Current News

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.

North American design firm Stantec, with headquarters in Edmonton, AB, and offices in Vermont, has announced second quarter 2009 results today with gross revenue increasing 13.0% to C$388.1 million and net revenue increasing 10.1% to C$318.1 million compared to the second quarter of 2008. Net income for the quarter was C$22.3 million, and diluted earnings per share were C$0.49. Stantec employs about 85 people in its South Burlington and North Springfield offices.
During the first six months of 2009, we have experienced challenging market conditions across North America. I m pleased that our employees continue to deliver by managing the business effectively and efficiently, which is reflected in our results this quarter and year to date, says Bob Gomes, Stantec President & CEO.

FairPoint Communications, Inc. (NYSE: FRP, FRP.BC) announced Wednesday its financial results for the three and six months ended June 30, 2009. Net income for the quarter showed a $17.8 million loss, or 20 cents per diluted share. For the first six months, net income showed a loss of $26,595 or 30 cents per diluted share. Revenue totaled $299.6 million for the second quarter of 2009, a 3.9 percent decline compared with $311.6 million in the first quarter of 2009.
Highlights

Successfully completed an exchange offer for nearly 83 percent of outstanding senior notes enabling the Company to reduce cash interest expense for the second quarter of 2009 by approximately $14.4 million.

For the Week of 08/01/2009. There were 785 new regular benefit claims for Unemployment Insurance last week, a decrease of 45 from the week before. Altogether 12,752 new and continuing claims were filed, 324 fewer than a week ago and 5,423 more than a year earlier. The Department also processed 3,862 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 63 more than a week ago. In addition, there were 749 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 8 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

United Cerebral Palsy (UCP) released today the 2009 Case for Inclusion Report (www.ucp.org/medicaid), ranking all 50 states and the District of Columbia for the Medicaid services they provide to their Mental Retardation/Developmental Disability populations. The report finds that all states have room to improve outcomes and services for individuals with intellectual and developmental disabilities. While too much money is still spent isolating people in large institutions and waiting lists for services are increasing overall, real and notable progress has been made in just one year. "Still, too often the goals of independence, productivity and community inclusion are at odds with reality," said CEO Stephen Bennett.
The top and bottom ten states in terms of quality of Medicaid service provided are;

The Douglas Administration announced Wednesday afternoon a proposal to reduce state worker costs by $7.4 million. The proposal sent to the Legislature does not include layoffs, but indicates that layoffs (a reduction in force or RIF) remains a possibility if an agreement is not reached by mid-September. This proposal was developed jointly with the committee and represents a collaborative effort by the Legislature and the governor to address the $28 million FY10 shortfall and take steps to shrink out-year deficits.

Governor Jim Douglas announced today that 42 Vermont arts organizations have been awarded funding totaling $606,000 through the American Recovery and Reinvestment Act (ARRA). These grants will help preserve jobs in Vermont s nonprofit arts sector that have been threatened by declines in philanthropic and other support during the current economic downturn.
The American Recovery and Reinvestment Act is designed to jumpstart the economy, create and protect jobs, and invest in key priorities, said Governor Douglas. Like other jobs, arts jobs help individuals and families pay household expenses, put children through college and achieve financial stability.

U.S. Senator Patrick Leahy (D-Vt.) Wednesday announced that the Pentagon has increased the order for troop vehicles built in part by Bennington-based Plasan North America, creating additional jobs in the area. He said the Defense Department has approved a second contract for Wisconsin-based Oshkosh Corporation and Plasan North America to build an additional 1,700 Mine Resistant Ambush Protected All-Terrain-Vehicles (M-ATV) for $1.06 billion. At the beginning of July, Leahy announced a $1.05 billion Department of Defense contract to produce 2,244 M-ATVs. The first contract created an estimated 100 jobs and this second contract will solidify those positions for a longer term and create up to 50 additional jobs beyond the 100 created last month.