Carlos E. Gutierrez

The joint meeting covered various operational and financial updates, including reports from the President and Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, and the Chief Risk and Resiliency Officer. The Board discussed strategic initiatives, renewable energy projects, and financial performance. Finance Committee recommendations were approved, such as the release of funds for the Canal Corporation and Western New York Power Proceeds Allocation Act, as well as contract awards for contingent staffing and the Blenheim-Gilboa Visitor Center upgrade. Additionally, the Board approved expansion power allocations for Agile Cold Storage LLC and Bericap NY, LLC, and authorized a public hearing regarding these contracts.

The board meeting focused on financial and development updates, including reports on year-to-date performance, year-end projections, and project pipeline status. Discussion included federal regulatory impacts on renewable energy projects, securing tax credits, and project milestones such as the Hannacroix Solar development. The board further addressed governance and audit committee reports, including the adoption of organizational policies, the internal audit plan, and the approval of consolidated financial statements for the previous fiscal year. Additionally, a resolution was passed to authorize the intent to reimburse project expenditures through tax-exempt debt financing.

The committee discussed the internal audit update for the New York Power Authority and the Canal Corporation, covering audit execution, observation trends, and remediation status. The committee reviewed and approved the proposed 2026 Internal Audit budget, which includes strategic reallocations and technological investments. Furthermore, the committee received an update on the 2025 year-end audit plan and strategy from KPMG, including discussions on risk assessment, materiality, cybersecurity considerations, and compliance with newly effective accounting standards.

The board meeting focused on several key items, including the approval of guidelines for procurement contracts and expenditure authorization procedures. The board received reports from the Governance and Audit committees. Additionally, an update to the Renewables Strategic Plan was presented and approved, detailing current tiers of project focus and development. The board also reviewed and approved the 2026 budget and the 2026-2029 financial plan, which outlines capital investment strategies, profitability projections, and funding sources for renewable energy projects.

The committee meeting focused on two primary agenda items: the authorization of an intercompany loan agreement with the New York Power Authority to provide revolving credit for renewable energy projects, and the approval of an Engineering, Procurement and Construction contract for the Somers Solar Project. The discussion highlighted the need for liquidity to accelerate project timelines, utilize parent-company credit advantages, and ensure the retention of tax credits for renewable generation efforts.