Two New Trustees Join New York Power Authority Board
New York Power Authority, August 20, 2008
The New York Power Authority (NYPA) has two new trustees following the confirmation Tuesday by the New York State Senate of Judge Eugene L. Nicandri of Massena and Jonathan F. Foster of New York City to the NYPA board.
Judge Nicandri, whose legal work contributed to the establishment of the Massena Electric Department in 1981, served on the St. Lawrence County Court from 1985 until 2004, when he retired. Jonathan Foster has 20 years of experience as an investment banker and private equity investor for major financial firms.
“I’m looking forward to working with these two distinguished New Yorkers on the Power Authority board,” said Michael J. Townsend, the Authority’s acting chairman. “The experience that they bring in key areas of law and finance will be a great asset to helping guide the Power Authority in carrying out its responsibilities as the nation’s largest state-owned power organization.”
“New York State will be well served by the leadership and expertise that Judge Nicandri and Jonathan Foster are bringing to the Power Authority as our newest trustees,” said Gil C. Quiniones, NYPA acting chief operating officer. “Their decades of experience in key areas underpinning our operations, along with demonstrated good judgment, will contribute to the vital role we play in supporting the goals of Governor Paterson for reliable, clean and economical power.”
The two new trustees, whose positions are unsalaried, will serve five-year terms, to May 2013, on the seven-member NYPA board, which oversees the Authority’s senior management under state law.
Judge Nicandri served as president of the New York State County Judges Association from 1999 to 2000. Before becoming a county judge, he was a partner in the Massena law firm of Lavigne & Nicandri from 1966 to 1985 and served at various times as the attorney for the Towns of Massena, Brasher, Louisville and Lawrence and the Village of Massena. He also served as the attorney for Massena Memorial Hospital.
Judge Nicandri represented the Town of Massena in landmark litigation involving the establishment of the Massena Electric Department, a municipal electric system that benefits from low-cost hydropower from NYPA as a preference customer under federal law. He served as the Electric Department’s attorney from 1981 to 1985.
Judge Nicandri holds a Bachelor of Arts degree from the University of Rochester and has a J.D. from Albany Law School. Prior to law school, he served on active duty with the U.S. Navy as a commissioned officer.
Judge Nicandri is married to the former Lois Anne Moore. They have three sons and four grandchildren.
Jonathan Foster has been managing director at Wachovia Securities and co-head of Diversified Industrials with the Industrial Growth and Services Investment Banking Group. He is leaving Wachovia this month to start a private equity firm, Current Capital, in New York City.
At Wachovia, Mr. Foster served as a member of the Client Executive Team, a group of senior investment bankers formed to advise management on initiatives to develop the firm’s client business.
Before joining Wachovia in June 2007, Mr. Foster was executive vice president for Finance and Business Development at Revolution Living, from 2005 to 2007. Prior to that, he was a managing director and a member of the Investment and Management committees at The Cypress Group, from 2002 to 2004, and executive vice president and chief operating officer of toysrus.com, from 2000 to 2001. In addition, he spent more than 10 years at Lazard, where he held the position of managing director and worked on a wide range of key industrial and services transactions.
Mr. Foster holds a Bachelor of Business Administration in Accounting from Emory University and a Master of Science in Accounting and Finance from the London School of Economics.
The New York Power Authority provides up to one-quarter of New York State’s electricity from its 18 generating facilities and purchases of economical power from other suppliers. Its two hydroelectric projects on the Niagara and St. Lawrence Rivers provide the lowest-cost electricity in the state, supporting key manufacturing industries in Western and Northern New York. The statewide public power utility also meets the electricity needs of downstate public facilities and services, including schools, hospitals, municipal buildings and the subways and commuter trains.
NYPA is a leader in advancing the state’s energy efficiency and use of clean renewable energy technologies. Under Governor Paterson’s direction, it plans to invest $1.4 billion on such initiatives through 2015, in line with the state’s plan to cut energy use by 15 percent below forecasted levels by that year.
■ NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. ■ NYPA is a leader in promoting energy-efficiency, new energy technologies and electric transportation initiatives. ■ It is the nation’s largest state-owned electric utility, with 18 generating facilities in various parts of the state and more than 1,400 circuit-miles of transmission lines.