Rutland, Vermont - September 29, 2011
A plan to merge Vermont's two largest electric companies has taken a major step forward.
Shareholders of Central Vermont Public Service voted overwhelmingly to approve the sale of CVPS to Gaz-Metro, the Canadian company that already owns Green Mountain Power.
Company officials on Thursday called the voting results a major milestone as they pursue the sale.
The deal also won approval from the Federal Trade Commission earlier this week. It still needs approval from the Federal Energy Regulatory Commission and the Vermont Public Service Board.
"Putting the two companies, Green Mountain Power and Central Vermont, together, we'll be able to operate more efficiently and provide savings to customers. And they're guaranteed savings of $144 million over the first 10 years after the transaction is complete," said Larry Reilly, the president and CEO of CVPS.
In addition to that savings, work crews from both companies will be combined and Reilly says that means shorter wait times for service and repairs.
