Lori A. Alesio

The board discussed and approved recommendations for Recharge New York power program allocations, including contract extensions for existing customers and new allocations for various business retention and expansion projects. Additionally, the board approved the transfer of several existing power allocations due to organizational changes and mergers. Participants expressed appreciation for the collaborative efforts of internal teams in maintaining the integrity and compliance of the program.

The committee meeting covered a review of the 2025 audit results, highlighting the successful completion of the annual audit plan and improvements in control environments across NYPA and the Canal Corporation. Key themes included progress in data management and governance, vendor and contract management, and environmental health and safety compliance. The committee also reviewed and approved the proposed 2026 audit plan, which focuses on critical infrastructure, enterprise transformation projects, and operational risk monitoring.

The board reviewed and discussed the Northern New York Economic Development Fund Update report, noting total deposits, interest earned, and current fund balances. Two project recommendations for funding were presented and approved: a $1 million award to North Country Dairy LLC for wastewater treatment improvements, and a $1 million award to Twin Rivers Paper Company LLC for asset purchase and facility upgrades to enhance production reliability. The board also engaged in a general discussion regarding the positive impact and increased utilization of the economic development fund in the region.

The Board of Directors discussed the operational and financial performance of the organization, providing updates on project pipelines, capital positioning, and fiscal year forecasts. The meeting included presentations on the status of various renewable energy projects, including the Summer Solar facility and the Hanukkah Solar project. Committee reports were presented from the Governance and Audit committees, resulting in the adoption of various corporate policies, internal audit plans, and financial reports. Additionally, the Board reviewed and approved procedural guidelines for property acquisition and disposal, investment policies, and the organization's mission statement.

The committee meeting addressed the operational challenges faced in January, including unusual weather conditions that impacted generation and fuel management. Discussions highlighted the committee's commitment to workforce development and the approval of financial releases related to canal operations, workforce development programs, and voluntary contributions to renewable energy initiatives. Additionally, the committee reviewed the progress of Project Luminate, noting that it is currently on budget and on schedule for its 2027 delivery, with the committee approving additional contract value to address design complexities and integrate new reporting and analytics functionality.