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GOVERNOR SPITZER AND LIEUTENANT GOVERNOR DAVID A. PATERSON ANNOUNCE NEW YORK POWER AUTHORITY TRUSTEE NOMINATION

Governor Eliot Spitzer and Lieutenant Governor David A. Paterson today announced that they will nominate Jonathan F. Foster to serve on the Board of Trustees of the New York Power Authority (NYPA). Mr. Foster will be one of seven Trustees who oversee NYPA’s operations.

“Jonathan Foster’s decades of experience in private sector financing will be a tremendous asset to the NYPA Board of Trustees,” said Governor Spitzer. “His wealth of financial knowledge will help NYPA operate efficiently and continue to provide New Yorkers with reliable, low-cost energy.”

Mr. Foster has 20 years of combined experience as an investment banker and private equity investor for major financial firms. He is currently a Managing Director at Wachovia Securities and Co-Head of Diversified Industrials with the Industrial Growth and Services Investment Banking Group. He is also a member of the Client Executive Team, a group of senior investment bankers formed to advise management on initiatives to develop Wachovia’s client business. From 2005 to 2007, before he joined Wachovia Securities, Mr. Foster was the Executive Vice President for Finance and Business Development at Revolution Living. From 2002 to 2004, he was a Managing Director and member of the Investment and Management Committees at The Cypress Group. Prior to that, from 2000 to 2001, Mr. Foster was the Executive Vice President and Chief Operating Officer of toysrus.com. In addition, he spent more than ten years at Lazard, and held the position of Managing Director. At Lazard, Mr. Foster worked on a wide range of important industrial and services mergers and acquisitions transactions and helped establish Lazard’s investment banking business with Financial Sponsors. He also worked on bankruptcies, high yield debt offerings and initial public offerings.

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.

NYPA is America's largest state-owned power organization. It is a non-profit, public-benefit energy corporation that does not use any tax revenues or state credit. NYPA provides some of the lowest-cost electricity in New York State, operating 18 generating facilities and more than 1,400 circuit miles of transmission lines. Its mission is to provide clean, economical and reliable energy consistent with its commitment to safety, while promoting energy efficiency and innovation for the benefit of its customers and all New Yorkers.

This nomination is to an unsalaried position and is subject to Senate confirmation.