Vermont Business Magazine Vermont Gas on Friday submitted its latest quarterly filing regarding its Addison Rutland Natural Gas Project (ARNGP) with the Vermont Public Service Board. The company reports no material change in overall cost for the project since its last filing in April 2015. Vermont Gas submits quarterly reports to the Public Service Board regarding budget projections and expenses related to the project. The latest filing reflects the project’s economic picture through June 30, 2015.
“We are very pleased to report to the Board that the project remains on budget and on time as significant construction is set to begin this month,” said Don Rendall, President and CEO of Vermont Gas. “We are entering a very exciting phase of the project and our team continues to monitor project economics closely.”
Don Rendall. VBM file photo.
“The ARNGP is about choice and opportunity for the people of Addison County,” Rendall continued. “Offering a cleaner and more affordable energy source will help residents and businesses save money and reduce emissions.”
As reported to the board Friday, the company’s overall cost estimate for Phase 1 remains at $153.6 million. Progress has been made in several key areas such as contracts for services, which includes the selection of the pipeline contractor. The company expects that contract will be finalized in a matter of days. Construction-readiness activities have already been completed to allow the pipeline contractor to begin construction and complete the first 11 miles by fall of this year.
The PSB is currently reviewing whether to reopen the Certificate of Public Good process because of two cost hikes in 2014 (from $86 million to $121.6 million to now $153.6 million). Objections to the project have come from landowners, environmentalists and ratepayer advocates.
Regulators, who held a hearing on the subject in June, are expected to decide this summer whether to revisit the entire Certificate of Public Good. If it does reopen the case, it could rule to either let the current CPG permit stand as is, modify it, or cancel it.
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Source: Vermont Gas 7.17.2015