Thu August 9, 2012
Regulators Reject Appeal For $21 Million Dollar Refund
The Vermont Public Service Board has rejected an appeal by the AARP for a $21 million ratepayer refund in the wake of the merger of the state's two largest utilities.
Nearly a decade ago, Central Vermont Public Service Corporation customers paid extra money to prevent the utility from falling into bankruptcy, with the proviso that if the company was ever sold, the money would be returned to the ratepayers. CVPS has now merged with Green Mountain Power. During the merger process, AARP-Vermont called on regulators to order a payback of the 21-million dollars to customers by rebate or refund. But the Public Service Board sided with the utility and approved a fund for energy efficiency programs. AARP-Vermont filed a motion to reconsider, which the Public Service Board has now rejected. AARP-Vermont Spokesman David Reville says they aren’t surprised with the board’s ruling.
Arlington House Democratic Representative Cynthia Browning had argued during the session that the 21 million dollars should be refunded to customers of CVPS.
Green Mountain Power Spokesperson Dorothy Schnure says they have guaranteed that the merger will bring over 144 million dollars in savings over the next ten years.
AARP’s David Reville doubts they will file any further formal appeals, but instead plans to address any remaining issues during the next Legislative session.
Representative Cynthia Browning says if she’s re-elected she plans legislation to change the regulatory process.
CVPS has merged with Green Mountain Power which is owned by the Canadian Company Gaz Metro.