capital investments and as a result, expect to add or retain approximately 3,100 jobs.
In 2011 RG&E awarded approximately $4.7 million in electricity and natural gas rate incentives and assistance grants to 39 firms ranging from auto parts makers and chemical research & development companies to Internet-based service businesses in the Rochester region. The economic development grant recipients made or are making approximately $141 million in capital investments and as a result, expect to add or retain approximately 2,900 jobs.
From September 1, 2010 through December 31, 2013, NYSEG and RG&E expect to provide up to $40 million to help encourage business expansion and to assist in the relocation/attraction of new businesses to the NYSEG and RG&E service areas.
For more information about NYSEG and RG&E’s economic development programs, visit www.lookupstateny.com.