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<br /> 015<br /> ANNUAL REPORT<br /> EN12 EN16 EN22<br /> s<br /> transforming:<br /> CONTENTS<br /> 1 CHAIRMAN’S MESSAGE<br /> 1 TRUSTEES AND MANAGEMENT<br /> 2 LETTER TO NEW YORKERS<br /> From the President and<br /> Chief Executive Officer<br /> 24 NYPA OPERATING FACILITIES<br /> 27 FINANCIAL REPORT<br /> 103 NYPA’S INDEX FOR THE GLOBAL<br /> REPORTING INITIATIVE<br /> 106 PHOTO CAPTIONS<br /> Readers of the print edition will find the symbol u embedded in<br /> photos and asterisks (*) in the text to access supplemental videos,<br /> and also hyperlinks to Internet resources, available in the digital<br /> edition at nypa.gov.<br /> u<br /> in:dustry,<br /> marketplace,<br /> workforce<br /> TRUSTEES and Management<br /> Gil C. Quiniones<br /> President and<br /> Chief Executive Officer<br /> Edward A. Welz<br /> Chief Operating Officer<br /> John R. Koelmel<br /> Chairman<br /><a title="NYPA-2015AnnualReport page 1" href="http://viewer.zmags.com/publication/ecfcd6ea?page=1"> 015 ANNUAL REPORT </a> <a title="NYPA-2015AnnualReport page 2" href="http://viewer.zmags.com/publication/ecfcd6ea?page=2"> transforming: CONTENTS 1 CHAIRMAN’S MESSA</a> <a title="NYPA-2015AnnualReport page 3" href="http://viewer.zmags.com/publication/ecfcd6ea?page=3"> in:dustry, marketplace, workforce TRUSTEES and Ma</a> <a title="NYPA-2015AnnualReport page 4" href="http://viewer.zmags.com/publication/ecfcd6ea?page=4"> u our our mission Power the economic growth and </a> <a title="NYPA-2015AnnualReport page 5" href="http://viewer.zmags.com/publication/ecfcd6ea?page=5"> tegic We are the largest state electric utility i</a> <a title="NYPA-2015AnnualReport page 6" href="http://viewer.zmags.com/publication/ecfcd6ea?page=6"> 1 </a> <a title="NYPA-2015AnnualReport page 7" href="http://viewer.zmags.com/publication/ecfcd6ea?page=7"> 1 MW ReChargeNY power = 68 new jobs = $61.1 milli</a> <a title="NYPA-2015AnnualReport page 8" href="http://viewer.zmags.com/publication/ecfcd6ea?page=8"> ustomer olutions The North Country Economic Devel</a> <a title="NYPA-2015AnnualReport page 9" href="http://viewer.zmags.com/publication/ecfcd6ea?page=9"> Energy Services Implementation results:</a> <a title="NYPA-2015AnnualReport page 10" href="http://viewer.zmags.com/publication/ecfcd6ea?page=10"> u asset Develop an asset management capability a</a> <a title="NYPA-2015AnnualReport page 11" href="http://viewer.zmags.com/publication/ecfcd6ea?page=11"> 2 management u NYPA Annual Report 2015 </a> <a title="NYPA-2015AnnualReport page 12" href="http://viewer.zmags.com/publication/ecfcd6ea?page=12"> u </a> <a title="NYPA-2015AnnualReport page 13" href="http://viewer.zmags.com/publication/ecfcd6ea?page=13"> In fall 2015, we began an extensive, multimillion</a> <a title="NYPA-2015AnnualReport page 14" href="http://viewer.zmags.com/publication/ecfcd6ea?page=14"> 3 u smart </a> <a title="NYPA-2015AnnualReport page 15" href="http://viewer.zmags.com/publication/ecfcd6ea?page=15"> technologies. One example is drones, which hold p</a> <a title="NYPA-2015AnnualReport page 16" href="http://viewer.zmags.com/publication/ecfcd6ea?page=16"> smart generation & transmission </a> <a title="NYPA-2015AnnualReport page 17" href="http://viewer.zmags.com/publication/ecfcd6ea?page=17"> u NYPA Annual Report 2015 15</a> <a title="NYPA-2015AnnualReport page 18" href="http://viewer.zmags.com/publication/ecfcd6ea?page=18"> Turnover in the ranks occurs at every business. F</a> <a title="NYPA-2015AnnualReport page 19" href="http://viewer.zmags.com/publication/ecfcd6ea?page=19"> Workforce Planning initiative that will help NYPA</a> <a title="NYPA-2015AnnualReport page 20" href="http://viewer.zmags.com/publication/ecfcd6ea?page=20"> 5 knowledge management Establish an enterprise </a> <a title="NYPA-2015AnnualReport page 21" href="http://viewer.zmags.com/publication/ecfcd6ea?page=21"> groups