“Teamwork and Transformation: Combatting Climate Change Together”

According to Adam Barsky, CFO of New York Power Authority, the key to being a successful CFO in this or any era is going beyond the numbers and focusing on the people. It is critically important to determine what is needed to drive strategy, culture, and plans' execution. “I view my role as somewhere between a coach on a winning sports team and a conductor in a well-respected orchestra.” He adds, “my experience in leading public and private organizations is rooted in crisis and change management. Everything I do starts with building a strong team of professionals who are committed to a unifying vision for change.”

Bringing that experience into NYPA enables people to think more expansively about how things can and should be done. This entails challenging old assumptions, resolving seemingly intractable problems and creating a roadmap for transformation.

“While getting the metrics right will improve transparency, accountability and drive performance, we must also look beyond the numbers and measure the impact we have on our communities and the environment.”

NYPA, a first-mover in many areas over the years, once again demonstrated its deep commitment to innovation during this pandemic period. Dealing with a challenging market, NYPA issued the largest bond in its history and its first “green bond.” It also embraced an Environmental, Social and Governance (ESG) framework and related principles.

This was, in fact, the largest public power green bond ever issued to date and further strengthened NYPA’s position as an industry leader in this space. “By setting this new standard and having more bonds issued with the green designation, we will continue to lower issuer costs and help meet the growing demand from our investors,” says Adam. “We have also created a new conduit financing vehicle. It will be made available to our customers to help them support their energy efficiency projects with low-cost financing.”

NYPA sees this approach as setting a new standard for transparency, accountability, and education for their investors and stakeholders. From our CEO Gil Quiniones and Board of Trustees to our union line worker, everyone is all in, and are an integral part of NYPA’s effort to achieve best-in-class ESG goals.

Under the leadership of New York State Gov. Andrew M. Cuomo, NYPA is aggressively implementing the Climate Leadership and Community Protection Act, the most aggressive climate change-fighting legislation in the country. NYPA’s leadership role, also rooted in its VISION2030 ten-year strategy, is building out the future grid for New York and helping to bring 9GW of onshore and offshore renewable energy projects into the grid. These projects will also help to alleviate transmission congestion and bring renewable power from where it is being generated to where it is needed the most. NYPA’s energy is over 80% renewable due to it’s 2 large Hydroelectric plants that produce 23 TW of power. Protecting and enhancing the value of NYPAs Hydro-power is critical for NYPA and all of New York State.

Additionally, customers will be assisted with demand management services and turnkey energy efficiency projects, substantially reducing load, reducing greenhouse gas emissions, and saving them money over time. Making investments in priority transmission projects will enable a much more cost-efficient means for NYPA customers to access renewable sources of energy while maintaining the grid's highest reliability standards.

“An example of a project we are excited about is our northern NY project. This is a $1.1 billion project that will free up over 1000 MW of renewable power that can be cost-effectively delivered from where it is being generated to where it is needed,” adds Adam. “We will be assisting our customers through solar projects, resulting in reducing greenhouse gas emissions and costs and allowing the surrounding residential communities to benefit as well. This approach will help our customers meet their community engagement goals.” Another integral component of VISION2030 focuses on NYPA continuing to use its low-cost hydropower to attract and retain economic development customers to bring new jobs to the state.

“We are also animating the Electric Vehicle (EV) market in New York by assisting the location of EV charging stations at key points through the state at airports and various transportation hubs, as well as in more rural areas.” adds Adam. “over $100 million investment in fast chargers will address range anxiety and encourage the purchase of these vehicles.”

“The global energy market is grappling with its most dramatic evolution in almost a century with innumerable technological breakthroughs on the horizon,” Adam said, “and it is thrilling to lead a talented and dedicated team of finance professionals into this new era.” IE