2020 Strategic Refresh
The New York Power Authority is the largest state power organization in the United States, with 16 generating facilities and more than 1,400 circuit-miles of transmission lines. NYPA management envisions 50% of the electricity supply coming from renewable energy by 2030, and they want to reduce greenhouse gases 40% by 2030, among other targets. These goals, originally set forth in 2014, are being updated in their 2020 Strategic Refresh.
Robert Lurie, CFO & Chief Strategy Officer at NYPA: “Our number one role is to keep the lights on and make sure that our plants are operating safely and reliably. But we also have a key role, in helping our customers achieve whatever their definition of success is. That’s really been changing rapidly over time.”
“We try to play out how our model, how various strategies might work given different states of the world that we might imagine in the future. The strategies that are robust in as many scenarios as possible are ones that are the most valuable… Back in 2014 we came up with our six initial strategies and those continue to be viable and strong. We’re tweaking those and re-emphasizing certain areas.”
“One is the tremendous drop in the cost of new energy technologies. Like for renewable energies, solar for example, price drops have been far more than what were predicted back in 2014. The other area that we’ve really emphasized is the tremendous expansion of the use of big data and data analytics. All the AI technology lets us digitize our business from end to end.”
“We’re building processes into our strategic planning to make sure that we’re re-assessing the plan constantly for environment and in technology… It’s not just the people on the senior executive team that are having these conversations. We bring people from our operating plants, and we bring people from our various support services. We make sure we have experts in technology, and people who also help us think about the future.”