ELMIRA — The board of directors of Elmira Savings Bank (NASDAQ: ESBK) has declared a cash dividend of 23 cents per share of its common stock. The banking company will pay the dividend on Dec. 15 to shareholders of record on Dec. 8.

At its current stock price, the dividend yields about 4.5 percent on an annual basis. 

Elmira Savings Bank, with $559 million in total assets, is a state-chartered bank with six branches in Chemung County, three offices in Tompkins County, two branches in Steuben County, one office in Cayuga County, one branch in Schuyler County, and a loan center in Broome County.

Elmira Savings Bank generated more than $1.2 million in net income in the third quarter of this year, up slightly from the year-ago period.

Gov. Andrew M. Cuomo has announced the availability of up to $3.5 million for “innovative” research and development (R&D) proposals to “accelerate” the use of electric vehicles, reduce the cost of installing and operating charging stations, and provide recommendations on how they can be used for grid resiliency. 

Funding for this initiative is available through the state’s Clean Energy Fund. The effort is part of the governor’s plan to reduce the state’s greenhouse-gas emissions by 40 percent by 2030. 

The New York State Energy Research and Development Authority (NYSERDA) will administer the solicitation, which is seeking proposals for research projects that show the potential impact of electric vehicles on job growth, technical advances, and the overall economy, according to a news release from the governor’s office.

An area of “particular interest,” the release explained, includes proposals for innovative business models and technologies to better manage the relationship between electric vehicles and the electric grid. For example, proposals could focus on: 

• How to reduce the impact of charging vehicles on the grid; 

• How vehicles can be integrated into buildings to provide backup power; or 

• How to remotely manage electric-car charging at peak times. 

Currently, electric vehicles use power from the grid to charge. However, fully charged vehicles can also return power to the grid, which can help provide “resiliency” during power outages or during peak times, such as hot summer days, the governor’s office said.

The transportation sector is responsible for 40 percent of energy-related greenhouse gas emissions in New York state. Compared to gasoline-powered cars, electric cars are more energy efficient and cost about 50 percent to 70 percent less to operate per mile, the state contends. As a result, New York is taking a “broad approach” to accelerating electric-vehicle market growth, per the governor’s office.

As of Nov. 1, there were about 23,000 electric vehicles registered in New York.              

Gov. Andrew M. Cuomo recently announced grant awards totaling $2.3 million for urban forestry projects in communities across New York state. 

The awards are funded through the state Environmental Protection Fund and are part of New York’s ongoing initiatives to address “invasive species, climate change, and environmental justice,” Cuomo’s office said in a news release. 

Grants were made available to municipalities, public benefit corporations, public authorities, school districts, soil and water conservation districts, community colleges, not-for-profit organizations, and Indian Nations. Awards — ranging from $11,000 to $75,000, depending on the municipal population. Tree inventories and community forestry management plans have no matching requirement. Tree planting and maintenance projects have a 25 percent match requirement. 

The awarded projects target local environmental needs that can benefit the community and the environment, including watershed protection. Projects include reforestation in areas to restore forest canopy lost to invasive species such as the Emerald Ash Borer. Altogether, the state announced 51 project winners for the 2017 grants selected from 147 applications scored competitively. 

“These investments will help improve the quality of life in New York neighborhoods by supporting the replacement of trees impacted by invasive pests,” Cuomo said. 

Grant recipients by region include the following.

