Minutes of the Annual Meeting of the Power - New York Power ...

April 24, 2007
3. Report from the President and Chief Executive Officer
President Carey said that, along with Mr. Del Sindaco and Mr. Bellis, he had just completed the first
quarter budget reviews for each business unit and department and that the Authority is operating within its
budget for the 2007 fiscal year.
President Carey then briefly outlined Governor Spitzer’s “15 by 15” energy plan, which calls for a
decrease in energy use by 15% and an increase in the use of renewable energy resources by 15% by the year
2015. He said that staff is currently reviewing Mayor Bloomberg’s recently released energy plan, especially since
the City of New York and its Housing Agency are among the Authority’s largest SENY customers.
According to President Carey, the Province of Ontario, Canada, has banned the sale of incandescent
light bulbs, as has Australia.
President Carey also mentioned that the Public Service Commission is exploring the feasibility of
“decoupling” for utilities as California has done. Under decoupling, utilities’ revenues are not tied completely to
how much energy they sell, since they can make money by lowering energy usage. Decoupling also has the
potential to decrease the need for new power plant construction and to shave peak load.
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