Burlington, Vermont – July 13, 2011
A huge announcement Tuesday that affects two-thirds of all electric customers in Vermont. CVPS, the state's largest utility, has agreed to be sold to the same company that owns Green Mountain Power.
They will both be owned by Gaz Metro, a Montreal company. The all-cash transaction will provide CVPS shareholders with more than $35 dollars per share. CVPS claims the new agreement will result in $144 million in savings to customers over 10 years. The deal must still be approved by shareholders and regulators.
Michael Dworkin served on the Vermont Public Service board in the late 1980s and 90s. These days he is a professor at Vermont Law School. He appeared on The :30 to discuss the potential power deal. For more, watch the video.
WCAX News
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