Current News

Vermont Business Magazine As the region faces high summer temperatures straining power supplies, Vermont utilities are experiencing spikes in electric costs and today issued peak alerts asking customers to reduce energy use. Price stable Vermont wind and solar meanwhile are reducing both peak costs and burning of the direst fossil fuels, according to Renewable Energy Vermont. As of 3 pm, according to ISO New England, peak energy costs today spiked to over $2.69 per kWh with a heavy reliance on the dirtiest polluting fossil fuels. Today's price is more than 18 times the rate the majority of Vermont residents pay for electricity.

Vermont Business Magazine The Attorney General has received $200,000 from Harleysville Worcester Insurance Company to settle a lawsuit in which the State alleged that an insurance policy issued by Harleysville to RL Vallee, Inc, the owner of underground storage tanks at the site, provided insurance coverage for the cleanup of a contaminated gas station site known as Nan’s Mobil located in Fairfax. The funds will be used by the Vermont Petroleum Cleanup Fund to cover costs of the cleanup.

“It is important to ensure that the State’s limited cleanup funds are appropriately protected and reimbursed so that funds are available when needed,” stated Attorney General William H Sorrell.

In agreeing to settle and make the payment Harleysville did not admit liability.

The Attorney General worked with the Agency of Natural Resources in this litigation and in settling the matter.

Source: Vermont AG 8.11.2016

Vermont Business Magazine Preliminary tax revenue data for July, the first month of fiscal year 2017, reflects a slightly down month for the General, Fund, Transportation and Education Funds. The General Fund for the month of July collected $108.51 million, -$1.30 million or -1.19% below revenue targets adopted by the Emergency Board on July 21, 2016. The underperformance was driven primarily by the Personal Income Tax at -$6.17 million or –11.22% below target. The Personal Income Tax is the largest single revenue source in the state. Better than projected performance in the Corporate Tax of +$1.3 million or +71.63% , the Inheritance and Estate Tax of +$1.38 million or +39.04% and the Other Taxes Category of +$1.86 million or +17.01% helped to soften the blow dealt by the Personal Income Tax shortfall.

Vermont Business Magazine A coalition of individuals and businesses seeking to protect Vermont's environment and repower our state with local renewables have launched a campaign in support of wind power in Vermont. The coalition, Wind Works VT launched a website – www.windworksvt.com - and will promote wind power as an essential part of the state’s energy future. In the face of rampant misinformation spread by an anti-wind minority, the campaign aims "to reaffirm that wind must be a part of our fight against climate change and to make our state more energy independent from polluting fossil fuels. Every legitimate poll conducted in Vermont over the last few years has found that the majority of Vermonters support wind energy. Wind Works VT will work to ensure that their voices are heard."

Vermont Business Magazine Northern Power Systems Corp (TSX: NPS) Wednesday announced that it has eliminated the position of CEO. Northern Power, based in Barre, is a publicy traded company in Canada. It has been forced to restate its financial reports because of how revenues of foreign sales have been accounted for. It recently released it year-end 2015 report and intends to restate the first two quarters of 2016 by the end of the summer. Northern Power is a next generation renewable energy technology company known for wind turbines installed in remote locations.

Northern Power's plant in Barre. NP courtesy photo.

Vermont Business Magazine The following are Public Alerts submitted by Wastewater Treatment Facilities for prompt public awareness of untreated discharges and their locations. A new incident has been reported (or existing incident has been modified) for Rutland Wastewater Treatment Facility in City of Rutland as of Wednesday morning. These alerts have been directly reported by Wastewater Treatment Facilities and may have not yet been reviewed by the State. Wastewater Treatment facilities are required to submit a public alert as soon as possible, but no longer than one hour from discovery of an untreated discharge from the wastewater treatment facility.

