COLCHESTER, Vt. -
The decision to allow the state's two biggest power producers to become one was greeted warmly by utility executives.
"The order clearly highlighted the value to Vermonters they see in this transaction," said Mary Powell, the president of Green Mountain Power.
The green light by the Public Service Board allows Green Mountain Power to take over Central Vermont Public Service. The three-member panel agreed with utility executives and the Shumlin administration it was a good deal for Vermont and ratepayers.
"There are many, many areas where we are going to have our feet held to the fire. We are going to have our feet held to the fire to deliver every penny of value that we have talked about," Powell said.
Powell says only executives will lose their jobs in the deal and any layoffs elsewhere will come through attrition.
Not everyone was cheering the ruling, especially AARP. That group's leader was steamed the board OK'd a hotly-debated provision allowing the $21 million repayment to CVPS ratepayers to come in the form of investments in energy efficiency and weatherization. AARP wanted the cash returned to ratepayers.
"If you are a Gaz Metro shareholder or CVPS shareholder, you are about to have loads of money dropped into your pocketbook or wallet. But if you are regular old Vermonter that lives in CVPS territory, this is just a lousy day for Vermonters," said Greg Marchildon.
The governor disagreed with AARP's public campaign. Peter Shumlin praised the ruling. He was not available for an on camera interview because his staff says he is on a break out of state, but the governor issued this statement: "I continue to believe, and this ruling reflects, that the terms as approved by the Board will produce extraordinary benefits for consumers and the state..."
This is a major ruling impacting thousands of Vermonters. It could be appealed, but it's unlikely such a major ruling could be overturned. Even if someone appeals the ruling, GMP says it will move ahead with closing, which could come in a couple of weeks.
Click here to read the merger order.
Related Stories:
Vt House votes to keep Legislature out of utility merger
Vt lawmakers weigh GMP-CVPS merger
