Current News

In a first for the renewables and aviation industries, Heritage Aviation, the new General Aviation Facility at the Burlington (Vermont) International Airport, will install a wind turbine on-site at their new facility. Due to a construction delay, the Northwind 100, a 100kW wind turbine manufactured by Northern Power of Barre, Vermont, will be constructed this week rather than last week as originally planned. Heritage Aviation has already installed a 25kW solar electric system and a solar hot water (thermal) system, rounding out its complete on-site renewable energy generation portfolio.

Median family income in Vermont rose to a record high of $68,555 in 2008, according to The Vermont Economy Newsletter’s annual analysis of just-released Vermont Tax Department data. After adjusting for inflation, the income earned by the median family (half of all families earn more and half earn less than the median) rose by $300, or 0.4 percent in 2008.
“The rise in income in 2008 was very small, but it was still positive. Given that the economy was in a recession, it’s somewhat surprising” noted Art Woolf, co-author of the analysis and editor of The Vermont Economy Newsletter. “From 2003, when income growth bottomed out after the last recession, to 2008, real median family income grew by just over $4,000. And since 1975, the first year that we have data, the real income for a typical Vermont family has grown by more than $25,000.”

The Vermont Youth Conservation Corps (VYCC) has joined the growing list of educational facilities that are able to take advantage of a direct fiber-optic connection. The historic West Monitor Barn was recently connected in the latest phase of a Waitsfield and Champlain Valley Telecom system upgrade that includes parts of East Main Street and Snipe Ireland Road. Approximately 62 customers in Richmond are now receiving high-speed Internet and telephone services via fiber-to-the-home technology as a result of this upgrade. Fiber-optic technology is a highly reliable and scalable technology that has the potential to offer speeds of more than 100 Mbps.

Governor Douglas today announced that he has appointed the State Representative from Pittsford, Peg Flory, to the State Senate. Flory, a Republican, replaces Republican Senator Hull Maynard who retired last month.
“It is an honor to appoint Peg to the State Senate,” said Governor Douglas. “Peg is a great leader who has represented the people in her district well over the last ten years. The people of Rutland Country will benefit from Peg’s dedication, passion and commitment to her constituents. I know that Peg will continue to champion legislation that will help grow our economy and support our struggling families.”

Sen. Patrick Leahy (D-Vt.), Sen. Bernie Sanders (I-Vt.) and Congressman Peter Welch (D-Vt.) announced Monday the nominations of 29 Vermont high school students for appointments to the U.S. Service Academies. Vermonters nominated by the delegation include applicants to the U.S. Military Academy at West Point, the U.S. Naval Academy, the U.S. Air Force Academy, or the U.S. Merchant Marine Academy. Congressional nominations are required for applications to the prestigious academy programs. Those students offered appointments will receive full scholarships and can graduate as commissioned officers in the military.

At a series of public information meetings held on Saturday, officials from the states of New York and Vermont presented six concept plans for a replacement to the Champlain Bridge. The bridge was permanently closed on October 16 for structural defects. The closing caused much disruption in transportation on the western side of Vermont, especially for commuters. The states have been scrambling to find short-term and long-term solutions. On November 9, 2009 the governors of New York and Vermont declared that it was not feasible to rehabilitate the Lake Champlain Bridge and the bridge would be demolished. A replacement bridge would be constructed in the same location. More information about the Governors of New York and Vermont statements. The Public can offer its opinion on which design the states should pick for a new bridge by midnight tonight.

Vermont's priorities fared well Sunday, during a rare weekend session, as Congress gave final approval to a package of six annual appropriations bills. The budget package will fund much of the federal government through the remainder of the fiscal year. Senator Patrick Leahy (D-Vt.), a senior member of the Senate Appropriations Committee, secured more than $25 million for Vermont projects that will create jobs, prevent crime, and continue efforts to improve the condition of Lake Champlain.
Vermont priorities in the package by include:
Lake Champlain Protection -- $6,500,000 through the Great Lakes Fisheries Commission for habitat and water quality improvements.

Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) (“GMCR”) today announced that it is commencing a cash tender offer to purchase all outstanding shares of common stock of Diedrich Coffee, Inc. (NASDAQ: DDRX) (“Diedrich Coffee”) for $35.00 per share in cash, with no financing and no due diligence contingencies, in a transaction with a total value of approximately $290 million.
The tender offer is being made pursuant to a previously announced definitive merger agreement, dated as of December 7, 2009, by and
among GMCR, Pebbles Acquisition Sub, Inc., a wholly owned subsidiary of GMCR, and Diedrich Coffee. The Board of Directors of Diedrich Coffee has recommended that Diedrich Coffee shareholders tender their shares into the GMCR offer.

Today the New York State Department of Transportation (NYSDOT) and Vermont Agency of Transportation (VTrans) announced that, as part of an expedited process to demolish the existing Lake Champlain Bridge and build a replacement at the same location, NYSDOT contractor Harrison & Burrowes Bridge Constructors, Inc. (H&B) has secured an expert subcontractor to demolish the existing bridge. Advanced Explosives Demolition, Inc of Idaho will, working for H&B, plan for and execute the controlled explosive demolition of the steel truss bridge. The cost for the demolition will be $188,000. Removal of the debris will be a separate expense, which has not been determined yet.

As of this morning, Central Vermont Pubic Service's restoration effort is nearly complete from the snow and wind that knocked out power to 19,000 customers Wednesday. There were about 42 customers in Starksboro still without power from the storm, and a few scattered outages across the state, caused by high winds last night. CVPS said it has a mass of line crews, tree crews and additional field support staff in Starksboro working as quickly as they safely can to get those customers back on as soon as possible today.
Line workers restored service to thousands of customers over the last three days, rebuilding major sections of the electrical system in the wake of a storm with winds that topped 90 mph.

AM Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of National Guaranty Insurance Company of Vermont (NGIC) (Burlington, VT). The outlook for both ratings is stable.
The ratings reflect NGIC’s excellent capital position, consistently profitable operating performance, experienced management team and its parent company, Waste Management, Inc.’s (WM) (NYSE: WM) operational controls.
Partially offsetting these positive rating factors is a large percentage of the captive’s surplus is loaned back to WM and is supported by a 24-hour demand note from WM. However, capital levels at NGIC are monitored by Vermont, and the company must maintain a certain aggregate exposure to capital ratio as prescribed by the Vermont Department of Banking, Insurance, Securities and Health Care Administration.

The market value of the Vermont Yankee decommissioning trust fund accounts is now at $428,451,492, according to Entergy Vermont Yankee. That is a gain of more than $80 million in value in one year. The Vernon, Vermont, based nuclear power plant is seeking to extend the plant's license for 20 years beyond 2012, when the original 40-year license is scheduled to expire.
Yankee's Rob Williams said in a prepared statement, "Our continuing obligation is to ensure the fund meets the NRC-required amounts. Per an NRC request, Entergy Vermont Yankee will put in place later this month a parent company guarantee that further ensures that the obligation will be met. After meeting the NRC decommissioning requirements, Entergy Vermont Yankee also has the obligation to restore the site to a green field. We estimate that cost to be about $40 million. That is an obligation we took on when we accepted the terms of the purchase of the plant in 2002."