Gov. Peter Shumlin issued the following statement on the offer by GMP to acquire CVPS:
June 23, 2011 - “I have always said that I prefer Vermont ownership of our state's utilities, but if that goal is not achievable, I have also said that I have three criteria for any sale involving utilities.
First, I want to know that the transaction is good for ratepayers. Shareholders will do just fine in any acquisition – my interest is in getting the best rates for Vermonters and growing jobs. Second, I want to know that our transmission infrastructure will be modernized to distribute community-produced power. Third, I want to know that this will lead to greater use of renewables, because I believe our energy future depends on growing our renewable portfolio.
With those criteria in mind, I have given initial review of the offer made today by the parent company of Green Mountain Power to consolidate GMP with Central Vermont Public Service. At first glance, I believe this proposal has value for Vermonters and for job creation.
While the details need careful review, the proposal addresses a set of key goals, by bringing significant savings through consolidation without worker layoffs. The savings are very important – we all know that energy costs and transmission costs likely will rise into the future, and we need smart efficiencies to counteract those pressures. The proposal as described also brings a piece of Vermont’s transmission company, and the value it generates, to state ownership, giving all Vermonters a seat at the table as we meet our transmission challenges. Finally, GMP has a strong commitment to investing in Vermont’s renewable energy future and a track record to prove it.
I have asked our Department of Public Service to review this proposal carefully. Ultimately, they and the Public Service Board will determine the outcome of the regulatory process.”