Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
CenterState CEO affiliate changes name to Business Solutions of NY
SYRACUSE — Benefit Specialists of New York, an affiliate of CenterState CEO, is now operating under the name Business Solutions of NY (BSNY). The organization announced the name change on Oct. 27. The organization changed its name in mid-October, coinciding with the open-enrollment period for benefits, says Frank Caliva, Jr., Sr. VP and COO of […]
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SYRACUSE — Benefit Specialists of New York, an affiliate of CenterState CEO, is now operating under the name Business Solutions of NY (BSNY).
The organization announced the name change on Oct. 27.
The organization changed its name in mid-October, coinciding with the open-enrollment period for benefits, says Frank Caliva, Jr., Sr. VP and COO of CenterState CEO. He spoke with CNYBJ on Nov. 8.
Caliva describes Business Solutions of NY as a wholly owned, for-profit subsidiary of CenterState CEO.
The name change
The organization over the last two years has been looking at the changes in the employee-benefits business resulting from the Affordable Care Act and technology, says Caliva.
People are turning to the Internet for help in making decisions about how they buy and manage their benefits.
“As we started to look at all that, we began to realize, we really were a lot more than just benefits to our clients. We were really helping them manage the people side of their business,” says Caliva.
The organization’s clients were asking for advice on matters pertaining to payroll and human resources, so BSNY started working with other companies who specialized in those areas, he says.
BSNY had also purchased a technology platform called Employee Navigator, an online system that allows companies of all sizes “to manage their work force online.”
“In its simplest form, you can use it just as an online portal for employees to choose their benefits on an annual basis,” says Caliva.
After considering the factors involved, CenterState CEO decided to pursue the name change. The organization started thinking about it in the spring.
When asked if the group considers the name change a rebranding, Caliva thinks it’s “more of a reframing.”
“It’s just kind of underscoring the fact that, absolutely, we’re still all about employee benefits but we’ve always been helping [clients] with other things as well,” he says.
Business Solutions of NY services about a “couple thousand” clients, most of which are not chamber members, he notes.
“There’s a lot who are, but a significant majority of our clients at BSNY don’t happen to be chamber members,” says Caliva.
BSNY serves about 10 client chambers of commerce in Central New York, according to Caliva. Its footprint extends west to near Rochester and east to Oneida County and into Cooperstown.
“Our strongest presence is in Onondaga County,” he notes.
It markets “exclusively” through chambers of commerce and business associations, according to its website.
Business Solutions of NY offers employee benefits, including health insurance, payroll, human-resources, and regulatory-compliance services.
BSNY works with DeWitt–based ChoicePay, Inc. as its payroll provider and Syracuse–based Pinnacle Employee Services, a professional employer organization, in offering services to its clients, according to Caliva.
Caliva refers to Business Solutions of NY as a “one-stop shop” for a small or medium-sized business.
Caliva declined to disclose any financial information about BSNY, noting its financial performance is reported on as part of the overall reports of CenterState CEO.
Contact Reinhardt at ereinhardt@cnybj.com
Citizens Bank executive named to Clarkson University Board of Trustees
POTSDAM — Lauretta M. Chrys, executive VP and head of strategic onboarding for the Consumer Banking Division at Citizens Bank, has been elected to the Clarkson University Board of Trustees. She will serve on the audit and finance and budget committees, the university said in a news release. Based in Albany, Chrys provides strategic leadership
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
POTSDAM — Lauretta M. Chrys, executive VP and head of strategic onboarding for the Consumer Banking Division at Citizens Bank, has been elected to the Clarkson University Board of Trustees.
She will serve on the audit and finance and budget committees, the university said in a news release.
Based in Albany, Chrys provides strategic leadership to the management of Citizens Bank’s Consumer Banking Division’s 13,000 employee workforce through development and deployment of methods to onboard new employees. Chrys serves on the Executive Leadership Group of Citizens Financial Group, parent of Citizens Bank.
During her 25-year banking career, Chrys has held leadership positions in consumer banking, wealth management, small-business banking, commercial and government banking, and treasury products and services, according to the release.
Since 2004, Chrys held a number of senior positions with Citizens Bank, including director of retail banking in New York, and Mid-Atlantic states. As head of Premier Banking, she led the bank’s business expansion across Citizens’ 11-state footprint. Earlier in her career, she held key leadership positions with KeyBank in New York state.
