Current News

The Vermont Public Service Board, which is the chief regulator in the state of Vermont, will hold a public hearing on whether to extend the license of the Vermont Yankee nuclear power plant in Vernon. The event will be held at 7 pm at the Brattleboro Union High School. Vermont Yankee owner Entergy wants to keep operating the plant 20 years beyond the 2010 license expiration.

Bob Young, who as president led Central Vermont Public Service (NYSE-CV) through a cultural, service and environmental transformation, today announced his planned retirement. Young will remain as chairman, president and chief executive officer until next May to allow for an orderly search and transition.
"Bob turned CV into a lean, progressive and caring company that placed customer service, reliability, the environment and corporate citizenship as its cornerstones," said Lead Director Bill Sayre. "Through his leadership, CV became one of the most respected and professional utilities in the U.S., and has provided a solid value for shareholders and customers alike."
Sayre said Russell Reynolds Associates, a leading executive search firm, will assist CV with an internal and national search for Young's successor. CV's ongoing succession planning should ensure a smooth process, Sayre said. CV announced Young's plans now so the company could begin the search.

Jay Break Resort broke ground yesterday in what will be the largest water park in the New England. The 60,000-square-foot park will have a retractable roof and a wave pool. The park is the last grand piece of a vision to develop a four-season resort available during any season. Jay Peak has already completed its ice arena to go along with its famous skiing and new golf course.
Senator Patrick Leahy spoke at the groundbreaking ceremony for the 275,000-square-foot Hotel Jay, which features 170 suites and the largest water park in New England. Leahy commended Bill Stenger, president and co-owner of Jay Peak Ski Resort, for employing Vermonters in the surrounding areas.

New fish samples taken from the Connecticut River on April 23 and analyzed by Vermont Yankee’s contract laboratory have tested positive for strontium-90 (Sr-90). Concentrations of Sr-90 detected in the inedible portions of these fish are in the range of what would be expected as a result of fallout from nuclear weapons testing in the 1950s, and the Chernobyl release in 1986.
Specifically, the laboratory results for Sr-90 were 70 pCi/kg from fish taken near the plant in the Vernon Pool, and 100 pCi/kg from fish taken about 5 miles upstream, near the Route 9 bridge as it crosses the river north of Brattleboro. A New York study found background levels of Sr-90 in fish to be in the range of 120 to 360 pCi/kg (see New York Fish Study below).

Killington, VT. (July 7, 2010): The second round of play at the New England Women’s Golf Association Championship was completed Wednesday. Teo Poplawski of Champlain Country Club (Vermont) fired a 71 to take the lead. Samantha Morrell of Laurel Lane Golf Club (RI) was in second with a 148. Tara Joy Connelly of Cohasset Golf Club (MA) was in third place with a 149. First round leader Sarah Whitney was in fourth place with a 151.
Vermont took the lead in the team competition for the Cartin Trophy with a two day total of 438. Massachusetts is in second place with 440. Massachusetts has won or tied for the Cartin Trophy the last 10 years.
For the results of the full field and pairing for today's final round, see below.

Vermont Attorney General William H Sorrell has filed suit against CSA-Credit Solutions of America, LLC, a debt settlement company based in Dallas, Texas, and its current and former chief executive officers, Doug Van Arsdale and Matt Reivitt, alleging multiple violations of the Vermont Consumer Fraud Act. A debt settlement company is one that offers to negotiate reductions in the principal amount of consumers’ debts.
In a Complaint filed in Washington Superior Court, Attorney General Sorrell alleges that the defendants (1) used unsubstantiated ‘results’ claims to advertise their debt settlement services on the Internet, (2) failed to properly notify consumers of their right to cancel their contract with the company, (3) charged their fees up front in a manner that amounted to an unfair trade practice, and (4) did business in Vermont without first obtaining the required license from the Department of Banking, Insurance, Securities and Health Care Administration.

The check is in the mail. State officials hope to see that statement quickly become a quaint reference to a by-gone era as vendors receiving payment from the State of Vermont switch to electronic payment. The state anticipates that it could save taxpayers upwards of $600,000 a year. At the same time, vendors would get paid more quickly. In 2009, the state issued 194,926 checks. The Department of Finance and Management "conservatively" estimates that the state will save $400,000 a year, which assumes a savings of $2 per check. As of now, about 15 percent of vendors use the electronic service.

Senator Patrick Leahy joined representatives of the Northeastern Vermont Development Association (NVDA), the Center for an Agricultural Economy (CAE), and local business and community leaders Wednesday afternoon in Hardwick to break ground on the Vermont Food Venture Center 2 – a non-profit kitchen incubator Leahy said would be a cornerstone in the State of Vermont’s efforts to promote agricultural innovation and the food-based economy.
The new $3.1 million facility is being developed by NVDA and Northern Enterprises. The Vermont Food Venture Center 2 will replace the Fairfax-based Vermont Food Venture Center, founded in 1996. The Center will offer affordable rental food production and packaging space to entrepreneurs interested in starting their own food-based businesses. The Center will also offer technical assistance to clients in the areas of food production, packaging and marketing.

Following Entergy Corporation’s (NYSE:ETR) major reorganization announced last month (STORY) by Chairman and Chief Executive Officer J Wayne Leonard, Leo Denault, executive vice president and chief financial officer; Richard Smith, president, Entergy wholesale commodities business; and Rod West, executive vice president and chief administrative officer have named new leaders within their respective organizations effective immediately. These changes include beefing up the governmental relations office in its wholesale power business, which includes Vermont Yankee. Vermont Yankee's license expires in 2012 and it will need legislative approval (STORY) to extend the license another 20 years.
New leadership appointments include:
• Michele Lopiccolo, formerly vice president, investor relations, has been named vice president, planning and financial communications and will continue reporting to Denault.

After providing students and parents federal and private loans for years, the Vermont Student Assistance Corporation (VSAC) will go to the bond market within the next two weeks to raise finances for about $23 million in private student loans for the 2010-11 academic year.
Up until now, VSAC has offered students and parents both federal education loans and private loans to supplement federal borrowing. Because of federal legislation, as of July 1, federal loans are available only through the federal government, while private loans continue to be the domain of financial institutions and nonprofits like VSAC.

The Vermont Agency of Transportation learned today that the US Army Corps of Engineers determined that the Agency’s preferred alternative for the next phase of the Chittenden County Circumferential Highway (Circ) passes environmental muster. If all goes as planned, the construction on the Williston phase of the Circ could begin in 2013. VTrans did not say what the total cost might be.
The Corps of Engineers determined that the so-called Circ A/B Boulevard is the Least Environmentally Damaging Practicable Alternative (LEDPA) for the purpose of satisfying a key federal milestone known as the Section 404 Water Quality permit process. VTrans applied for this permit in 2007 in conjunction with the issuance of a Draft Environmental Impact Statement, which evaluated not only the Circ A/B Boulevard but other roadway alternatives as well.

The Vermont Gross State Product grew slightly in the first quarter of 2010 with a growth rate of 2.6 percent from the previous quarter, but fell 4.5 percent compared to a year ago.
Quarterly Gross State Product
§ Current Quarter. Vermont quarterly real gross state product in the first quarter, seasonally adjusted: $24.5 billion at constant 2005 prices.
§ Previous Quarter. Vermont quarterly real gross state product in the fourth quarter, seasonally adjusted: $24.3 billion at constant 2005 prices.
§ A Year Ago. Vermont quarterly gross state product in the first quarter of last year, seasonally adjusted: $23.4 billion at constant 2005 prices.
Growth in Quarterly Gross State Product