CENTRAL NEW YORK 

Cortland County 
• City of Cortland, $23,490: Cortland tree planting 

Onondaga County 
• City of Syracuse, $25,065: City of Syracuse inventory and cyclical management of the urban forest project 
• Onondaga County Department of Water Environment Protection, $75,000: maintaining green infrastructure for storm water management 
• Town of DeWitt, $24,350: Keeping DeWitt Green project 

MOHAWK VALLEY 

Oneida County 
• Town of Floyd, $29,470: Floyd Town Park tree planting 
• Mohawk Valley Community College, $49,000: City of Utica tree inventory project 

Otsego County 
• City of Oneonta, $50,000: City of Oneonta Emerald Ash Borer preventive maintenance program 
• City of Oneonta, $42,240: City of Oneonta planting of street trees on Market Street Project 
• City of Oneonta, $50,000: City of Oneonta general tree maintenance program 
• Village of Cooperstown, $13,830: Cooperstown tree inventory and urban forest management plan 

NORTH COUNTRY 

Jefferson County 
• City of Watertown, $18,000: City of Watertown Phase II tree inventory and citywide community forest management plan 

St. Lawrence County 
• Village of Massena, $50,000: Village of Massena tree inventory and forest management plan 

SOUTHERN TIER 

Broome County 
• City of Binghamton, $50,000: City of Binghamton comprehensive tree inventory — Phase II 

Steuben County
• Village of Bath, $19,800: Village of Bath tree maintenance program

Tompkins County 
• Village of Dryden, $11,209: Tree planting on Main Street and elementary school neighborhood 

The urban forestry grants complement the New York Department of Environmental Conservation’s (DEC) existing initiatives to address invasive species, climate change, environmental degradation, environmental justice, and urban sprawl, the release stated. Over the last six years, the state has funded more than $6.9 million in grants to support projects with a total value of more than $12 million. 

“Urban forestry programs promote clean air, clean water, energy savings, and habitat creation,” DEC Commissioner Basil Seggos contended.           

New York’s electric system has the capacity to meet demand for electricity and the necessary operating reserves during extreme cold-weather conditions through the 2017-2018 winter season. That’s according to the New York Independent System Operator (NYISO), the nonprofit that operates New York state’s power grid.

NYISO anticipates a peak demand of 24,365 megawatts (MW) for this winter season. Last winter, peak demand reached 24,164 MW when weather was milder than the 10-year and 20-year averages. 

New York’s record winter peak was set in 2014, during polar-vortex conditions that pushed demand to 25,738 MW, NYISO said in a news release issued Nov. 30.

Peak demand is a measurement of the average total electric demand by consumers for a one-hour period. One megawatt of electricity can serve between 800 and 1,000 homes.

The winter peak forecast is based on average winter-weather conditions, with composite statewide temperatures of 15 degrees to 16 degrees Fahrenheit. If extreme weather produces colder conditions, with temperatures in the 5 to 6 degree range, peak demand across the state could increase to about 25,989 MW.

Total capacity resources, which include generation, imports and demand response, are expected to total 44,557 MW this winter season. Installed generation capacity amounts to 41,454 MW. 

Net external capacity purchases of 2,311 MW also have been secured for the winter period, NYISO said. Projected demand response resources, which enlist consumers to reduce electricity use during peak conditions, equal 792 MW.

The electric system requires surplus power supplies to guarantee that sufficient electricity is available in the event of unanticipated power-plant outages, transmission outages, or unexpected increases in power consumption. 

New York’s grid operators maintain 2,620 MW of operating reserves daily, which means additional generation resources are scheduled above the amount needed to meet the projected demand for electricity on that day, NYISO said.

The New York State Department of Environmental Conservation (DEC) and Cornell University have announced the creation of a new biocontrol laboratory on the Cornell campus focused on protecting the state’s ecologically vital population of hemlock trees.

The $1.2 million lab, partially funded by DEC with money from the state’s Environmental Protection Fund and headed by Cornell entomologist Mark Whitmore, will be dedicated to researching and rearing biological controls to stop the spread of the invasive pest Hemlock Woolly Adelgid (HWA), according to a recent DEC news release. HWA is threatening trees in about half of New York’s 62 counties and more than 15 other states.

“Preventing the spread of invasive species is the most effective way to fight and address the damage these species can cause to our natural resources,” DEC Commissioner Basil Seggos said in the release. “DEC’s partnership and ongoing work with Cornell University researchers and the State’s investments in this new lab will help prevent the spread of this invasive pest, Hemlock Woolly Adelgid, with the use of better biological controls, bolstering our ongoing efforts to protect New York’s irreplaceable hemlock forests.”