of employees that connect around a common </a> <a title="NYPA-2015AnnualReport page 22" href="http://viewer.zmags.com/publication/ecfcd6ea?page=22"> 20 NYPA Annual Report 2015</a> <a title="NYPA-2015AnnualReport page 23" href="http://viewer.zmags.com/publication/ecfcd6ea?page=23"> The five strategic initiatives I’ve outlined so fa</a> <a title="NYPA-2015AnnualReport page 24" href="http://viewer.zmags.com/publication/ecfcd6ea?page=24"> strategic vision 2020 six paths to a single desti</a> <a title="NYPA-2015AnnualReport page 25" href="http://viewer.zmags.com/publication/ecfcd6ea?page=25"> 23456 The strategic initiatives I’ve described re</a> <a title="NYPA-2015AnnualReport page 26" href="http://viewer.zmags.com/publication/ecfcd6ea?page=26"> nypa operating facilities ST. LAWRENCE-FRANKLIN D</a> <a title="NYPA-2015AnnualReport page 27" href="http://viewer.zmags.com/publication/ecfcd6ea?page=27"> more than 70 percent of NYPA electricity comes fr</a> <a title="NYPA-2015AnnualReport page 28" href="http://viewer.zmags.com/publication/ecfcd6ea?page=28"> 3 St.Lawrence-Franklin D. Roosevelt Pow</a> <a title="NYPA-2015AnnualReport page 29" href="http://viewer.zmags.com/publication/ecfcd6ea?page=29"> New York Power Authority Financial Report Table </a> <a title="NYPA-2015AnnualReport page 30" href="http://viewer.zmags.com/publication/ecfcd6ea?page=30"> 28 Man Report nagement R Manage </a> <a title="NYPA-2015AnnualReport page 31" href="http://viewer.zmags.com/publication/ecfcd6ea?page=31"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 32" href="http://viewer.zmags.com/publication/ecfcd6ea?page=32"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 33" href="http://viewer.zmags.com/publication/ecfcd6ea?page=33"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 34" href="http://viewer.zmags.com/publication/ecfcd6ea?page=34"> 32 NEW YORK POWER AUTHORITY Managementʼs Discuss</a> <a title="NYPA-2015AnnualReport page 35" href="http://viewer.zmags.com/publication/ecfcd6ea?page=35"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 36" href="http://viewer.zmags.com/publication/ecfcd6ea?page=36"> 34 NEW YORK POWER AUTHORITY Managementʼs Discuss</a> <a title="NYPA-2015AnnualReport page 37" href="http://viewer.zmags.com/publication/ecfcd6ea?page=37"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 38" href="http://viewer.zmags.com/publication/ecfcd6ea?page=38"> 36 Capital Structure Long-term debt, net of c</a> <a title="NYPA-2015AnnualReport page 39" href="http://viewer.zmags.com/publication/ecfcd6ea?page=39"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 40" href="http://viewer.zmags.com/publication/ecfcd6ea?page=40"> 38 NEW YORK POWER AUTHORITY Managementʼs Discuss</a> <a title="NYPA-2015AnnualReport page 41" href="http://viewer.zmags.com/publication/ecfcd6ea?page=41"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 42" href="http://viewer.zmags.com/publication/ecfcd6ea?page=42"> 40 NEW YORK POWER AUTHORITY Managementʼs Discuss</a> <a title="NYPA-2015AnnualReport page 43" href="http://viewer.zmags.com/publication/ecfcd6ea?page=43"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 44" href="http://viewer.zmags.com/publication/ecfcd6ea?page=44"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 45" href="http://viewer.zmags.com/publication/ecfcd6ea?page=45"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 46" href="http://viewer.zmags.com/publication/ecfcd6ea?page=46"> 44 NEW YORK POWER AUTHORITY Managementʼs Discuss</a> <a title="NYPA-2015AnnualReport page 47" href="http://viewer.zmags.com/publication/ecfcd6ea?page=47"> NEW YORK POWER AUTHORITY Managementʼs Discussion </a> <a title="NYPA-2015AnnualReport page 48" href="http://viewer.zmags.com/publication/ecfcd6ea?page=48"> KPMG LLP 345 Park Avenue New York, NY 10154-0102 </a> <a title="NYPA-2015AnnualReport page 49" href="http://viewer.zmags.com/publication/ecfcd6ea?page=49"> Other M