Vermont Business Magazine Burlington Electric Department is encouraging the Burlington community to take steps to conserve energy today, as temperatures are rising during what will be one of the hottest days of summer and, therefore, a peak demand day. On a peak demand day, Burlington Electric provides more electricity over a longer period of time to meet high demand. To help “beat the peak,” Burlington Electric suggests that, for as much of the day as possible and especially between noon and 6:30 pm, its customers:

·        Raise thermostats and air conditioners to 70 degrees or more, if possible;

·        Wait on using high-energy demand appliances including washing machines, dryers, and dishwashers; and

·        Turn off all non-essential lights and appliances not needed for safety reasons.

Vermont Business Magazine Despite taking a hit from the ratepayer cap to Vermont Gas Systems' Addison pipeline project, Green Mountain Power and VGS continue to provide positive net income to its Montreal-based parent company. Vermont adjusted net income was $11.5 million, up $8.3 million from the previous year and for the first nine months of the fiscal year it was $50.3 million, up $46.5 million. However, the Addison project resulted in a $16.5 million "impairment" in net income for the quarter, as the cost of the project has increased to $165.6 million with a ratepayer cap of $134 million. In July, GMP reached an agreement with Enel Green Power NA to acquire 14 small hydroelectric power stations located mainly in New England, with an approximate total capacity of 17 MW, and to purchase the output of two other Enel hydroelectric power stations in accordance with 25-year power purchase agreements. This $20.3 million acquisition, which is subject to regulatory approval by the Vermont Public Service Board and the Federal Energy Regulatory Commission, is expected to close in fiscal 2017.

Vermont Business Magazine The State of Vermont, leading a 16-state coalition, filed Public Comments with the United States Department of Justice (DOJ) in which the coalition urged DOJ to expand the allowed uses for funds allocated to the states under a proposed partial settlement between the United States, the State of California and Volkswagen. The settlement (Partial Consent Decree) requires Volkswagen to pay $2.7 billion into a trust which the 50 states, the District of Columbia, Puerto Rico and Indian Tribes may use for mitigation projects designed to reduce nitrogen oxide (“NOx”) emissions (a pollutant that contributes to smog and acid rain).

Vermont Business Magazine Vermont Electric Cooperative (VEC) is encouraging members to conserve energy on Thursday, August 11 and Friday August 12, between the hours of 2:00 p.m. and 6:00 p.m. This is when demand for electricity is expected to spike as a result of high temperatures throughout New England. Here is what people can do to help beat the peak during those hours.

• Turn off all unnecessary lights.

• Delay the use of major appliances like dishwashers, washing machines, and dryers until after the alert time has passed.

• Turn off air conditioning or raise your thermostat by 3 degrees.

Vermont Business Magazine The first meeting of the Study Committee on Land Use Regulation and Forest Integrity is scheduled for August 18, 2016 from 8:00 am – 11:00 am in the Catamount Conference room at the Agency of Natural Resources main offices in Montpelier at 1 National Life Drive, Davis 2. The Study Committee on Land Use Regulation and Forest Integrity was created by the Legislature in section 18 of Act 171 of the 2016 session. As stated in the Act, the Committee is established “to study potential revisions to 10 V.S.A. chapter 151 (Act 250) and to 24 V.S.A. chapter 117, subchapter 7 (bylaws) to protect contiguous areas of forestland from fragmentation and promote habitat connectivity between forestlands.” 

Vermont Business Magazine Ski NH, the statewide trade association representing alpine and cross country resorts across New Hampshire, has partnered with Vermont's Inntopia, the leading e-commerce and central reservation platform for destination travel in North America, to sell ski tickets to participating ski areas in the Ski NH ticket program. Inntopia will help Ski NH provide an intuitive and enjoyable experience for its customers as well as help Ski NH with increased operational and administrative efficiencies. “We are very excited about our partnership with Inntopia,” said Jessyca Keeler, Executive Director at Ski NH. “We needed a system that delivers ease of use for our consumers, our Ski NH team, and the resort ticketing staff. Inntopia’s intuitive yet powerful platform will meet our needs and provide additional operational functionality that will benefit our sales and marketing efforts.”