Deal of the Year 2025: NY Energy Finance Development Corp. / Power Authority of the State of NY (Northeast)

New York set a precedent with a $944 million bond deal that prepaid three decades of electricity for the Power Authority. By launching a new statewide conduit issuer and locking in long-term supply, the structure lowers delivered power costs — about a ten percent savings on the prepaid energy — while creating a flexible platform to fold in future renewable contracts. Despite a volatile market, investor demand was robust, including buyers new to the prepay space, signaling broader appeal. This is a replicable model that advances clean energy goals and reshapes how public power can finance supply.