RenTech May Have To Pay The IRS, But It’ll Be Damned If It Also Has To Pay The Power Company

This is how you become a billionaire many times over.

Author:

Gleuschk [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)]

Renaissance Technologies has no problem printing money—for itself, of course; for clients it’s a bit trickier. But it does have a problem with paying its bills, first its tax bills and now its electrical ones.

On Wednesday, Cuomo announced that Renaissance was granted ReCharge NY energy from the state Power Authority in return for promising to spend $73.6 million on computers, system maintenance and telecommunications equipment for the East Setauket headquarters. The company, which reportedly oversaw about $75 billion as of earlier this year, also has pledged to preserve its 150 high-paying jobs…. In its application for the low-cost electricity, the hedge fund said it "is exploring relocating part of our facility that is heavily reliant on power to a more competitively priced region" out of state. "Lower utility costs will encourage Renaissance to remain in New York."

Sorry, Florida, you can’t have this one, we guess, even if you do allow people to smoke pretty much wherever the hell they want.

Renaissance Technologies wins cheap power from NYS for HQ upgrade [Newsday]