Chrys is a board member and first woman chair of the Retail Banking Executive Committee of the New York Bankers Association.
Chrys received her bachelor’s degree in economics from SUNY Albany. She holds an MBA from Union College.
Clarkson University’s main campus is located in Potsdam. It has additional graduate program and research facilities in the Capital Region and in Beacon, New York.
Contact The Business Journal News Network at news@cnybj.com
State advises health insurers on requirements to cover substance-abuse treatment
The New York State Department of Financial Services (DFS) has issued guidance to health insurers outlining new insurance-coverage requirements for substance-abuse treatment. Gov. Andrew Cuomo announced the DFS guidance on Oct. 19. The action follows a new state law to combat the heroin and opioid “crisis” in New York, the DFS said in a news
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
The New York State Department of Financial Services (DFS) has issued guidance to health insurers outlining new insurance-coverage requirements for substance-abuse treatment.
Gov. Andrew Cuomo announced the DFS guidance on Oct. 19.
The action follows a new state law to combat the heroin and opioid “crisis” in New York, the DFS said in a news release.
The new law requires health insurers to cover medication, including naloxone, for detoxification or maintenance treatment of substance-use disorders under large-group insurance policies.
The new requirement “mirrors” the coverage requirements for individual and small-group policies, DFS said.
It also requires health insurers to provide coverage without preauthorization for inpatient substance-abuse treatment in facilities that participate in their networks and are certified by the New York State Office of Alcoholism and Substance Abuse Services.
“Health insurers have an obligation to cover costs for lifesaving substance-abuse treatment and our administration will have zero tolerance for those who seek to sidestep this responsibility,” Cuomo said in the DFS release. “This action is an important step toward breaking the cycle of addiction and … ending the epidemic of opioid abuse in New York once and for all.”
The new guidance alerts health insurers that they must provide inpatient and outpatient coverage for detoxification and maintenance-treatment medication, including naloxone.
It also instructs health insurers that they must eliminate prior-authorization requirements for a five-day emergency supply of prescribed medications for the treatment of substance-use disorder “when an emergency arises.”
The DFS guidance outlines insurer-utilization review requirements, and includes timeframes under which the health insurers must make the utilization-review determinations.
The department will review health insurers’ compliance with requirements for coverage during market-conduct exams and will “take action against any insurers found to have failed to meet all statutory and regulatory requirements for coverage of substance use disorder treatment.”
Contact Reinhardt at ereinhardt@cnybj.com
Tips & New Initiatives for Health-Care Plans from the U.S. Department of Labor
Mary Rosen, associate regional director of the U.S. Department of Labor (DOL) for New England including upstate New York, recently gave a presentation on common issues with health-care plans. She also described six tips for common plan errors and three new initiatives the DOL is working on. Based upon common errors seen by the DOL,
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Mary Rosen, associate regional director of the U.S. Department of Labor (DOL) for New England including upstate New York, recently gave a presentation on common issues with health-care plans. She also described six tips for common plan errors and three new initiatives the DOL is working on.
Based upon common errors seen by the DOL, the six tips for health-care plan fiduciaries to consider are:
1. Carefully select and monitor service providers
2. Make required disclosures to participants and beneficiaries
3. If a request for disclosure is made, disclose as much as possible
4. Understand your plan and your responsibility
5. Make timely contributions and monitor use of plan assets
6. File reports with government and keep good records
Rosen in her presentation also described the following three federal Department of Labor health-care plan initiatives:
1. Health Benefit Security Project
A comprehensive national health-enforcement project combining the Employee Benefits Security Administration health-plan enforcement initiatives with the new protections under the Patient Protection Affordable Health Care Act of 2010.
2. Self-Funded Health Case Fees Initiative
This project seeks to uncover hidden fees in self-funded health plans. The project includes the review of fees commonly found in self-funded health plans including base medical service fee, recovery of overpayments, subrogation, corporate group and third-party revenue, medical-benefits drug rebate payments, stop-loss premiums and other fees and services.
3. Emergency Services Project
A project to determine if health-care plans are complying with the patient protection requirements of the Affordable Care Act regarding the coverage of emergency services. This project will identify large self-funded health plans that provide coverage for emergency services and determine if services will be covered and whether the plan is properly reimbursing for out-of-network emergency room visits.
