Current News

Vermont Electric Power Company’s recently completed bond sale earned the best results in the nation since the credit crisis struck two years ago and will save electricity customers millions. VELCO’s $135 million issuance of First Mortgage Bonds will refinance short term indebtedness necessary for construction of electric grid reliability projects. The 20-year fixed interest rate on the bond was set at 4.81% reflecting a credit spread of 96 basis points, the best pricing of any debt issue from any industry sector in the U.S. private placement market in more than two years and $60 billion worth of new issues. The estimated savings over the life of the bond is in the range of $20 million.

Central Vermont Public Service has filed an agreement with the Vermont Department of Public Service that, if approved by the Public Service Board, will govern the level of company staffing in customer rates over the next five years.
The docket was opened because of a disagreement with the DPS over employment levels and the associated cost to customers. Under the settlement, the DPS and CVPS agreed that the company will reduce employment by 17 positions within five years, from a starting point of 549 employees as of Jan. 1, 2009, giving CVPS credit for reductions made this year.

Governor Jim Douglas today urged Legislative leaders to make property tax reform a top priority next session. If left unaddressed, rates will skyrocket a staggering $0.22, an increase of more than 25% in the next three years. Lawmakers learned yesterday that residential and non-residential property tax rates next year will increase $0.02, further adding to the burden of our struggling families and businesses. The Governor has pushed for comprehensive changes for the past several years but lawmakers have not acted to reform our education funding system.
“During this difficult economic time, we cannot allow property taxes to continue to increase on the people of Vermont. We must act quickly to reform our education spending system,” said Governor Douglas. “The time for studies and hearings is over. We must act during the next session to address this economic crisis.”

There were 1,802 new regular benefit claims for Unemployment Insurance last week, an increase of 492 from the week before. Altogether 11,845 new and continuing claims were filed, an increase of 435 from a week ago and 1,217 more than a year earlier. The Department also processed 4,291 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 234 fewer than a week ago. In addition, there were 1,526 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 23 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

Sonnax Industries has recently contracted to install a solar photovoltaic power generation system at the company headquarters in Bellows Falls, Vermont. The 102 kilowatt installation, contracted with groSolar of White River Junction, Vermont, represents an investment of more than half a million dollars.
“Adding solar power to our facility is a sound business decision,” said Sonnax CEO Tommy Harmon. “With the savings realized in energy costs, plus the tax incentives, the payback on our capital expenditure is approximately two years.” This solar power generation system will allow Sonnax to generate almost 20 percent of the electricity required for operations of the Vermont headquarters building. Since the power generated cannot be stored, power produced during times that exceed Sonnax’s consumption will be sold to the local power grid, further offsetting the costs.

The Small Business & Entrepreneurship Council (SBE Council) today released its 14th annual rankings of the states according to their public policy climates for small business and entrepreneurship in the "Small Business Survival Index 2009: Ranking the Policy Environment for Entrepreneurship Across the Nation." (Access the SBSI 2009 report and map of the states by visiting http://sbecouncil.org/survivalindex2009/.)
The Index helps business owners, investors and lawmakers understand the public policy burdens placed on entrepreneurship and small business in the states, and ranks them accordingly.

Kaplan EduNeering, a leading provider of compliance and knowledge management solutions, and Seventh Generation, a pioneer and leader in sustainability, announced the launch of their new Sustainability Institute. The Kaplan EduNeering/Seventh Generation Sustainability Institute (www.InstituteSustainability.com) will provide business and governmental managers, employees, subcontractors and supply chain partners with best practices and specialized training in the development and implementation of sustainability initiatives.

Washington County Senator Phil Scott, a Republican, has announced that he will be running for Lieutenant Governor in 2010. He gave the following speech surrounded by a large crowd of supporters:
“I’m Phil Scott - native Vermonter, graduate of Spaulding High School and the University of Vermont, fisherman and snowmobiler, mechanic and laborer, truck driver and stock car driver, both a cyclist and a biker, father and business owner, State Senator, proud Republican, and as of today, candidate for Lieutenant Governor of the State of Vermont.

Green Mountain Coffee Roasters, Inc announced that yesterday it submitted an enhanced proposal to acquire Diedrich Coffee, Inc for $35 per share in cash pursuant to a cash tender offer, in a transaction with a total value of approximately $290 million. GMCR has been informed by representatives of Diedrich’s Board that this offer continues to constitute a superior proposal, as defined in the existing merger agreement between Diedrich and Peet’s Coffee & Tea, Inc to Peet’s November 30, 2009, cash and stock proposal. GMCR anticipates that this transaction will be neutral to slightly accretive within the first 12 months following the close, excluding one-time transaction expenses, and accretive thereafter.

Governor Jim Douglas today announced a comprehensive economic development plan to maximize the use of American Recovery and Reinvestment Act (ARRA) dollars allocated to Vermont through the State Fiscal Stabilization Fund (SFSF). In response to Speaker Smith and Senator Shumlin’s letter today which proposed the use of $1 million to support farms and businesses affected by the recent Champlain Bridge closure, the Governor welcomed the Legislature’s new focus on economic support for our struggling families and urged legislative leaders to take swift action to approve this bold economic relief plan which will create more than 350 new jobs.

Senate President Pro Tem Peter Shumlin and Speaker Shap Smith, joined by members of the Addison County delegation, today spoke of the need for an economic assistance package for businesses and farmers effected by the Crown Point Bridge closure. The closing of the bridge has caused businesses and farmers to lose thousands of dollars in what is already an incredibly difficult economic time.
“The bridge closure has resulted in local businesses losing up to $6,000 a week and one farmer who I have been in contact with has been forced to spend over $20,000 to bring his crops back to Vermont,” said Senator Peter Shumlin. “In what is already an incredibly tough economic time, these additional financial stresses are devastating and can not be sustained for much longer.”

Related Company: Renewable NRG Systems Inc.US Representative Peter Welch announced Tuesday that Vermont business leader Jan Blittersdorf has been selected to take part in the White House Forum on Jobs and Economic Growth. Blittersdorf, CEO and president of Hinesburg-based NRG Systems, will join President Obama, fellow business leaders and financial experts at the White House Thursday to discuss ideas for creating jobs and growing the economy.
Welch nominated Blittersdorf to take part in the forum because of her experience creating quality jobs in Vermont and building one of the state’s most successful businesses. Founded in 1982 by David Blittersdorf, NRG Systems is the leading manufacturer of wind measurement systems worldwide. The company employs 110 people and creates products used in more than 130 countries.