Current News

by Mike Faher/The Commons Though some are worried that Entergy could run out of cash before cleaning up Vermont Yankee, the company is projecting a significant — and growing — surplus at the end of its obligations in Vernon. Entergy’s latest Nuclear Regulatory Commission filing shows $190.6 million left in the plant’s decommissioning trust fund at the end of Vermont Yankee’s decommissioning in 2075. That’s $9.3 million more than the surplus the company estimated a year ago.

“What’s being borne out now ... is the confidence that we have been expressing in our decommissioning cost estimate,” Vermont Yankee spokesman Marty Cohn said.

Any substantial surplus could be significant, since a little over half will come back to Vermont. But state officials remain skeptical of Entergy’s estimates, especially given the extended time frames involved.

Vermont Business Magazine Representative Peter Welch (D-VT) has introduced legislation that would ensure local communities have a significant role in the decommissioning of retired nuclear plants. The legislation also requires the Nuclear Regulatory Commission (NRC) to publically approve or reject proposed decommissioning plans to ensure appropriate accountability and transparency measures are in place.

The Nuclear Plan Decommissioning Act (H.R. 4998) is the House companion to S.964, led by Sen. Bernie Sanders (I-VT) in the Senate.

“As we’ve seen with Vermont Yankee, the decommissioning of a nuclear power plant has a huge impact on local communities,” Rep. Peter Welch said. “This commonsense legislation ensures the decommissioning process is transparent, inclusive and collaborative so that all interested parties are heard.”

Specifically, the Nuclear Plant Decommissioning Act of 2016 would:

Vermont Business Magazine Vermont Public Radio has been honored with five first-place regional Edward R. Murrow Awards from the Radio Television Digital News Association (RTDNA). "These awards demonstrate the commitment VPR has to energetic and comprehensive public service," said John Van Hoesen, VPR's chief content officer. "We appreciate this recognition of excellence by the industry; it underscores our responsibility to provide essential and trustworthy news and information for all generations in a time of rapid change."

Vermont Business Magazine People's United Financial, Inc. (NASDAQ: PBCT) today reported net income of $62.9 million, or $0.21 per share, for the first quarter of 2016, compared to $59.2 million, or $0.20 per share, for the first quarter of 2015, and $70.8 million, or $0.23 per share, for the fourth quarter of 2015. Included in the results for the fourth quarter of 2015 was a net after-tax gain of $6.1 million ($0.02 per share) resulting from the sale of the company's payroll services business.

The Company's Board of Directors voted to increase the common stock dividend to an annual rate of $0.68 per share.  Based on the closing stock price on April 20, 2016, the dividend yield on People's United Financial common stock is 4.1 percent. The quarterly dividend of $0.17 per share is payable May 15, 2016 to shareholders of record on May 1, 2016.

Vermont Business Magazine People's United Bank, NA announced today that its subsidiary, People's United Insurance Agency (PUIA), has acquired Eagle Insurance Group, LLC, a Raynham, MA-based insurance brokerage firm. People's United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

"We are very pleased to welcome Eagle Insurance Group to our PUIA team," said Jack Barnes, President and Chief Executive Officer. "The acquisition deepens our presence in eastern Massachusetts while expanding PUIA's heating oil and propane supplier relationships and expertise in the commercial segment."

by Representative Heidi E Scheuermann (R-Stowe) With just a few weeks remaining until the 2015-2016 Legislative Biennium concludes, various items are still being developed in both the House and Senate. Unfortunately, none of the items being considered will put us back on a path of fiscal responsibility and real economic growth. The Fiscal Year 2017 budget that passed the House raises General Fund spending by 4% this year, meaning a Comparable Annual Growth Rate over the last five years of 4.6%. As most of us clearly understand, this continues to be well above both the rate of inflation and the underlying economic growth in Vermont.

Vermont Business Magazine In recognition of its leadership and innovation, Green Mountain Power has been named as a finalist for the Edison Electric Institute’s 2016 Edison Award, the electric power industry’s most prestigious honor.  Out of the eight US electric companies named as finalists, two are from Vermont. VELCO is also a finalist for its leading edge work on weather analytics.

Vermont Business Magazine One of the greatest barriers preventing consumers from purchasing local food at farmers’ markets is the perception that farmers’ markets are too expensive. Many consumers report that they avoid purchasing local food at direct marketing outlets, such as farmers’ markets, for fear of high costs.  Last year, the Vermont Agency of Agriculture, Food & Markets (VAAFM) conducted a pilot research project to address these consumer concerns and determine whether or not local products sold at farmers’ markets are indeed more expensive. The study concluded that farmers’ markets are a good option for consumers whose purchasing decisions are driven by price as well as local and/or organic attributes.

by Deb Markowitz Every Earth Day, I take time to reflect on the importance of the work we do at the Agency of Natural Resources and how much I appreciate the passion and commitment of our over 600 employees. At ANR, our work to protect the environment is not just a job -- it also provides a life of meaning and purpose. We love Vermont and its great outdoors, so we work together to make sure we protect Vermont’s beauty, health and heritage. We conserve state lands. We ensure our soil, air and water are clean. We make it easier for Vermonters to get outside to hunt, fish and recreate. And we plan carefully for a future that reduces our contributions to climate change and prepares us for its impacts.

Vermont Business Magazine Declining snowfall in Vermont, a likely byproduct of a warming climate, is sure to negatively affect the state's $600 million snowmobile industry. New research provides a sobering look at just how much. A significant part of Vermont's snowmobiling appeal lies in the state's interlocking network of trails, which allow snowmobilers to cover large geographic areas, said Robert Manning, a natural resources professor at the University of Vermont and lead author of the study, which is based on an online survey of 1,450 members of VAST, the Vermont Association of Snow Travelers, in November and December of 2015.

Vermont Business Magazine iSystems, LLC, the company behind Evolution HCM, has recently moved its corporate office to 800 Hinesburg Road in South Burlington, Vermont; just a few miles away from its previous location in Colchester. iSystems has more than doubled its staff in the past two years and has continued to experience steady market share growth.  With this kind of growth comes opportunities in the form of more tech job opportunities for the state of Vermont and the need for a larger building for iSystems to accommodate its expanding workforce.

Vermont Business Magazine One of the state’s premier wildlife watching opportunities is happening right now in Vermont. The steelhead rainbow trout have started their upstream migration, leaping up waterfalls in a spectacular display of determination on their way to their spawning grounds. The best place to spot steelhead is at Willoughby Falls just outside downtown Orleans in Vermont’s Northeast Kingdom.