Mary Anne Cody is a partner at Mackenzie Hughes LLP in Syracuse. Cody concentrates her law practice on financial-planning issues for businesses and individuals. Her areas of emphasis include estate planning, fiduciary compliance, and business tax and succession planning. Contact Cody at mcody@mackenziehughes.com. This Viewpoint article is drawn from the Mackenzie Hughes Blog, called “Plain Talk.”
CABVI starts Quest Program to boost upward mobility and retention of employees
UTICA — The Central Association for the Blind and Visually Impaired (CABVI), a not-for-profit agency that serves people who are blind or visually impaired, announced it has launched the new CABVI Quest Program. The CABVI Quest Program is an “opportunity for employees to achieve upward mobility within the company and to learn more about CABVI
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
UTICA — The Central Association for the Blind and Visually Impaired (CABVI), a not-for-profit agency that serves people who are blind or visually impaired, announced it has launched the new CABVI Quest Program.
The CABVI Quest Program is an “opportunity for employees to achieve upward mobility within the company and to learn more about CABVI in ways they may have not yet discovered, or had a chance to do so,” the nonprofit said in a news release. Each month, Quest participants will meet to spend the day with their peers and listen to CABVI leaders or fellow employees discuss various aspects of day-to-day activities or tasks.
Participants were selected from all departments within the organization at its production and manufacturing facilities in Syracuse and Utica, and also at its contact center at Albany, Virginia.
The first meeting was held on Sept. 28 and reviewed the basics of CABVI such as the mission statement, core values, agency structure, and departmental dynamics, the release stated.
CABVI Quest participants will meet each month for the next 10 months and topics will include: business conduct and code of ethics, human resources 101, assistive technology, and rehabilitation services, and management and leadership. When Quest participants applied to the program, they also noted which departments at CABVI they would like to learn more about and shadow for the day.
“Upward mobility and retention of employees within our CABVI family is very important to us all. We want our employees to be able to learn and grow and hope the CABVI Quest program allows Questers to achieve just that,” Jill Koch, chief financial officer at CABVI, and a CABVI Quest mentor, said in a release.
Utica–based CABVI, which is an affiliate of National Industries for the Blind, says it serves people who are blind or visually impaired, from newborns to the elderly, generally free of charge. CABVI’s vision-rehabilitation programs provide for more than 1,500 people who are blind or visually impaired in an eight-county area of upstate New York (Oneida, Herkimer, Madison, Fulton, Lewis, Montgomery, Jefferson, nd northern Otsego Counties).
CABVI reported $48.6 million in total operating revenue in 2015, up from $45.8 million in 2014, according to its 2015 annual report posted on its website. The nonprofit’s total employment was 252 at the end of last year.
Contact The Business Journal News Network at news@cnybj.com
The Rockwell Museum appoints Whisenhunt as executive director
CORNING — The Rockwell Museum in Corning has named Brian Lee Whisenhunt as its new executive director. He will start in the position in early January 2017, succeeding Kristin A. Swain who announced her retirement earlier this year, after serving for 14 years. Whisenhunt brings nearly 20 years of museum experience, according to a news
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
CORNING — The Rockwell Museum in Corning has named Brian Lee Whisenhunt as its new executive director.
He will start in the position in early January 2017, succeeding Kristin A. Swain who announced her retirement earlier this year, after serving for 14 years.
Whisenhunt brings nearly 20 years of museum experience, according to a news release from The Rockwell.
Since July 2011, Whisenhunt has served as the executive director of the Museum of the Southwest in Midland, Texas. He was responsible for planning a $5.4 million capital campaign to renovate and restore the Turner Memorial Art Museum, which includes the historic Turner Mansion dating from the 1930s. Under his leadership, the museum attracted more than 100,000 visitors in 2015, the first time in more than a decade.
“Brian’s museum experience and eagerness around arts in education, community collaboration and high quality American art experiences make him a great fit for The Rockwell and our region. I’m certain he’ll be overwhelmingly welcomed by our vibrant arts community and the people that make it happen,” Deb Naylor, president of the museum’s board of trustees, said in the release.
