$29.25 settlement reached on CVPS purchase of Vermont Marble Power Division of Omya

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first_imgCentral Vermont Public Service (NYSE-CV) today announced that it has reached a settlement with the Vermont Department of Public Service, the Town of Proctor Selectboard and Omya Inc. for the purchase of the assets of and consolidation of service territory of the Vermont Marble Power Division of Omya.The transaction has already been approved by the Federal Energy Regulatory Commission, which regulates the hydro sites and transmission facilities involved in the sale, but must also be approved by the Vermont Public Service Board.Under the settlement, the purchase price of the previously announced sale will decrease from $33.2 million to approximately $29.25 million, including $28.25 million for Vermont Marble’s hydroelectric facilities and about $1 million for the other assets.  The agreement includes a five-year, six-step phase-in of residential rate changes for existing VMPD customers, which will be funded by Omya up to an amount estimated to be approximately $1.125 million.  The agreement also requires creation of a value sharing pool that provides for certain excess value received by CVPS to be split between CVPS’s customers, Omya and CVPS shareholders if energy market prices and hydro improvements create more value than anticipated.‘The Department of Public Service raised concerns about the purchase price, which led to further negotiations and a reduced price,’ CVPS Executive Chairman Bob Young said.  ‘The Town of Proctor was also helpful in suggesting ways to reduce the impact of rate changes on customers, which led to the long-term phase-in for residential customers.’CVPS’s current rates, though among the lowest of any investor-owned utility in New England, are higher than Vermont Marble’s rates because Omya has largely subsidized local electrical service in Proctor.  Absent the sale, Omya planned significant, needed infrastructure upgrades that would have affected rates.Included in the sale are rights to serve about 875 customers in Proctor, including the Omya industrial facility in Florence, which will become CV’s single-largest customer.  The sale also includes four hydroelectric facilities with a current combined capacity of 18.5 megawatts.  After the acquisition, CV will own and operate the largest fleet of hydroelectric generating stations in all of New England.‘The DPS and town leaders helped make this an even better deal for customers, both in Proctor and in the larger CVPS service territory,’ Young said.  ‘This purchase will provide economies of scale, and will allow CVPS to significantly expand renewable generation by adding the hydro facilities to our fleet, improving their performance over time, and expanding their nameplate capacity by about 3 megawatts.  That increase alone will provide enough clean energy for 3,000 homes.’CV plans to invest an estimated $15 million to upgrade the Vermont Marble facilities and operate them in consort with CV’s existing Otter Creek and East Creek hydro operations.  The company said it would also: Invest in the Vermont Marble system, immediately replacing the main substation at the Proctor hydro site and spreading the approximate $1.5 million cost over CV’s 159,000 customers rather than just Vermont Marble’s customers.Provide Proctor residents and businesses with greater resources.  For example, in the event of major storms, CV has nearly 30 line workers within an hour’s drive of Proctor.Offer choices and services Vermont Marble customers don’t have today, including automatic bill payments through CVPS Electripay, on-line bill payments, CVPS Cow Powerâ ¢, various rate choices, budget billing, on-line bill review and outage information, and in the near future, CVPS SmartPowerâ ¢, an advanced automated meter reading, outage detection and power management system. Vermont Marble’s seasonal and block-structure rate designs will be replaced with year-round flat rates.  Residential rates for existing Vermont Marble customers will be frozen at current levels initially, but will rise each January, based on pre-established rate credits, until they match CVPS’s rates.  Given the disparity between the companies’ current rates it is expected to take five years to complete the phase-in.  The rate credits become smaller each year until they reach zero.  The rate credits were developed to narrow the gap between current CVPS rates and current Vermont Marble rates while limiting the phase-in rate increases to no more than 10 percent per year.  Vermont Marble customers will also be subject to any change in CVPS rates on a going-forward basis, so combined rate changes for Vermont Marble residential customers may be more or less than 10 percent. ‘CV will represent a good value for our new customers,’ Young said.  ‘We continue to provide extremely competitive rates within the greater Northeast, and customer satisfaction and service quality remain high. CVPS is the only utility in Vermont to meet every one of its service quality standards over the pasts seven years, and reliability and customer service will remain a top priority in the years ahead.’ Source: CVPS. 3.2.2011last_img read more


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first_img “We got the massive boost of Liam Finn being available and massive thanks go to Castleford and Daryl Powell, a close friend of mine, for believing in us,” Aston added. “He said if it wasn’t a realistic target we’d probably be smarter not playing him. To go to the last play with a chance to make history is a credit to the guys.” Wales ended the tournament with the wooden spoon after saving their worst performance for last but coach John Kear took encouragement from his team’s second-half fightback after they trailed 28-0. “We’ve got a young and inexperienced team and I think there was a great example of that today,” Kear said. “There was a lack of urgency, desire and determination in the first half which really surprised me because I thought we had turned a corner in France last week. “I would say we were soft and dumb but the second half was much improved. It was three tries apiece in the second half which was more like it.” Ireland coach Mark Aston called for the game to provide better support for the second tier of international rugby league after watching his side narrowly miss out on the 2014 European Championship title. Ireland were in no mood to celebrate a 46-14 victory, which gifted the title to Scotland on the back of a superior points difference, but Aston could not have been more proud of his players’ efforts. “I’ve never been in a changing room like that,” said Aston, whose side miss out on a place in the 2016 Four Nations Series as a well as automatic qualification for the 2017 World Cup. “We were outstanding. The boys have been outstanding for the last three weeks. “We’ve thrown them together and they’ve grown. “There’s no prouder bloke anywhere than me right now. We’ve had a massive tournament and finished joint top having gone within a few seconds of winning it. “As much as it hurts now, we’ve got to learn from it. That’s what’s great about sport, you can bounce back and next year we will bounce back. “Hopefully more people will start believing in international sport because it is the pinnacle of the sport and I think it’s disrespected at a lot of levels. “We need to get the game as a whole behind this tournament and players have got to play. It drives me insane that players don’t put their hands up to play at this level and clubs don’t support it.” Winger Brad Hargreaves, who plays for amateur club Wigan St Patrick’s, scored a hat-trick of tries on his international debut, while at the other end of the age scale, Castleford’s veteran scrum-half Finn ran the show on his return from injury and contributed 18 points with a try and seven goals. Aston was able to call on just two Super League players, Liam Finn and Shannon McDonnell, but the Wolfhounds ended the tournament with two wins out of three, losing only to eventual champions Scotland. The Irish, who went into the final match needing to beat Wales by 41 points in Wrexham, were leading by 36 and pressing the home line with three minutes to go only for Welsh full-back Tom Hughes to gather a loose ball and sprint the full length of the pitch to score at the other end. Press Associationlast_img read more