NY Power Authority (NYPA)

The committee reviewed updates on the Diversity, Equity, Inclusion, and Accessibility (DEIA) strategy, focusing on its integration into business operations through three key areas: environment, employment, and the economy. The committee also received an Artificial Intelligence (AI) strategy update covering current production use cases, foundational data investments, and ongoing AI governance and security measures. Additional agenda items included the Ethics and Compliance Program Report, the approval of procurement and related reports, revisions to procurement and real property disposal guidelines, and an amendment to the Investment Policy Statement for the Other Post-Employment Benefits Trust.

The joint meeting of the Power Authority of the State of New York and New York State Canal Corporation covered various strategic initiatives, including a report from the President and CEO focusing on critical infrastructure, capital planning, and risk management, and a presentation on cyber security for industrial control systems. Utility operations were discussed, with updates on generation, transmission, and regulatory matters, including transmission operator registration and agreements with Con Edison and PSE&G-LI. The Chief Risk & Resiliency Officer reported on risks related to critical infrastructure and the measures in place to manage them. NYPA Development provided an update on renewables co-development and co-investment, highlighting the results of a Request for Qualifications. Financial operations were reviewed, with a focus on year-to-date actuals, year-end projections, and capital performance. The Finance Committee presented recommendations for approval, including the release of funds for the Canal Corporation, workforce development funding, and contract awards for various projects.

The meeting included a Chief Financial Officer's report, discussion on the release of funds for the New York State Canal Corporation for Q4 2025, and a presentation on utility operations focusing on a contract award for fleet vehicles. Also discussed was a funding request for workforce development and authorization to enter into an intercompany loan agreement with New York Renewable Energy Development Holdings Corporation (NYRED).

The Audit Committee convened a special meeting to address various items. The agenda for the meeting was approved, followed by a motion to conduct an executive session. Subsequently, a motion was made and approved to resume the meeting in open session. The committee then discussed the scheduling of the next regular meeting. The meeting was adjourned.

The meeting included discussions on the financial performance through September, expectations for the full year, and activity around canals and power proceeds. A significant portion of the meeting was dedicated to reviewing the financial plan and budget for the next four years. Updates were provided on the canals, and there was a discussion on the preliminary proposed four-year plan, focusing on maintaining assets, investing in the strategic plan, and maximizing investments while maintaining credit ratings and affordable rates. The committee also discussed allocating resources to support Vision 2030, investments in hydro facilities, transmission projects, and enabling customers to achieve their energy goals.