Current News

Governor Jim Douglas announced he will lead a delegation of Vermont business leaders seeking investors for their companies, especially through the EB-5 program, on a mission to Asia in October, which will include stops in South Korea, Hong Kong, and Taiwan. The EB-5 Immigrant Investor Program gives preferential consideration for permanent resident visas to immigrants who make qualified investments in a new commercial enterprise that will create at least 10 full-time jobs. In most areas of Vermont the required investment is only $500,000 – half the standard $1 million required in most other areas of the country.
“Vermont’s economy has benefited tremendously from the investments made in our businesses through the EB-5 program,” Governor Douglas said. “This trip will allow us to showcase the opportunities for investors here in Vermont, as well as to promote general trade with these countries.”

The Vermont Public Service Board has approved spending on a series of renewable energy projects and studies proposed by Central Vermont Public Service. The CVPS proposals, filed with the PSB in July, include seven renewable projects and studies at a total cost of about $350,000. The board approved them in a decision received late Friday. The three studies are intended to help CVPS expand its popular Cow Power program, learn about the potential for algae as an energy source, and possibly expand production at an existing Rutland County hydroelectric facility.
Studies focus on manure, algae and water
A $10,000 Essex Partnership study will evaluate a new Cow Power model of collecting methane gas from a group of smaller farms and using it to generate electricity at a central facility.

Green Mountain Power is taking an important step in its exploration of wind power in Lowell, Vermont, by filing with the Vermont Public Service Board for a permit to measure the wind resource on a portion of the Lowell Mountain range. Known as Kingdom Community Wind, the project would be owned by Green Mountain Power and would provide electricity to customers of Green Mountain Power and Vermont Electric Cooperative.
"We have spent months determining whether building a wind plant in Lowell will help us provide power to our customers, and hopefully Vermont Electric Cooperative customers, that is low cost, low carbon and reliable. After meeting with local communities and researching environmental considerations, we are ready to move forward with gathering additional information about the quality of wind in the area," said Mary Powell, president and chief executive officer of Green Mountain Power.

Sen. Bernie Sanders (I-Vt.) today welcomed an opinion by the Vermont attorney general that could substantially increase wages for workers on Vermont construction projects funded by the federal economic stimulus program.
As the stimulus package works to rebuild our infrastructure, roads and bridges and create new jobs, it is important that those jobs pay a living wage, Sanders said. I m glad that the attorney general upheld the state law that says construction companies in Vermont need to pay the most up-to-date prevailing wage. Construction workers have a right to earn a fair wage for their labor.

The U.S. Labor Department has approved trade adjustment assistance for Ethan Allen employees in Beecher Falls, Vt., Sens. Patrick Leahy (D-Vt.) and Bernie Sanders (I-Vt.) and Rep. Peter Welch (D-Vt.) announced. The Vermont congressional delegation supported an application submitted by the Vermont Department of Labor on behalf of the employees for assistance after Ethan Allen announced up to 260 employees would lose their jobs at the company s Beecher Falls location. Members of New Hampshire s Congressional delegation, Vermont Gov. Jim Douglas (R-Vt.) and New Hampshire Gov. John Lynch (D-N.H.) also supported the application.

The U.S. Senate Friday confirmed two nominees for the top federal law enforcement offices in Vermont, steered through the Senate by Senator Patrick Leahy (D-Vt.). Tristram Coffin and David Demag became the first U.S. Attorney and U.S. Marshal nominees of President Obama to be confirmed by the Senate.
In March, Leahy recommended Coffin to fill Vermont s U.S. Attorney position, and Demag, a longtime law enforcement officer in Vermont, to be the state s U.S. Marshal. Coffin was the President s first nominee to fill 93 U.S. Attorney positions across the country. Demag became the President s first U.S. Marshal nominee on July 31. By longstanding practice, the state s senior senator from the President s party makes recommendations for nominations to federal vacancies in the senator s state. Leahy also chairs the Senate Judiciary Committee, which handles the confirmation process for U.S. Attorneys and U.S. Marshals.

Central Vermont Public Service reported today consolidated earnings of $12.4 million, or $1.04 per diluted share of common stock, for the first six months of 2009, compared to $9.9 million, or 94 cents per diluted share of common stock, for the same period last year. CV reported second-quarter 2009 consolidated earnings of $5.5 million, or 46 cents per diluted share of common stock, compared to $4 million, or 38 cents per diluted share of common stock, for the same period last year.
The entire quarterly report can be found by clicking this link. For further information on the company click Vermont Business Magazine's link here. For online information and stock tracking, click here.
-- Year-to-date earnings of $12.4 million, or $1.04 per diluted share, up 10 cents from last year
- $2.3 million decrease in operating revenue
- $4.0 million decrease in purchased power expense
- $0.7 million increase in equity in earnings of affiliates

Vermont s utilities, working with the Department of Public Service, Vermont s congressional offices and the Vermont Office of Economic Stimulus and Recovery, have filed a $66 million application for federal stimulus funds to deploy advanced metering, new customer enhancements, grid automation and security technologies statewide. The grant, if approved, would pay up to half the costs of $133 million in improvements across Vermont.
The application outlined the statewide effort, known as eEnergy Vermont. It was filed on behalf of 20 Vermont electric distribution utilities, Efficiency Vermont and Vermont Electric Power Company (VELCO), the state s transmission utility, which have all worked together on the project, with the Department of Energy s Smart Grid Investment Grant Program.

Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) today announced that it has priced its public offering of 5,000,000 shares of its common stock at a price to the public of $67.25 per share. Additionally, the Company has granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock to cover overallotments, if any, at the price to the public less the underwriting discount. Subject to customary conditions, the offering is expected to close on or about August 12, 2009. The net proceeds to the Company, after deducting the underwriting discount and other estimated offering expenses, are expected to be approximately $321.4 million (exclusive of the underwriters overallotment option). BofA Merrill Lynch is serving as sole book-running manager of the offering. Canaccord Adams is serving as co-lead manager of the offering.

The Vermont Supreme Court has thrown out a lower court ruling that Vermont utilities contend would have raised costs for customers and created a new and unworkable permit process for customer service line extensions and routine construction work.
“This decision ensures the orderly and environmentally responsible provision of electric services without new and expensive burdens on utility customers,” said Downs Rachlin Martin Director Chris Roy, who argued the case on behalf of Central Vermont Public Service. “If the court had upheld the lower court order, it would have created a costly, time-consuming process for bringing energy to new customers with no new benefits to either the public or the environment.”

Blue Cross and Blue Shield of Vermont was awarded the highest level of accreditation for its managed care and preferred provider organization product lines from a national quality review organization. According to the company, Blue Cross and Blue Shield of Vermont received an excellent rating for its Vermont Health Partnership and The Vermont Health Plan managed care benefits, and also for its Freedom Plan PPO benefit plans.
The National Committee for Quality Assurance (NCQA) is an nonprofit organization that assesses the quality of managed care plans, managed behavioral healthcare organizations, preferred provider organizations, and other health related programs. To receive the top level of accreditation from the NCQA, healthcare organizations must first meet or exceed requirements for consumer protection and quality improvement results that are in the highest national range.

Rep. Peter Welch and leaders from throughout the Northeast Kingdom outlined economic development opportunities presented by the Northern Border Regional Commission (NBRC) during a press conference Thursday morning in Newport.
At Newport s Gateway Center, on the shores of Lake Memphremagog, Welch announced the first-ever round of funding appropriated to the NBRC by the U.S. House in July. The $3 million federal investment will help launch the four state regional commission, opening the door for increased funding opportunities for projects in Northern Vermont and its neighboring regions.