POTSDAM, N.Y. (From news reports) -- Twin Rivers Paper Company has received another boost from the New York Power Authority aimed at helping keep its Potsdam operation competitive and preserving local manufacturing jobs.
The NYPA Board of Trustees approved a 2,000-kilowatt allocation of low-cost hydropower to Twin Rivers under the Northern New York Hydropower program.
The award comes after the company's acquisition of Potsdam Specialty Paper, a move that state officials said helped preserve 70 jobs that otherwise could have been lost.
Twin Rivers had previously received $1 million in NYPA funding to help with that acquisition.
The company also received a $1.82 million Regional Council Capital Fund grant from Empire State Development and up to $180,000 in performance-based Excelsior Jobs Program tax credits.
Twin Rivers manufactures specialty papers, including latex, acrylic and other saturated base papers used in packaging, technical, label and publishing applications.
Cecily L. Morris, a NYPA trustee and North Country resident, said the latest hydropower allocation builds on the state's earlier assistance to the company.
"The Power Authority's support for Twin Rivers Paper Company is essential to maintaining jobs and preserving an important manufacturing asset in the North Country," Morris said.
She said the hydropower allocation will help the Potsdam facility remain competitive and continue contributing to the regional economy.
The Northern New York Hydropower program provides low-cost electricity to eligible businesses in St. Lawrence, Franklin and Jefferson counties.
The Twin Rivers award was part of a larger package of economic development awards approved by NYPA. State officials said the programs are designed to use low-cost power to encourage private investment and help businesses retain and create jobs.
Gov. Kathy Hochul said reliable, affordable electricity is an important part of the state's efforts to support businesses.
The earlier acquisition of Potsdam Specialty Paper was significant for the area, with the $1 million NYPA award helping preserve 70 jobs.
