Current News

Northern Power Systems, Inc. (www.northernpower.com), a next-generation wind energy company and leading manufacturer of community wind turbines in Barre, today unveiled a Wind for Schools package that will help more schools produce their own wind power and engage their students and communities in realizing the benefits of renewable energy. Announced at WINDPOWER 2009, the package outfits educational institutions with a Northwind 100 wind turbine, standards-based K-12 curriculum that is customized and linked to real-time turbine data and web-based access for students and community members.

NBT Bank, NA, of Norwich, NY, is planning to open a commercial lending office on Bank Street in Burlington. The office will be located in the former Vermont National Bank building, which more recently was used by Chittenden Bank. The bank's parent company, NBT Bancorp, announced it was moving into Vermont yesterday during its annual shareholders' meeting. The Binghamton (NY) Press & Sun-Bulletin quoted CEO Martin Dietrich as saying the office would open in either the second or third quarter of this year and could expand further into Vermont eventually. NBT Bancorp Inc is a $5.3 billion holding company operating under two nameplates, one in New York (NBT Bank) and another in Pennsylvania (Pennstar Bank), as well as providing other financial services. As of late Wednesday, shares of NBT were up 77 cents or 3.28 percent.

Week Ending May 2, 2009. There were 1,104 new regular benefit claims for Unemployment Insurance last week, a decrease of 397 from the week before. Altogether 18,005 new and continuing claims were filed, 425 less than a week ago and 8,237 more than a year earlier. The Department also processed 2,265 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 143 more than a week ago. In addition, there were 1,342 Second Tier claims for benefits processed under the EUC08 program which is an increase of 43 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

The Senate has passed H 446, An Act Relating to Renewable Energy and Energy Efficiency. H 446 creates standard offer rates to encourage the rapid development of renewable energy technologies. Rates are based on today s costs and as the technology progresses, rates will be decreased. The Vermont Public Service Board will review and reset the rates every two years. A controversial piece of the bill is that the Legislature is de facto setting electric rates, which has been the responsibility of the Public Service Board through the rate review process the PSB goes through with each utility.
The bill sets the rates as:

For a plant using methane derived from a landfill or an agricultural operation, $0.12 per kWh.
For a plant using wind power that has a plant capacity of 15kW or less, $0.20 per kWh.
For a plant using solar power, $0.30 per kWh.

FairPoint Communications, Inc. (NYSE: FRP) has announced its financial results for the three months ended March 31, 2009. The landline telephone company reported a loss of $8.8 million on $311.6 million in revenues, compared to a pro forma loss of $9.5 million for the same period in 2008 on $349,418 in revenues. The first quarter loss is less than losses stretching back to the last profitable period in quarter two of 2008 of $23,114. The company lost $76,072 in quarter four of 2008, and lost $25,109 in quarter three of 2008. Revenues from the fourth quarter of 2008 to the first quarter of 2009 fell $7.6 million, and have fallen every quarter over the last 12 months.

Legislators, including Rep. Mike Marcotte, Vice Chair of the House Commerce Committee, Department of Labor Commissioner Patricia Moulton Powden, business owners, and leaders of the state s business organizations held a press conference today regarding fiscal challenges facing the Unemployment Insurance (UI) trust fund. They are urging legislative leaders to take action to address the growing shortfall in the trust fund through a balanced approach of gradual increases in the taxable wage base and adjustments in Vermont s unemployment benefits.

Vermont wine makers will now have an expanded ability to sample and sell their own and other manufacturers' products at their vineyards. Governor Douglas yesterday at Shelburne Vineyards signed into law S27, an act relating to tastings and sale of wines, fortified wines and spirits. With the enactment of S27, wineries, vineyards and distilleries in Vermont will be able to host special events, including weddings, where they can sample and sell their products. The bill also allows producers of wines, fortified wines and spirits to sample and sell their products at farmers markets, as well as sample and sell other products on their premises.
The governor was joined by members of Vermont s Grape & Wine Council, as well as Secretary Roger Allbee of the Agency of Agriculture and Commissioner Mike Hogan of the Department of Liquor Control.

Legislative leaders announced today that they had put together a package of tax increases, budget cuts and some of the state's "rainy day" funds to offset a $100 million General Fund budget deficit.
Speaker Smith and Senate President Pro Tem Shumlin called it a responsible approach to balancing the budget. The proposal is made up of a $26 million revenue package, $71 million worth of reductions and $3.3 million of rainy day funds. By eliminating the capital gains and income tax deductions loophole, the revenue package reduces Vermonters income taxes by lowering the marginal tax rates. The full passage of this package will result in lower incomes taxes for the vast majority of Vermonters and would drop Vermont s top marginal rate from first to fifth nationally.
We have proposed a thoughtful package that reduces Vermonter s income taxes at a time when they need the relief more than ever, said Senator Shumlin.

US Reps. Peter Welch (D-Vt.) and Ted Poe (R-Texas) joined Academy Award-winning actor Robert Duvall at Wilderness Battlefield today to speak out against Wal-Mart s plans to build a super store on the historic Virginia site.
If built, the store would stand across the road from the national park commemorating the bloody struggle and within the battlefield s historic footprint.
The Congressmen and Duvall spoke a day before the 145th anniversary of the Battle of the Wilderness, which claimed the lives of 29,000 American soldiers. An estimated 1,234 Vermonters lost their lives during the course of the two-day battle, which began May 5, 1864.

Winooski s downtown has been designated a Vermont Neighborhood under a housing bill passed last year, making it eligible for benefits designed to aid in the development of lower-cost housing.
The designation of the Vermont Neighborhood, approved by the Vermont Downtown Board last week, will be particularly helpful for a proposed transitional housing project for homeless veterans, according to Commerce and Community Development Secretary Kevin Dorn, who chairs the Downtown Board.
The veterans project would have been subject to the state Land Gains Tax, which was created decades ago to discourage land speculation in rural areas, Dorn said. One of the benefits of Vermont Neighborhood designation will be to exempt developments like this one from that tax.

Entergy Corporation (NYSE: ETR) today reported first quarter 2009 as-reported earnings of $235.3 million, or $1.20 per share, compared with $308.7 million, or $1.56 per share, for first quarter 2008. On an operational basis, Entergy's first quarter 2009 earnings were $252.6 million, or $1.29 per share, compared with $308.7 million, or $1.56 per share, in first quarter 2008.

Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
First Quarter 2009 vs. 2008
(Per share in U.S. $)
2009 2008 Change
As-Reported Earnings 1.20 1.56 (0.36)
Less Special Items (0.09) - (0.09)
Operational Earnings 1.29 1.56 (0.27)

The US Army Aviation and Missile Command Contracting Center has awarded General Dynamics Armament and Technical Products an order valued at approximately $150 million to produce Hydra-70 rockets, warheads and motors. Deliveries are expected to begin in September 2010. This order was awarded under a five-year contract originally signed in 2005. General Dynamics Armament and Technical Products is a business unit of General Dynamics (NYSE: GD). System engineering and program management will be performed at General Dynamics Burlington Technology Center in Vermont. Final assembly and component sub-assembly will occur at the company s Camden, Ark., facility and will be performed by the site s existing workforce.