Whisenhunt received his master’s degree in art history from the University of Oklahoma.
His other previous jobs include stints as executive director of the Swope Art Museum in Terre Haute, Indiana; adjunct professor of art at Indiana State University; director of education at the Wichita Art Museum in Kansas; and manager of public programs at the Blanton Museum of Art at the University of Texas.
Whisenhunt is joining The Rockwell after it, in the last three years, has broadened its mission statement to “encompass art about the American experience, transformed its permanent art galleries from top-to-bottom, [and] opened a new Family Exploration Studio for young visitors,” the release stated. The Rockwell also revamped it museum store, and launched new programs like Rockwell Roadhouse and the Urban Arts Crawl.
Most notably, The Rockwell, which is celebrating its 40th anniversary this year, has become an affiliate of the Smithsonian Institution, the museum said.
The Rockwell’s diverse collection includes a mix of contemporary American art with traditional bronze sculptures, landscape paintings, and other works that “embody the American experience.” The museum is housed in the restored 19th century Old City Hall building in Corning.
Contact The Business Journal News Network at news@cnybj.com
State Common Retirement Fund returns 3.5 percent in latest quarter
The New York State Common Retirement Fund generated an overall return of 3.51 percent for the three-month period ending Sept. 30, 2016, the second quarter of the state’s fiscal year 2016-2017. That’s according to a news release from New York State Comptroller Thomas P. DiNapoli. The fund ended the period with an estimated value of
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
The New York State Common Retirement Fund generated an overall return of 3.51 percent for the three-month period ending Sept. 30, 2016, the second quarter of the state’s fiscal year 2016-2017.
That’s according to a news release from New York State Comptroller Thomas P. DiNapoli. The fund ended the period with an estimated value of $184.5 billion.
“Investments across several asset classes had positive returns during a solid quarter,” DiNapoli said in the release. “Our long-term perspective and our diversified portfolio continue to cushion the fund against volatility and help ensure sustainable returns that provide retirement security for our 1.1 million members, retirees and their beneficiaries.”
In comparison, the S&P 500 index generated a total return of 3.31 percent in the same quarter, according to data from Morningstar.
The Common Retirement Fund’s estimated value reflects benefits paid out during the quarter. The fund ended its first fiscal quarter on June 30, 2016, with an overall return of 2 percent and an estimated value of $181 billion, the comptroller’s release stated. The S&P 500 produced a 1.9 percent return in that same quarter, according to Morningstar.
As of Sept. 30, the Common Retirement Fund had 38 percent of its assets invested in publicly traded U.S. stocks and 16.3 percent in international stocks. The remaining fund assets by allocation are invested in cash, bonds, and mortgages (26.7 percent), private equity (7.6 percent), real estate (6.9 percent), absolute-return strategies (3.2 percent), and opportunistic alternatives and real assets (1.3 percent), according to DiNapoli’s office.
Contact The Business Journal News Network at news@cnybj.com
An overview of specialty drugs & their impact on your pharmacy-benefit plan
Specialty drugs are high-cost prescription medications typically used to treat chronic conditions. Most often, they require specialty handling and administration by the dispensing pharmacy and prescribing physician. At a glanceComplex Large Molecules and Biologic Drugs Biology-based molecules that structurally mimic compounds found within the body. High Cost per Prescription Average cost of $3,000 per month.
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Specialty drugs are high-cost prescription medications typically used to treat chronic conditions. Most often, they require specialty handling and administration by the dispensing pharmacy and prescribing physician.
At a glance
Complex Large Molecules and Biologic Drugs
Special Handling and Distribution
Multiple Dosage Forms
Trends
The specialty-drugs market has experienced robust growth within the last five years, predominantly driven by average wholesale price inflation, increases in utilization / intensity, and new drugs entering the market. These factors have contributed to what today is estimated to be a 20 percent price increase for 2016, 2017, and 2018. What’s most startling is that while specialty drugs account for less than 1 percent of drugs dispensed for most employer groups, the corresponding spending makes up 25 percent of total costs, on average.
It is expected that specialty drugs will account for 40 percent of total drug spending by 2018. Furthermore, 40 percent to 50 percent of drugs in late-stage FDA approval are specialty drugs, representing potentially 200 new drugs in the next couple years. Thus, there is not a lot of relief on the horizon for employers and their benefit plans.
