Current News

During a Friday afternoon press conference with Vermont dairy leaders in Fairfax, Representative Peter Welch outlined new legislation to prevent volatility in the dairy industry and help Vermont farmers. At the McNall family farm in Fairfax, Welch announced he will introduce the Dairy Price Stabilization Act next week with Rep. Jim Costa (D-CA). The bill seeks to stabilize the milk market by creating a disincentive for farmers to rapidly increase their herd size when prices increase.
“Following last year’s devastating dairy price crisis, the need for a plan to match supply with demand is clear. To delay in addressing the enduring challenges of price volatility is to leave Vermont farmers vulnerable to a system that simply is not working,” Welch said. “Introducing this bill is just a first step, but it is an important step. Working together, we will refine it to ensure that it works for dairy farmers – in Vermont and throughout the country.”

(Vermont Business Magazine) The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for March 2010 was 6.5 percent, down one tenth from the revised February rate and down five tenths from a year ago.

Shelburne Shipyard has been recognized by the Vermont Department of Environmental Conservation as the First Vermont Clean Marina. This recognition is for the Marina’s ongoing efforts in protecting and enhancing the quality of Vermont’s environment...”We made a commitment to be Vermont’s First Clean Marina and our staff made it happen” said Mary Griswold Shelburne Shipyard’s President.

SBE Inc. (dba SB Electronics), will officially break ground on its new high-volume manufacturing facility on Saturday, April 17. The groundbreaking ceremony is slated to begin at 10 am in the Wilson Industrial Park in Barre, Vermont. Event speakers include Governor Jim Douglas, Lt Governor Brian Dubie, Representative Peter Welch, the US Assistant Secretary of Energy Efficiency and Renewable Energy Cathy Zoi and Sam Matthews, Executive Vice President of the Central Vermont Economic Development Corporation.

As of 4 pm, today, Vermont Yankee is operating at 94 percent power with a net electrical output of ~589 megawatts. The plant has been operating continuously for 522 days since the last refueling outage back in 2008. The reduced power output indicates the gradual depletion of the fuel as this operating cycle winds down. The main activity on the plant site is the preparation for the refueling and maintenance outage.
Vermont Yankee is bringing in workers from other Entergy plants in the fleet and 800 specialized contractors. Temporary office trailers and cargo containers for such materials as scaffolding are being set up around the site. The construction of the new VELCO switchyard just to the north of the plant site required VY to make some changes to the parking plan for this outage. A temporary parking lot has been set up for more than 700 cars across Route 142 by the town hall in Vernon in the Cersosimo lumber company storage area with service by shuttle buses.

People's United Financial, Inc.(PBCT 16.64, -0.01, -0.08%) today announced net income of $13.6 million, or $0.04 per share, for the first quarter of 2010, compared to $24.9 million, or $0.07 per share, for the fourth quarter of 2009, and $24.2 million, or $0.07 per share, for the first quarter of 2009. Included in this quarter's results are $23.4 million of merger-related and system conversion expenses. The net impact of these items reduced first quarter 2010 net income by $15.6 million, or $0.04 per share. Excluding the effect of these items, net income would have been $29.2 million, or $0.08 per share, for the first quarter of 2010. As previously reported, People's United Financial completed its acquisition of Financial Federal Corporation on February 19, 2010. Accordingly, Financial Federal's results of operations are included as of the acquisition date, and prior period results have not been restated to include Financial Federal Corporation.

Vermont's Unemployment Insurance Trust Fund has been operating in a deficit since January. The federal government is lending the state money - at zero percent - since that time. Estimates are that before the economy recovers and the UI fund begins to recover on its own as fewer and fewer people file unemployment claims, the UI fund deficit could reach $300 million or more. While the federal government ensures that unemployment compensation is paid, there is also no guarantee that the federal government will continue to loan states money interest free.

According to Green Mountain College's official history, students living in the school's original academy building in 1837 were warmed by wood-burning stoves. Each student was responsible for toting wood up the stairs to his room in the evening, and each was required to keep a pail of sand nearby in the event of a fire.

Vermont Governor Jim Douglas, chairman of the National Governors Association, testified today before the Commercial and Administrative Law Subcommittee of the House Judiciary Committee. The hearing, titled State Taxation: The Impact of Congressional Legislation on State and Local Government Revenues, focused on the impact of federal actions on state and local taxing and spending decisions. Douglas told the panel that, unlike the federal government, states need to balance their budgets. To that goal, congressional attempts to stimulate the economy must keep in mind that the states will play a vital role in the recovery effort and that Congress must first "do no harm." Douglas went on to say that the states as a whole saw a 7.5 percent drop in revenues in the last fiscal year. And even though the downturn started in late 2007, the negative cumulative effect on state budgets will continue through 2010 and 2011.

On today’s income tax filing deadline, Senator Bernie Sanders (I-VT) said federal taxes are down for most middle-class Vermonters and Americans but much more needs to be done to create a fair and equitable tax system.
“Despite much political rhetoric to the contrary, 99 percent of Vermont working families and individuals received a much-needed average federal tax cut of over $1,100 for 2009,” Sanders said.
As a result of the American Recovery and Reinvestment Act, some 300,000 Vermont households were able to receive a tax cut of up to $400 ($800 for married couples). Further, 14,000 Vermont families were able to receive an expanded tax cut to send their kids to college last year. More than 20,000 Vermont children benefitted from an expansion in the child tax credit. Nearly 60,000 Vermont small businesses received tax cuts to purchase new equipment and other things.

US News & World Report again has ranked Vermont Law School’s environmental law program as the best in the nation. The 2011 edition of America’s Best Graduate Schools appears on USNews.com on Thursday, April 15, and on newsstands on Tuesday, April 27.
“I'm gratified at this recognition of the depth and breadth of our environmental curriculum, clinic and institutes,” said Associate Professor Marc Mihaly, director of the school’s Environmental Law Center (ELC). “Our success reflects the dedication of our environmental faculty and our wonderful community of students who over the years have populated key legal and policy positions in government, non-profits, law firms and corporations with a strong positive environmental direction."

Entergy Corporation (NYSE: ETR) today reported that it anticipates first quarter results to be down 7.5 percent from the same period last year, due primarily to costs associated with dropping its plan to spinoff Vermont Yankee and five other of its merchant nuclear power plants into a separate company called Enexus. Merchant plants are not utility owned. For Entergy, the nation's second largest nuclear power plant owner, the merchants plants represent some of its older facilities. The plan to spin them off was derailed when New York state rejected the plan in March because of a projected debt load of around $3 billion for the new entity.