Current News

Central Vermont Public Service (NYSE-CV) has asked the Vermont Public Service Board to authorize a 5.91 percent rate increase under the company’s alternative regulation plan, which would leave the company’s rates among the lowest of the major utilities in New England.
The change would take effect with bills rendered starting Jan. 1, 2010.
The bill for a residential customer who uses 500 kilowatt-hours of electricity per month would rise from $73.49 to $77.89, a difference of $4.40. By comparison, the same customer would pay as much as $105.33 elsewhere in New England, according to the Edison Electric Institute.
Since 1999, CVPS rates have risen at a fraction of the rate of inflation in the energy sector, with a handful of small increases and decreases. Overall, rates in 2010 are expected to be just 12.6 percent higher than in 1999. Based on the latest federal data available, the Consumer Price Index for energy has increased 122 percent.

Competition among domiciles is heating up as many countries and US states vie to host insurance companies and their related business, according to the November 2 BestWeek US/Canada. Regulating insurers is a good business for governments. Insurance business brings jobs without pollution and boosts tax revenue. In 2007, Vermont, the top captive domicile in the United States, and third-largest in the world, said its busy captive market brought in just about as much revenue as the state lottery.
In BestWeek Europe, over the past two decades, the number of captives around the world has almost doubled, growing from 2,535 in 1989 to 5,211 at year-end 2008. Guernsey’s position in the global captive marketplace is well established. The island is home to nearly all of the protected cell companies in Europe, BestWeek reports.

Central Vermont Public Service (NYSE-CV) today announced the appointment of two independent directors to its Board of Directors. John M. Goodrich (59) was appointed to the Board of Directors, effective Nov. 3, 2009 and Elisabeth B. Robert (54) was appointed as an Advisory Director, effective Nov. 3, 2009.

New York State Department of Transportation (NYSDOT) Acting Commissioner Stanley Gee and Vermont Agency of Transportation (VTrans) Secretary David Dill today announced that the states will not explore the crossing between Putnam, Washington County, New York, and Chipman’s Point, Addison County, Vermont, as a potential temporary bridge site. The states also advised motorists, pedestrians and boaters to avoid the closed Lake Champlain Bridge as a safety hazard.
“I have heard the residents loud and clear that any temporary bridge or temporary ferry service absolutely must be located in the vicinity of the Lake Champlain Bridge corridor, as close as is feasible and safe,” Acting Commissioner Gee said. “I am fully aware of how much this bridge closure has disrupted people’s lives and we will continue working to find a safe location for a temporary bridge to cross Lake Champlain in the Crown Point area.”

Statement of Agriculture Secretary Roger Allbee regarding alleged animal welfare violations at Bushways Slaughterhouse: “The United States Department of Agriculture (USDA) and the Vermont Agency of Agriculture today suspended their respective licenses and thereby ceased operations at the Bushways Slaughterhouse facility in Grand Isle, Vermont.
“The Vermont Agency of Agriculture was notified by the Humane Society of the United States (HSUS) late Wednesday afternoon of alleged animal welfare violations at the facility. The agency immediately referred the matter to the USDA as the facility is operated and monitored under the inspection of USDA.
“USDA and the state have suspended the operation of the facility and are conducting an investigation. These allegations of inhumane handling and treatment of animals if verified, warrant prompt corrective actions to ensure they do not happen again.

General Dynamics Armament and Technical Products has been awarded a $13 million order by U.S. Army TACOM-ARDEC for the production of MK19 grenade machine guns. Deliveries are expected to begin in June 2010 and will be completed by late 2011. The order was made under a contract initially awarded in September 2008, and brings the total contract value to date to approximately $81 million. General Dynamics Armament and Technical Products is a business unit of General Dynamics (NYSE: GD).
According to General Dynamics Armament and Technical Products gun systems program manager, Jeffrey Gramse, "The MK19 has been in service for over 20 years, providing lethal fire against a variety of targets. The weapon's accuracy and versatility provides the U.S. Armed Forces options for use in both offensive and defensive operations."

Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of Merchants Bank based in Burlington, Vermont, has announced net income of $3.71 million and $8.68 million, or diluted earnings per share of $0.61 and $1.42, for the quarter and nine months ended September 30, 2009, respectively. This compares with net income of $3.31 million and $8.85 million, or diluted earnings per share of $0.55 and $1.46, for the third quarter and first nine months of the previous year, respectively.
The return on average assets for the quarter and nine months ended September 30, 2009 was 1.07% and 0.85%, respectively, compared to

Commuters and residents traveling between Addison County and New York now have several options for getting to and from their workplace or residence. All public transportation services are now free, minimizing the financial impact for many workers and employers. However, long travel times still exist for many. Below is a summary of the services currently in operation. More details and links to schedules are available at the website the Addison County Chamber of Commerce is maintaining: www.crownpointbridgeupdates.com
FERRY SERVICES

Fort Ticonderoga Ferry: Connecting Shoreham, VT and Ticonderoga, NY

Free service as of 10/27/09
Extended hours from 6 am to 8 pm

Lake Champlain Ferry: Connecting Charlotte, VT and Essex, NY

Redevelopment of Burlington’s Banknorth Block, which is planned to be complete with the plan for addition of a 125-room hotel, 36-unit apartment building, and 238 space parking garage in the mid-block, has received Housing Endorsement from the Vermont Smart Growth Collaborative.
“This project received a high score from our review committee,” said Smart Growth Vermont Executive Director Noelle MacKay, “due to its mixture of housing types, integration of a mixture of uses, proximity to key services, access to transportation options and infill development of a key city block.”

Senator Patrick Leahy and the Vermont Congressional Delegation – Leahy (D), Senator Bernie Sanders (I) and Representative Peter Welch (D) -- announced Thursday that the Secretary of the Air Force has selected the Vermont National Guard in Burlington as one of 10 final candidates to base the F-35 Joint Strike Fighter. The Air Force conducted a system-wide review of more than 200 locations before selecting Burlington and nine other bases as finalists for either the training or primary operations of the F-35.

The state has awarded more than $1.3 million to the City of Burlington to purchase and rehabilitate foreclosed homes and convert a New North End building into affordable housing. In a ceremony at City Hall, Lieutenant Governor Brian Dubie presented the $1,330,600 Neighborhood Stabilization Program grant, funded by the federal government in response to the mortgage foreclosure crisis that gripped the country last year, to city officials.
“This money will help create new housing as well as preserve much-needed affordable housing,” Dubie said. “And it will help the economy in the short-term by creating jobs for local contractors and others.”

Regulations published today by the US Small Business Administration will create a secondary market guarantee program to provide greater liquidity for lenders and expand access to capital for small businesses.
Funded through the American Recovery and Reinvestment Act, the new program would encourage sales into the secondary market of the “first mortgage” portion of small business financing made possible through the SBA’s 504 Certified Development Company (CDC) program. As a result of the economic recession and the disruption in the credit markets, there has been a significant decline in secondary market activity for 504 first mortgage loans.