The role of the pharmacy benefit manager
Prior Authorizations — A strong pharmacy benefit manager (PBM) partner first helps clients manage the costs associated with specialty medications through a prior-authorization process. A robust prior-authorization process is intended to be used as a tool to ensure the medication is appropriate for the diagnosis. Along with requiring documentation demonstrating medical necessity, case reviews should also be done to be sure other options, where appropriate, have been tried. In some cases during the prior-authorization process, reviewers will identify an opportunity where possibly an alternative medication should be considered. Your PBM should then work with the physician to discuss the option(s) to see if they are appropriate for the patient.
Clinical Review / Intervention — In some instances, medications will be prescribed for conditions or at dosages outside of what is currently FDA-approved. Unless substantiated by convincing and proven medical and/or clinical data, these medications are considered experimental in nature in the treatment of the particular diagnosis and will be denied. In these cases, your PBM should conduct an in-depth review of the medication and evidence available before deciding whether the medication will be approved or denied. If the medication is in fact denied, a written letter explaining the denial is sent to both the physician and plan member. This letter should also outline the process of appealing the decision should the physician decide to do so. This extension of the prior-authorization process ensures that the right medication and dosage is selected for each patient.
The role of the dispensing specialty pharmacy
Clinical management — Your partnering specialty pharmacy should provide clinical-management programs that are designed to increase compliance and adherence to therapy. The clinical staff should have extensive training regarding the monitoring of side effects and manufacturer policies for each specialty medication that is dispensed. The goal of these programs is to educate patients on the medications they are taking, prevent adverse effects, identify potential side-effects, and promote overall health and wellness.
Comprehensive programs — Comprehensive programs should start with a basic assessment of each patient. From there, additional educational materials are identified that may help support a patient’s adherence to their medication regimen. At the same time, a patient can be scheduled for a follow-up assessment by a registered pharmacist or registered nurse. These follow-up assessments often take place at the time of coordination for delivery of the patient’s next refill, and they can also occur at an appropriate frequency based on the needs of the patient and/or the plan.
Robust fulfillment & delivery — The ideal specialty pharmacy will provide a full benefit and co-pay assistance investigation with every script that is filled. Value-adds include: free ancillary supplies such as sharps containers, syringes, alcohol swabs, and bandages. Due to the complexities of some specialty drugs, your specialty pharmacy should ship packages for next-day delivery to your home, physician’s office, or place of work.
Erison Rodriguez is the regional sales and marketing director for ProAct, Inc. — a pharmacy-benefit management company headquartered in DeWitt. It is a division of KPH Healthcare Services, Inc., which also operates Kinney Drugs. Contact Rodriguez at ErisonRodriguez@ProActRx.com
Ithaca Tompkins Regional Airport converting to jets
ITHACA — Beginning in 2017, the Ithaca Tompkins Regional Airport says it will begin incorporating Embraer 145 jets as part of a deal with American Airlines. The 50-seat jets will replace the existing turboprop planes to accommodate increased traffic to Ithaca, the airport said in a news release issued on Oct. 28. The change from
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ITHACA — Beginning in 2017, the Ithaca Tompkins Regional Airport says it will begin incorporating Embraer 145 jets as part of a deal with American Airlines. The 50-seat jets will replace the existing turboprop planes to accommodate increased traffic to Ithaca, the airport said in a news release issued on Oct. 28.
The change from turboprop planes to jets comes after American Airlines recently decided to consolidate its flights to Philadelphia, ending its services to the Greater Binghamton Airport and Elmira Corning Regional Airport early next year.
Ithaca Tompkins Regional Airport says it will become the official Southern Tier hub for flights to Philadelphia with American Airlines, Newark with United Airlines, and Detroit with Delta Air Lines.
“Ithaca’s a destination,” airport manager Mike Hall contended in an interview with Spectrum News, which the news release cited. “A lot of people want to come here… most of our travel is business travel.”
Airport officials say that with the increase in traffic, comes the opportunity for improving facilities and equipment. Ithaca Tompkins Regional Airport is “still hopeful” to receive funding from an upstate airport redesign competition for the improvement of security services, building a screening room, and including customs services within the airport.
