Central Vermont Public Service Joins Chicago Climate Exchange
August 02 2005 - 11:21AM
Business Wire
Central Vermont Public Service (NYSE - CV) today announced it has
joined the Chicago Climate Exchange (CCX), the first and only
voluntary, legally binding greenhouse gas (GHG) emissions reduction
and trading program in North America. The action positions CVPS as
a vanguard in GHG emissions management and environmental policy.
"Central Vermont Public Service has always focused on
environmentally sustainable energy and responsible utility
management of our natural assets," said CVPS President and CEO
Robert H. Young. "Our participation in CCX is just the latest
example of our commitment to limiting our impact on the
environment, and working to improve it." The Vermont utility joins
four other U.S. and Canadian electric power utilities and more than
two dozen other public and private entities in its pledge to reduce
GHG emissions by 4 percent below a 1998-2001 baseline average by
the end of 2006. Reductions can be made internally, or CVPS can
purchase CCX Carbon Financial Instruments on CCX's electronic
trading platform to achieve annual compliance. Emission reductions
beyond what is required by the annual CCX emission reduction
schedule can be banked for use in future years or sold to other CCX
members. "Central Vermont Public Service is a leader in innovative
GHG emissions management and renewable energy generation, and
continues to serve as an example of proactive and intelligent
climate policy in the Northeast," said CCX Chairman and CEO Dr.
Richard L. Sandor. "I look forward to the utility's active
participation as we continue to build the CCX membership." Central
Vermont Public Service is a three-time winner of both the National
Arbor Day Foundation's Tree Line USA Award and the Vermont
Governor's Award for Environmental Excellence, the state's highest
honor. CVPS's customer-driven voluntary renewable energy program,
CVPS Cow Power(TM), aims to reduce emissions of the GHG methane and
is utilized by more than 1,800 customers. "CVPS Cow Power has
quickly grown to include more than one percent of our retail
customers," Young said. "Our goal is to make it one of the top 10
renewable programs in the country by year-end 2010." CVPS's
forestry management program is a national leader, cited repeatedly
as a model for other utilities. The company has drastically reduced
herbicide use, and has shown that managing rights-of-way first for
wildlife and the environment can improve reliability. Central
Vermont Public Service is Vermont's largest electric company,
serving 151,000 customers across the Green Mountain State. Its
subsidiary, Catamount Energy Corp., develops renewable wind
projects in the U.S. and abroad. The greenhouse gas emission
reductions realized by the members of the Chicago Climate Exchange
are the first reductions in North America to be achieved through a
voluntary and legally binding mechanism. CCX members commit to
reduce the greenhouse gas emissions associated with climate change
within their own operations; through utilization of the CCX
emissions market; or by using a combination of the two approaches.
Members that reduce beyond their commitment may sell emission
allowances on the Exchange. Members that do not meet the reduction
goal internally must buy allowances on the Exchange to come into
compliance. CCX members reflect a cross-section of major public and
private sector North American entities, including Ford Motor,
International Paper, IBM, American Electric Power, Manitoba Hydro,
Amtrak, the City of Chicago and Oklahoma University, as well as
non-industrial environmental innovators such as World Resources
Institute, Pax World and the Rocky Mountain Institute. Reductions
achieved through the CCX pilot market are significant in scale and
impact. CCX Members gain practical experience by building an
efficient emissions management and monitoring system, while also
acquiring cutting edge measurement and trading skills that will be
needed in short and long term as the world comes to terms with the
climate change challenge.
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