Matters Required Supplemen ati</a> <a title="NYPA-2015AnnualReport page 50" href="http://viewer.zmags.com/publication/ecfcd6ea?page=50"> 48 NEW YORK POWER AUTHORITY Statement</a> <a title="NYPA-2015AnnualReport page 51" href="http://viewer.zmags.com/publication/ecfcd6ea?page=51"> NEW YORK POWER AUTHORITY Statements of</a> <a title="NYPA-2015AnnualReport page 52" href="http://viewer.zmags.com/publication/ecfcd6ea?page=52"> Operating revenues: Power sales T</a> <a title="NYPA-2015AnnualReport page 53" href="http://viewer.zmags.com/publication/ecfcd6ea?page=53"> NEW YORK POWER AUTHORITY Statements o</a> <a title="NYPA-2015AnnualReport page 54" href="http://viewer.zmags.com/publication/ecfcd6ea?page=54"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 55" href="http://viewer.zmags.com/publication/ecfcd6ea?page=55"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 56" href="http://viewer.zmags.com/publication/ecfcd6ea?page=56"> 54 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 57" href="http://viewer.zmags.com/publication/ecfcd6ea?page=57"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 58" href="http://viewer.zmags.com/publication/ecfcd6ea?page=58"> 56 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 59" href="http://viewer.zmags.com/publication/ecfcd6ea?page=59"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 60" href="http://viewer.zmags.com/publication/ecfcd6ea?page=60"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 61" href="http://viewer.zmags.com/publication/ecfcd6ea?page=61"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 62" href="http://viewer.zmags.com/publication/ecfcd6ea?page=62"> 60 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 63" href="http://viewer.zmags.com/publication/ecfcd6ea?page=63"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 64" href="http://viewer.zmags.com/publication/ecfcd6ea?page=64"> 62 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 65" href="http://viewer.zmags.com/publication/ecfcd6ea?page=65"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 66" href="http://viewer.zmags.com/publication/ecfcd6ea?page=66"> 64 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 67" href="http://viewer.zmags.com/publication/ecfcd6ea?page=67"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 68" href="http://viewer.zmags.com/publication/ecfcd6ea?page=68"> 66 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 69" href="http://viewer.zmags.com/publication/ecfcd6ea?page=69"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 70" href="http://viewer.zmags.com/publication/ecfcd6ea?page=70"> 68 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 71" href="http://viewer.zmags.com/publication/ecfcd6ea?page=71"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 72" href="http://viewer.zmags.com/publication/ecfcd6ea?page=72"> 70 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 73" href="http://viewer.zmags.com/publication/ecfcd6ea?page=73"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 74" href="http://viewer.zmags.com/publication/ecfcd6ea?page=74"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 75" href="http://viewer.zmags.com/publication/ecfcd6ea?page=75"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 76" href="http://viewer.zmags.com/publication/ecfcd6ea?page=76"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 77" href="http://viewer.zmags.com/publication/ecfcd6ea?page=77"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 78" href="http://viewer.zmags.com/publication/ecfcd6ea?page=78"> 76 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 79" href="http://viewer.zmags.com/publication/ecfcd6ea?page=79"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 80" href="http://viewer.zmags.com/publication/ecfcd6ea?page=80"> 78 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 81" href="http://viewer.zmags.com/publication/ecfcd6ea?page=81"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 