Current News

Vermont Business Magazine National Life Group is featured in a new book by Jackie and Kevin Freiberg, authors of the international best-seller Nuts, as a company that is so driven by its mission to do good through the products it sells and the causes it supports that it stands “out in a sea of sameness.” The book is available from Freibergs.com or Amazon.com. Cause! documents a fresh approach to leadership and collaboration that drives business success in companies as diverse as TOMS Shoes, Lululemon, Virgin, Southwest Airlines and PepsiCo. But the book is centered on Vermont-based financial services firm National Life Group.

Vermont Business Magazine Governor Peter Shumlin stood with business, community, and education leaders today to make the case for state funding of a college savings account for every child born in Vermont. In his State of the State Address, the Governor proposed funding Child Savings Accounts (CSAs) by increasing Vermont’s mutual fund registration fee – which is currently the lowest in New England.

Vermont Business Magazine A Renewable Energy Vermont sponsored poll indicates that Vermonters across the state want more solar in the state and also in their own towns. Three-quarters of Vermonters surveyed support building more solar farms in Vermont (76%). Additionally, Vermonters are just as supportive of building more solar farms in their own towns (75%). Support for more solar farms extends across party lines, with Democrats (87%), Independents (65%) and Republicans (58%) all supporting building more solar farms in their towns, according to the poll results.

Vermont Business Magazine Housing Vermont’s first net metered solar energy facilities are online and generating electricity for the grid as well as long term reductions in energy costs for 354 apartments owned by the state’s largest nonprofit developer of affordable housing. Two photovoltaic (PV) systems, located in Ferrisburgh, consist of a 500kW (AC) system located on an otherwise undevelopable parcel off Route 7 and a 150kW (AC) system located off Greenbush Road.  Under an agreement with Green Mountain Power, 11 properties in northwest Vermont will benefit from net metering credits generated by the two facilities. 

Vermont’s innovative group net metering program allows small power producers to set up their own renewable energy facilities and receive monetary value for their production in the form of net metering credits.   These net metering credits can then be allocated to the members of the net metering group.

Vermont Business Magazine Since its inception in 2012, the Working Lands Enterprise Board (WLEB) has invested over $3.1 million dollars in 112 projects impacting every county of the state, leveraging just under $5 million in additional funds. On Thursday, February 4th, 2015 the Working Lands Enterprise Initiative annual report was submitted to the Vermont Legislature accompanied by a two hour presentation featuring a new 6-minute video and testimonials from four 2015 working lands grant recipients: Joe Buley of Screamin’ Ridge Farm in Montpelier; Karen Caron of Peaslee’s Vermont Potatoes in Guildhall; Parker Nichols of Vermont Wildwoods in Marshfield; and Andy Harper of Winterwood Timber Frames in East Montpelier.

Impacts to date include:

·         106 new jobs created by working lands grantees

·         $12 million+ increase in gross income across all working lands grantees

Vermont Business Magazine Entergy Corporation (NYSE: ETR) reported fourth quarter 2015 earnings per share of 56 cents on an as-reported basis and $1.58 on an operational basis. For the full year, the company realized a loss of 99 cents per share on an as-reported basis and operational EPS of $6.00 per share. The as-reported loss resulted from asset impairments in the third and fourth quarters reflecting the effects of strategic decisions in the Entergy Wholesale Commodities business to reduce the company's exposure to volatile and poorly structured wholesale power markets. Entergy owns the Vermont Yankee nuclear plant in Vernon, which shutdown in December 2014. Entergy will hold a conference call at 11 am Thursday (see information below).

by Mike Faher/The Commons Six months after Vermont officials filed suit to stop a controversial use of Vermont Yankee’s decommissioning trust fund, a federal court has dismissed the complaint on procedural grounds. The US Court of Appeals District of Columbia Circuit, in an order dated February 8, ruled that Vermont’s legal complaint against the Nuclear Regulatory Commission is “incurably premature.” Ironically, that’s because the state also has filed a similar, but separate, administrative challenge with the NRC on the same issue. The appeals court, however, left the door open for the state to re-file its complaint once the NRC addresses the matter.

“Once the Nuclear Regulatory Commission has resolved [state officials’] pending request for commission review [...] they may file a petition for judicial review,” the court wrote.

Battle over trust fund use

by Mike Faher/The Commons Federal regulators have announced that they’re satisfied with security changes implemented since Vermont Yankee’s shutdown. But it’s not clear exactly what those changes are, and officials say that’s by design. Radioactive material, including spent nuclear fuel, remains on site, and the Nuclear Regulatory Commission has expressed concern about publicly disclosing too many details of the Vernon plant’s protection scheme.

“We are letting the public know we took a close look at whether the new plan is consistent with our security requirements for a permanently shut down nuclear power plant,” NRC spokesman Neil Sheehan said.

“However, we are not providing any details of the changes, [including] number of security officers post-shutdown, weaponry needed, etc.”

by Mike Faher/The Commons Greater-than-anticipated amounts of groundwater—a total of 90,000 gallons so far—are encroaching into a key building at Vermont Yankee in Vernon, and plant administrators are weighing options to deal with the contaminated liquid. Those options include shipping the water to an out-of-state storage facility. There also has been preliminary talk of releasing water that is within “allowable” pollution limits to the Connecticut River, though state officials say they’ve not yet received any such permitting requests from plant owner Entergy.

Vermont Yankee in Vernon. Courtesy NRC.

by Mike Faher/The Commons Federal regulators have given their blessing to Vermont Yankee’s decommissioning plans. The Nuclear Regulatory Commission (NRC) on February 4 announced that the Vernon plant’s Post-Shutdown Decommissioning Activities Report is consistent with federal guidelines. The report includes plant owner Entergy’s decommissioning cost estimate and the company’s schedule for Vermont Yankee’s radiological cleanup. The total cost including license termination, spent fuel management and site restoration is estimated to be $1.24 billion.

Before making any changes to its plans — including those that would “significantly” boost decommissioning costs — Entergy must notify the NRC in writing, officials wrote in a Jan. 29 letter to plant administrators.

Vermont Business Magazine The Chittenden Solid Waste District (CSWD), with a grant from Dealer.com, has launched a first-of-its-kind project fusing art and recycling. Local artists were invited to paint murals on eight of CSWD's 22-foot-long recycling containers in order to create a more beautiful, engaging recycling experience while drawing attention to the community's efforts to reduce waste. The project began in early January 2016 and is expected to be completed in mid-March.

Vermont Business Magazine Jesse F (Sam) Sammis III, developer of the Green Mountain Center in Randolph, announced late Wednesday afternoon that he was dropping his plans for a mixed-use development in Randolph. Sammis has moved to withdraw his April 12, 2015, request for Partial Review under Act 250 Rule 21 (for Criteria 9(B) Primary Agricultural Soils and 10 Conformance with Local or Regional Plan) and requested that District Commission #3 dismiss his request for Partial Review. The development at Exit 4 on Interstate 89, would have brought a tourist and business promotion center, hotel, commercial and residential development to both sides of the exit. Currently there is a fast-food restaurant and service station at the exit. Sammis has endeavored to develop the site since he bought in in the 1970s. He has developed some properties along Route 66 into Randolph and redeveloped some commercial buildings in the town itself.