Small Hydro Offers Predictable, Reliable, Low Cost Power
Albany, N.Y. — Gravity Renewables, an owner and operator of renewable energy projects across the country, has secured the first 10 million kilowatt hours per year in small hydro agreements through its partnership with the Municipal Gas and Electric Alliance (MEGA).
The MEGA-Gravity Partnership—begun earlier this year— is a multi-year collaboration during which Gravity serves as the preferred provider of energy from small hydroelectric sites to MEGA participants, municipalities and public agencies around New York. The state is home to more than 100 hydroelectric sites that are able to generate predictable, reliable, affordable energy that’s renewable and locally produced.
“New York is fortunate to have an abundance of these small hydroelectric facilities, appropriately sized and located for this program,” said Ron Feldstein, President and CEO of MEGA. “These agreements provide our participants with long-term, fixed-price, low cost energy while ensuring these local, historic hydro facilities will be producing renewable energy, creating jobs and paying local taxes for decades to come.”
The agreements are among the first hydroelectric projects in the country to make use of “remote net metering”—the policy mechanism that, with the local utility as an intermediary, allows customers to use power generated at off-site renewable energy generation facilities. New York State approved legislation and utility tariffs in recent years to implement this policy, and Gravity Renewables has pioneered the use of net metering with small hydro. In addition to developing projects among MEGA participants, the company recently announced the first small hydro project in the country to utilize remote net metering with Skidmore College in Saratoga Springs. These agreements protect customers against future price spikes or rate increases by locking in reliable, predictable low-cost energy at a fixed rate.
“MEGA is a fantastic partner. We’re proud to be the first hydro power provider to serve its members and look forward to continued success over the coming years,” said Ted Rose, CEO of Gravity Renewables.
Governor Cuomo and the New York State Legislature’s strong commitment to locally produced renewable energy made these agreements possible. New York’s Net Metering Policy—which allows customers to apply renewable energy credits to other accounts they own—will allow municipalities, businesses, school districts and others to sign 20-year agreements for the power generated at small hydro facilities. Small hydro facilities are also economic drivers for New York communities. Each small hydro project brings at least $100,000 per year in local economic benefit in the form of property tax, jobs and local spending.
The Municipal Electric and Gas Alliance is a not-for-profit aggregation program for energy supplies and services. MEGA presently serves more than 260 local governments and public agencies in New York State, using public bidding to identify the lowest cost providers. MEGA was established in 1998 at the start of utility restructuring in New York. MEGA’s renewable energy program is facilitated by its consultants, EnergyNext, Inc. of Saratoga Springs, NY.
About Gravity Renewables
Gravity Renewables is a leading national owner, operator and developer of small hydroelectric power plants. Small hydropower provides predictable, reliable, affordable clean energy that’s locally produced. By making a long-term commitment to these neighborhood facilities, Gravity restores and conserves important historical sites, employs local operators and promotes educational and recreational opportunities in the communities it serves. Gravity currently has 30 MW of hydroelectric projects operating and under development in 7 states across the country. For more information please visit www.gravityrenewables.com or contact us at 303.440.3378. Follow Gravity Renewables on Twitter or Facebook.