During the open meeting on Thursday, September 17, Board President Bob Ricken announced that, the night before, the Board voted in favor of continuing to generate power on-site, which will involve major upgrades to the power plant.
A major study had previously been conducted to determine if the Towers should instead start to buy power from Con Edison. The findings of the study were presented to the community during a meeting in August.
George Nagelberg, an engineer and member of the Capital Improvements Committee who helped conduct the study, said at the time of the meeting that, “Self-generation is the most economical way to go forward.”
According to the study, generating power on-site will result in an annual savings of $4.6 million. Over the course of 25 years, this would amount to $107 million.
The engines in the on-site power plant will have to be replaced, which will cost an estimated $17 million.
Ricken said that the Board will now be creating a subcommittee made up of members of the Capital Improvements Committee and Finance Committee to examine how to move forward with the project.
“The joint committee is charged with the responsibility of recommending how many generators should be purchased, how will the old ones be removed, what will our cash flow needs be and the establishment of a timeline for all of the projects,” Ricken said.
Capital Improvements Committee Chair Herb Cooper described this as the biggest of any projects at the Towers.
“This involves lots of design, lots of new equipment and lots of equipment,” Cooper said. “We are actively investigating various state and federal agencies in an effort to secure incentives or grant dollars to help us in our efforts.”
Following Mayor Michael Bloomberg’s visit to the Towers in August, the mayor put the Board in touch with Deputy Mayor Bob Lieber, who they hope will also be able to assist.
As the Towers proceeds with the project, Cooper said that they will continue to increase efficiency in the Power Plant.
Ricken extended his thanks to the Capital Improvements Committee and chair Cooper. He also gave special acknowledgement to Nagelberg and Sal Castro, the Chief Engineer at North Shore Towers.