82" href="http://viewer.zmags.com/publication/ecfcd6ea?page=82"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 83" href="http://viewer.zmags.com/publication/ecfcd6ea?page=83"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 84" href="http://viewer.zmags.com/publication/ecfcd6ea?page=84"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 85" href="http://viewer.zmags.com/publication/ecfcd6ea?page=85"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 86" href="http://viewer.zmags.com/publication/ecfcd6ea?page=86"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 87" href="http://viewer.zmags.com/publication/ecfcd6ea?page=87"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 88" href="http://viewer.zmags.com/publication/ecfcd6ea?page=88"> 86 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 89" href="http://viewer.zmags.com/publication/ecfcd6ea?page=89"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 90" href="http://viewer.zmags.com/publication/ecfcd6ea?page=90"> 88 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 91" href="http://viewer.zmags.com/publication/ecfcd6ea?page=91"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 92" href="http://viewer.zmags.com/publication/ecfcd6ea?page=92"> 90 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 93" href="http://viewer.zmags.com/publication/ecfcd6ea?page=93"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 94" href="http://viewer.zmags.com/publication/ecfcd6ea?page=94"> 92 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 95" href="http://viewer.zmags.com/publication/ecfcd6ea?page=95"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 96" href="http://viewer.zmags.com/publication/ecfcd6ea?page=96"> 94 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 97" href="http://viewer.zmags.com/publication/ecfcd6ea?page=97"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 98" href="http://viewer.zmags.com/publication/ecfcd6ea?page=98"> 96 NEW YORK POWER AUTHORITY Notes to the Fi</a> <a title="NYPA-2015AnnualReport page 99" href="http://viewer.zmags.com/publication/ecfcd6ea?page=99"> NEW YORK POWER AUTHORITY Notes to the Financ</a> <a title="NYPA-2015AnnualReport page 100" href="http://viewer.zmags.com/publication/ecfcd6ea?page=100"> 98 KPMG LLP 345 Park Avenue New York, NY 10154-0</a> <a title="NYPA-2015AnnualReport page 101" href="http://viewer.zmags.com/publication/ecfcd6ea?page=101"> Purpose o rt of this </a> <a title="NYPA-2015AnnualReport page 102" href="http://viewer.zmags.com/publication/ecfcd6ea?page=102"> 100 REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITE</a> <a title="NYPA-2015AnnualReport page 103" href="http://viewer.zmags.com/publication/ecfcd6ea?page=103"> New York Power Authority Required Supplementary I</a> <a title="NYPA-2015AnnualReport page 104" href="http://viewer.zmags.com/publication/ecfcd6ea?page=104"> New York Power Authority Required Supplementary I</a> <a title="NYPA-2015AnnualReport page 105" href="http://viewer.zmags.com/publication/ecfcd6ea?page=105"> NYPA’s Index for the Global Reporting Initiative </a> <a title="NYPA-2015AnnualReport page 106" href="http://viewer.zmags.com/publication/ecfcd6ea?page=106"> GENERAL STANDARD DISCLOSURES - continued Report </a> <a title="NYPA-2015AnnualReport page 107" href="http://viewer.zmags.com/publication/ecfcd6ea?page=107"> Material Aspect: Emissions G4-DMA DMA Emissions.</a> <a title="NYPA-2015AnnualReport page 108" href="http://viewer.zmags.com/publication/ecfcd6ea?page=108"> APPENDIX - continued 2015 Generating Facility Em</a> <a title="NYPA-2015AnnualReport page 109" href="http://viewer.zmags.com/publication/ecfcd6ea?page=109"> NYPA helped implement the largest energy services</a> <a title="NYPA-2015AnnualReport page 110" href="http://viewer.zmags.com/publication/ecfcd6ea?page=110"> 123 Main Street White Plains NY 10601-3170 nypa.g</a>