NOTICE OF FULL REDEMPTION TO THE HOLDERS OF
POWER AUTHORITY OF THE STATE OF NEW YORK
General Purpose Bonds, Series AA
Dated April 15, 1992

NOTICE IS HEREBY GIVEN that there have been called for full redemption on January 1, 2002 all outstanding Bonds of the above captioned bonds, totaling $178,005,000 in principal amount, plus applicable premium, if any, as listed below:

*CUSIP No.  Rate  Maturity  Redemption Price  Amount
649892ZD1  6.000%  January 1, 2003  102.00%  $8,110,000
649892ZF6 6.100% January 1, 2004 102.00% $3,000,000
649892ZH2 6.200% January 1, 2005 102.00% $9,120,000
649892ZK5 6.250% January 1, 2006 102.00% $9,685,000
649892ZQ2 6.250% January 1, 2023 102.00% $81,155,000
649892ZM1 6.300% January 1, 2007 102.00% $10,190,000
649892ZP4 6.375% January 1, 2012 102.00% $56,785,000

The Bonds are being called pursuant to the redemption provisions of the governing documents at the referenced redemption price plus accrued interest to January 1, 2002 on which date all interest on the Bonds will cease to accrue. Holders of the Bonds are requested to present their Bonds, at the following addresses:

First Class/Registered/Certified  Express Delivery Only  By Hand Only

JPMorgan Chase Bank
Institutional Trust Services
P.O. Box 2320
Dallas, Texas 75221-2320

 JPMorgan Chase Bank
 Institutional Trust Services
2001 Bryan Street, 9th Floor
 Dallas, Texas 75201

 JPMorgan Chase Bank
Room 234-North Bldg.
Institutional Trust Securities Window
 55 Water Street
New York, NY 10041

   

POWER AUTHORITY OF THE STATE OF NEW YORK
By: JPMorgan Chase Bank
as Trustee or Agent
Bondholder Communications: 800-275-2048
www.chase.com/bondholder

Dated: November 30, 2001

IMPORTANT TAX INFORMATION

    Under the provisions of the Interest and Dividend Tax Compliance Act of 1983, paying agents making payments of interest or principal on municipal securities may be obligated to withhold a 30% tax from remittance to individuals who have failed to furnish the paying agent with a valid taxpayer identification number. Owners of the Bonds who wish to avoid the imposition of the tax should submit certified taxpayer identification numbers when presenting the Bonds for payment. 
    *NOTE: The Issuer and JPMorgan shall not be responsible for the use of the CUSIP numbers selected, nor is any representation made as to their correctness indicated in the notice or as printed on any Bond. They are included solely for the convenience of the holders.