Current News

Vermont Business Magazine Standard & Poor’s (S&P’s) Rating Services has raised Vermont Electric Cooperative’s (VEC’s) credit rating from an A to an A+ with a stable outlook. S&P’s cited effective regulatory partners, cost-effective power supply, and strong management in its decision to boost the Co-op’s rating. This credit rating increase is a testament to the significant progress VEC has made over the past several years. Under the leadership of CEO Christine Hallquist, VEC has invested in innovative technologies such as smart meters, which have enabled VEC to cut outage times in half. Despite the challenge of serving a rural service territory and having one of the lowest numbers of customers per line mile in the state, VEC’s electric rates remain competitive with other Vermont utilities.

Vermont Business Magazine Green Mountain Power has announce year-end operational results for Kingdom Community Wind (KCW) in Lowell. In 2015, the 21-turbine project generated enough electricity to power 26,700 homes for a year. That’s an increase of 7 percent over the previous year or enough energy to power an additional 1,800 homes. Because of the strong power generation at Kingdom Community Wind, five Northeast Kingdom towns will receive more than $201,000 this month from the Good Neighbor Fund payments, up $75,000 from last year. The Good Neighbor Fund is part of GMP’s commitment to give additional value to surrounding communities by sharing with them the benefits of KCW. Payments are made annually and can be used to lower property taxes or support local initiatives as designated by the town.

Vermont Business Magazine Keurig Green Mountain, Inc (NASDAQ: GMCR) today announced the receipt on February 25, 2016 of regulatory clearance under the Competition Act (Canada) in connection with the previously announced merger between Keurig and a JAB Holding Company-led investor group. Keurig expects to close the Merger as soon as reasonably practicable, subject to the satisfaction of any remaining conditions. Shareholders approved the $13.9 billion takeover by the European holding February 24.

Vermont Business Magazine The town of Bennington released the following information Thursday evening. In a recent press release by Vermont Governor Peter Shumlin, he indicating that the chemical known as PFOA (Perfluorooctanoic) was found in some isolated locations in North Bennington and Bennington, Vermont. Communities that border New York, and which are within miles of Hoosick Fall, NY, where the recent discovery of PFOA in the Town’s drinking water has been linked to a local manufacturer. Residents who draw water from the North Bennington municipal system should be assured that their water is clean and drinkable.

Vermont Business Magazine Ledyard Financial Group, Inc. (Ticker Symbol LFGP), the holding company for Ledyard National Bank with branches in New Hampshire and Vermont, today reported record earnings for 2015 of $4,061,338, a 2 percent improvement over 2014. Net income for the quarter ended December 31, 2015, was $886,229 or $0.87 per share compared to $973,793 or $0.96 per share for the same period in 2014, a decrease of $87,564 or 8.9%. The primary cause of lower year-over-year quarterly income was the challenging operating environment for our two primary businesses, banking and wealth management. Net income for the twelve months ended December 31, 2015 was $4,061,338 or $3.96 per share compared to $3,969,286 or $3.90 per share for the same period in 2014, an increase of $92,052 or 2.3%.

Vermont Business Magazine The Vermont Senate gave final approval to a bill Thursday (17-12, see roll call below) that would end marijuana prohibition in the state and regulate the cultivation and sale of marijuana for adult use. S241 received initial Senate approval on Wednesday. It will now advance to the House of Representatives, which will begin working on it after members return from Town Meeting Week. S241 would make it legal for adults 21 years of age and older to possess up to one ounce of marijuana and establish a tightly controlled system of licensed marijuana cultivation sites, testing facilities, and up to 30 retail stores. Vermonters could buy up to a half-ounce at a time and out-of-staters a quarter-ounce.

Vermont Business Magazne The University of Vermont Health Network announced today six Board of Trustees appointments at member hospitals.

Vermont Businiess Magazine Test results received this morning indicate that a number of water sources in North Bennington show varying levels of a potentially harmful chemical. The public water supply has been tested and is not affected. The Department of Environmental Conversation (DEC) is distributing drinking water to those affected or potentially affected as additional tests are conducted.

The chemical, Perfluorooctanoic (PFOA), is a possible carcinogen. Following news reports of potential PFOA contamination in Hoosick Falls, N.Y., DEC took the proactive step of testing water supplies in North Bennington. Samples from the immediate are of concern were tested, along with the public drinking supply. Results were received this morning that showed the public water supply has not been affected but some residential and commercial wells are.

As Entergy grapples with groundwater leaks at the dormant plant, federal officials and company administrators defend the use of plastic swimming pools to handle liquids contaminated with low levels of radiation

by Mike Faher/The Commons The Intex Easy Set swimming pool retails for anywhere from $35 to $500 depending on its dimensions, and it’s advertised as one of “the easiest family and friend-sized pools to set up in the world.” But in Vernon, the Easy Set is serving a much different purpose: to help manage a complex groundwater-intrusion problem at Vermont Yankee. Photos of the plant’s interior show several blue pools marked with yellow radioactive warnings due to the full load of contaminated water inside. Pumps and hoses are connected to the pools in some images; others show nearby large inflatable bladders apparently filled with water.

Vermont Business Magazine Flood Warnings for several areas of Vermont are still in effect and the National Weather Service says that will continue into Friday for certain spots. Several local and state roads have been closed throughout the day, many have reopened, other roads will likely close and re-open as river levels fluctuate.  State road closures are being updated on VT Alert.  Those updates can be sent directly to your cell phone or e-mail with a free account.  Visit vtalert.gov to register. Road closure information can also be found on 511vt.com and on social media.

Vermont Business Magazine Each day more and more light-emitting diode (LED) lighting products are showing up on the shelves of Vermont stores. LEDs are known for requiring very little energy to power, lasting for more than 20 years, and providing excellent quality light. Unfortunately, some LED products have recently started to flood the lighting market that may not perform when it comes to light quality, energy savings, and lifetime. These products are made with cheaper parts, they are generally packaged very similarly to higher-quality, certified products, and they tend to sell for a few dollars less apiece.

Vermont Business Magazine A recently-released report sponsored by AARP Vermont shows that the Vermont Department of Public Service (DPS), which represents ratepayer interests before the regulatory Public Service Board, has an inherent conflict of interest and needs immediate reform. The report examines the actions taken by DPS over the past eight years before Vermont’s utility regulators. It finds that, time-after-time, the DPS entered into settlement agreements that were very generous to utilities, not to Vermont’s residential utility customers. The report calls into question several business decisions made by Green Mountain Power and Vermont Gas Systems and the Department's response to them. Overall, the AARP report says that the DPS is not properly advocating on behalf of ratepayers, which is its mission. Chief among AARP's recommendations is that the Legislature should eliminate the Division of Public Advocacy and the position of the Public Advocate in the Department of Public Service. In its place, AARP says, the Legislature should create an independent Ratepayer Advocate. The Legislature will be hearing testimony on this issue in the Statehouse today.