New York Mohawks vote to create electric utility
Tribe members approved creation of their own electric utility by a margin of 445-102 during tribal elections.
It will cost about $13.7 million to build a power plant and distribution system on the reservation, which borders the U.S.-Canadian border in northern New York. The tribe would also have to pay National Grid a $4.3 million exit fee.
Mohawk leaders say running their own power plant will result in lower delivery rates immediately and protect the tribe from future rate increases while enhancing its sovereignty. About 11,000 residents live on the New York side of the reservation.
The Mohawks are joining at least nine other tribes who operate their own public utilities.
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The utility's annual report, to be released publicly on Tuesday, also shows its total consolidated net income slumped from $71 million in 2016-2017 to $37 million in the last fiscal year.
It said efforts to restructure the utility and reduce costs are partly to blame for the $34 million drop in year-over-year income.
These earnings come nowhere close, however, to alleviating Hydro's long-term debt problem. The figure is pegged at $19.2 billion this fiscal year, up…