Beginning in 2017, Ithaca Tompkins Regional Airport hopes to “clear at least 100 aircraft within their first year of business.” The airport expects to add regional jet service to Newark via United Airlines later in 2017.
The Ithaca Tompkins Regional Airport contends that it generates nearly $70 million in annual positive economic impact on the area, which supports 510 jobs. The airport is a “gateway” for travelers to Cornell University, Ithaca College, and Tompkins Cortland Community College.
In June of this year, the Tompkins County Legislature authorized the county to accept a nearly $350,000 grant from the New York State Department of Transportation (DOT) to help fund marketing and promotion at Ithaca Tompkins Regional Airport.
The grant — under the DOT’s Statewide Opportunities for Airport Revitalization (or SOARs) program — is being used to offset the cost of marketing and associated consulting fees to help improve and increase service at the airport, according to the legislature. Hall, the airport manager, noted at the time that acceptance of the grant would allow the airport to boost its promotion and marketing as it tries to attract more flights, without increasing the facility’s operating budget for marketing.
Contact Rombel at arombel@cnybj.com
Clean Energy Standard Establishes Good Public Policy and Saves Thousands of Jobs
The New York Public Service Commission’s newly adopted Clean Energy Standard is a smart solution to a complex problem. It institutes a good public policy that will provide economic and environmental benefits to all New Yorkers for years to come. Not only is this helping our local James A. FitzPatrick Nuclear Power Plant to remain
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
The New York Public Service Commission’s newly adopted Clean Energy Standard is a smart solution to a complex problem. It institutes a good public policy that will provide economic and environmental benefits to all New Yorkers for years to come. Not only is this helping our local James A. FitzPatrick Nuclear Power Plant to remain open, but it is also helping all upstate New York nuclear plants to remain operational. This will keep thousands of jobs in the state, and carbon-free electric generation in New York.
Since the Public Service Commission (PSC) adopted the new Clean Energy Standard, there have been many critics who say nuclear power should not be eligible for subsidies. The criticism from so-called environmentalists is baffling because nuclear power is clean and generates zero carbon emissions, 24/7. Currently, according to the New York Independent System Operator’s most recent data, 4.53 percent of the state’s electricity needs are met with wind and solar sources, 17 percent are met with hydro, and 30 percent with nuclear generation. Without nuclear power, New York would lose an essential source of carbon-free generation. It would likely be replaced by imported power generated from fossil fuels — something that the environmentalist groups vehemently oppose.
There are many reasons why the PSC’s forward-thinking policy is good for the state. Without the Clean Energy Standard, Upstate would lose thousands of jobs, businesses and homeowners would face steeper electricity prices, and our state would lose fuel diversity. If the PSC had not included nuclear power in the Clean Energy Standard, it is likely that all four nuclear-power plants in upstate New York would close — never to reopen. This would be economically disastrous for upstate New York.
For our community, this policy is a win-win. It not only ensures carbon-free generated electricity, but also helps ensure the health of our upstate economy. The four nuclear-power plants — the FitzPatrick Nuclear Power Plant, Nine Mile Point I and II, and R. E. Ginna Nuclear Power Plant — add $3.16 billion to the state’s gross domestic product. They account for nearly 25,000 direct and indirect full-time jobs and contribute $150 million in net state tax revenues annually.
According to the Brattle Group, the plants also reduce energy costs by $1.7 billion per year. This is because nuclear power produces power consistently and reliably, which helps stabilize the energy market. Indeed, in New England states, consumers are experiencing increased energy costs due the closure of Vermont Yankee Nuclear Power Plant. With its closure, the New England market has less fuel diversity, leaving electricity prices closely tied to the cost of natural gas. This was evident this summer as New England’s electricity prices jumped 38 percent (from June to July) mainly because the cost of natural gas increased by 43 percent. With the impending closure of another nuclear-power plant in the New England region, one can expect that costs will continue to go up for consumers in these states.
Last year, our area was devastated when Entergy announced that it would shutter FitzPatrick. Fortunately, many in the community rallied around the plant and a solution was found to what would have otherwise been a catastrophic outcome for the entire region. Other plants would surely have followed the same fate had the PSC not adopted the Clean Energy Standard. We should embrace this policy and applaud this forward-thinking solution.
William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us, or (315) 598-5185.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.