Paul J. Bembia

The meeting included a report on the Authority's activities, the impact of COVID-19 on the clean energy industry, and progress toward Climate Leadership and Community Protection Act goals. Key actions included the appointment of an Acting President and CEO, the appointment of a new member to the Program Planning Committee, and the approval of the Authority's and NY Green Bank's financial statements, the Annual Investment Report, the Annual OPEB Trust Investment Report, and the Annual Confidential Board Member Performance Evaluation Report. Updates were provided on the nuclear coordination program, the West Valley site, and the clean energy program strategy.

The Audit and Finance Committee meeting involved several key agenda items. The committee welcomed the new Director of Internal Audit, Jaime Fernandez, and discussed his background. The primary discussions and actions centered on approving a resolution recommending the selection of Samuel A. Ramirez & Co., Inc. as bond underwriters for the Authority's financings, particularly for the Green Jobs-Green New York program. Furthermore, the committee convened in executive session to discuss the Authority's information technology and cybersecurity internal controls. A report was also provided regarding the upcoming selection process for independent auditors, noting that the current contract with KPMG, LLP is set to expire after fiscal year 2026.

The discussion focused on the adoption of New York's 2025 Fire Code updates, which established a new national benchmark for battery energy storage safety. Key topics included the collaborative efforts of fire professionals, engineers, and state agencies. Panelists highlighted critical new codes addressing the need for independent peer reviews, ensuring qualified emergency response personnel are dispatched quickly (within 15 minutes of an incident, arriving within 4 hours), mandating 24/7 monitoring of Battery Management System (BMS) data, monitoring fire detection systems, and requiring emergency response plans with training for local first responders. Panelists also discussed the importance of pre-incident involvement, site inspections, and the distinction between generalized codes and specific requirements for various scales of energy storage systems.

The meeting focused on reviewing the draft Regional Greenhouse Gas Initiative New York State (RGGI) operating plan amendment for 2026, which was posted online. Key discussion points included the two fundamental objectives for RGGI investments: pushing for expanded adoption of energy-efficient, renewable, or innovative carbon abatement technologies, and aligning investments with state priorities such as improving energy system reliability, protecting consumers from price volatility, minimizing costs and impacts, maximizing conservation, and supporting economic development, with a leading focus on affordability. Financial assumptions based on allowance auction proceeds were detailed, projecting an allowance price of $20.42 per allowance for fiscal years 2028 and 2029. Programmatic investments across four themes were presented: Affordability (proposed to receive 62% of programmatic investments, including the Empower Plus program and a new upstate affordable multifamily program), Energy Abundance, Diversity, and Reliability (11%), Energy Innovation and Economic Development (16%), and Thriving Communities and Environments (11%). A new affordability strategy involving allocating 34% of excess auction proceeds to reduce ratepayer collections was also introduced. Additionally, updates from the most recent RGGI program review were shared, including setting a declining emissions cap trajectory from 2027 to 2037, increasing the Cost Containment Reserve size, and removing the use of offsets for compliance.

The Draft State Energy Plan provides broad policy direction for New York State's energy-related decision-making with an outlook through 2040. Its overarching goals include ensuring a reliable, resilient, clean, and affordable energy system with equitable access for all New Yorkers, driving economic growth, advancing energy technology innovation, and continuing progress on economy-wide decarbonization. The plan aims to meet future energy demands while supporting economic development, equity, and a healthy environment.