HWA, a tiny insect from East Asia first discovered in New York in 1985, attacks forest and ornamental hemlock trees. It feeds on young twigs, causing buds to die and needles to dry out and drop prematurely.

Hemlock decline and mortality usually occur within four to 10 years of HWA infestation in the insect’s northern range. Damage from the insect has led to widespread hemlock death throughout the Appalachian Mountains and the southern Catskill Mountains with “considerable ecological damage, as well as economic and aesthetic losses,” the DEC said. HWA infestations can be most noticeably seen by the small, white, woolly masses produced by the insects that are attached to the underside of the twig, near the base of the needles, it explained.

Biological control, biocontrol for short, involves using “natural enemies” to manage the population of a pest. In the case of HWA, this means using predatory insects found in areas where HWA is native. The focus of the HWA biocontrol lab will be to research methods to grow healthy colonies of predatory insects and evaluate their effectiveness in managing HWA population growth, the DEC said. The goal is to establish multiple predator species throughout New York to reduce HWA populations below the level where they cause hemlock trees to die. 

“Cornell CALS is a leader in the discovery of new and improved bio-controls, such as parasites, predators and weed eaters, that naturally minimize pest damage to fruits, vegetables, and our natural resources such as hemlocks and cattails,” said Kathryn J. Boor, dean of the Cornell College of Agriculture and Life Sciences. “Our researchers are carrying out our mission as NYS’ Land Grant University in working closely with New York State to safeguard our natural environment. The HWA lab will protect New York’s majestic hemlock trees by developing new controls for the Hemlock Woolly Adelgid, which is spreading at an alarming rate. We thank the DEC and lawmakers for their support for funding that enables this important research.”

Eastern hemlock trees are among the oldest trees in New York with some reaching ages of more than 700 years. They usually occupy steep, shaded, north-facing slopes and stream banks where few other trees can grow well. The trees help maintain erosion control and water quality, and the hemlocks shade cool waters — providing “critical habitat” for many of New York’s freshwater fish, including native brook trout.

Gov. Andrew M. Cuomo increased funding for invasive species control to $13 million from the Environmental Protection Fund in the 2017-18 state budget, including the funding for this “important lab” and a $2 million grant program for communities and groups across New York, per the release. This funding is providing “critical support” for prevention and eradication activities through programs like the Partnerships for Regional Invasive Species Management (PRISM) that protect against threats to New York’s biodiversity, economy, and human health.

Invasive species are detrimental because of their ability to reproduce quickly, outcompete native species, and adapt to new environments, the DEC noted. Because invasive species did not evolve with the other species in their new location, they often do not have “natural predators and diseases” that would usually control their population within their native habitat. Economists estimate that invasive species cost the United States more than $120 billion in damages every year, the DEC said. 

More information on HWA — including identification, control techniques, and reporting possible infestations — is available at Cornell’s New York State Hemlock Initiative (www.nyshemlockinitiative.info) or the DEC’s website (http://www.dec.ny.gov/animals/7250.html).                       

KeyCorp (NYSE: KEY) — parent of KeyBank, the No. 2 bank ranked by deposit market share in the 16-county Central New York area — recently boosted its quarterly cash dividend by 11 percent to 10.5 cents per share of its common stock.

The dividend, up from the 9.5 cents that Key paid last quarter, is payable on Dec. 15, to holders of record as of the close of business on Nov. 28.

This marks the second dividend increase that KeyCorp has initiated in 2017, following a 12 percent hike in the second quarter.

Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of $136.7 billion as Sept. 30.

In the 16-county CNY region, KeyBank had 68 branches and nearly $4.3 billion in deposits, good for a 14.42 percent market share, according to the latest FDIC statistics as of June 30.