October 01, 2016 5:50 PM ET


Company Overview of New York State Electric & Gas Corporation

Company Overview

New York State Electric & Gas Corporation engages in the regulated transmission and distribution of electricity in the United States. It also transports, stores, and distributes natural gas. In addition, the company generates electricity primarily from hydroelectric stations. It serves approximately 884,000 electricity and 264,000 natural gas customers in its service territory of approximately 20,000 square miles located in the central, eastern, and western parts of the state of New York. The company was founded in 1852 and is based in Binghamton, New York. New York State Electric & Gas Corporation is a subsidiary of RGS Energy Group, Inc.

18 Link Drive

Binghamton, NY 13904

United States

Founded in 1852



Key Executives for New York State Electric & Gas Corporation

Age: 62
Director, Chairman of Energy East Corporation, Chief Executive Officer of Energy East Corporation, President of Energy East Corporation and Director of Energy East Corporation
Age: 71
Chief Executive of Iberdrola Usa
Age: 54
President of Independent Power Producers
Vice President, Treasurer and Controller
Compensation as of Fiscal Year 2016.

New York State Electric & Gas Corporation Key Developments

Avangrid, Inc., New York State Electric & Gas Corporation, Rochester Gas and Electric Corporation, Central Maine Power Company, the United Illuminating Company, Connecticut Natural Gas Corporation, the Southern Connecticut Gas Company and the Berkshire Gas Company Enter into Revolving Credit Facility with Syndicate of Banks

Avangrid, Inc., New York State Electric & Gas Corporation, Rochester Gas and Electric Corporation, Central Maine Power Company, The United Illuminating Company, Connecticut Natural Gas Corporation, The Southern Connecticut Gas Company and The Berkshire Gas Company entered into a revolving credit facility with a syndicate of banks, that provides for maximum borrowings of up to $1.5 billion in the aggregate. Under the terms of the Credit Facility, each joint borrower has a maximum borrowing entitlement, or sublimit, which can be periodically adjusted to address specific short-term capital funding needs, subject to the maximum limit established by the banks. The Company’s maximum sublimit is $1 billion, NYSEG, RGE, CMP and UI have maximum sublimits of $250 million, CNG, and SCG have maximum sublimits of $150 million and BGC has a maximum sublimit of $25 million. The Credit Facility contains no rating triggers that would cause default, acceleration or puts but does contain rating sensitive pricing. The Credit Facility also contains negative covenants, including one that sets the ratio of maximum allowed consolidated debt to consolidated total capitalization at 0.65 to 1.00, for each borrower. Under the credit facility, each of the borrowers will pay an annual facility fee that is dependent on their credit rating. The initial facility fees will range from 12.5 to 17.5 basis points. The maturity date for the credit facility is April 5, 2021.

NYSEG and Taitem Engineering Collaborate on Clean Energy Demonstration Project

NYSEG and Taitem Engineering of Ithaca are collaborating to develop details for a Reforming the Energy Vision (REV) demonstration project that will explore how the involvement and support of NYSEG can help communities meet their energy goals. The project, based in Tompkins County, seeks to leverage the value of NYSEG's involvement in the planning and promotion of distributed energy resources such as solar installations as well as energy efficiency projects. One area of focus for this project is to use NYSEG's communications channels to help customers understand their options for clean energy resources, such as solar installations, and to then connect interested customers with service providers. A possible outcome is for NYSEG to promote standardized solar packages with the intent of lowering the cost and complexity of installation for homeowners. Helping to develop community solar arrays is another possibility to service the needs of renters, low and moderate income families, and others. NYSEG and Taitem expect to have product offerings developed by mid-2016.

NYSEG and RG&E Announce Technology Partnership to Lower Connection Costs for Renewable Generation

NYSEG and RG &E, subsidiaries of AVANGRID, are preparing to roll out an innovative technology aimed at making it easier and more efficient for large-scale producers of renewable energy resources to connect to the electric power grid. The utilities' Flexible Interconnect Capacity Solution (FICS) demonstration project supports New York State's Reforming the Energy Vision (REV) initiative. NYSEG and RG &E are collaborating with Scottish technology firm Smarter Grid Solutions to test the new interconnect approach. NYSEG and RG &E will test Smarter Grid Solutions' Active Network Management (ANM) technology to help accommodate larger amounts of solar-generated electricity on the lower-voltage distribution electric delivery system without jeopardizing the safe and reliable operation of the grid. ANM can also support interconnection of wind, hydro and biomass/biogas generated electricity.

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