CVPS and GMP Sign Wind Contracts
October 21 2010 - 9:26AM
Marketwired
Continuing efforts to ensure a clean, low-carbon energy supply,
Central Vermont Public Service (NYSE: CV) and Green Mountain Power
have signed contracts to purchase additional wind power from a New
Hampshire wind project.
"Vermonters have clearly stated their desire for clean,
low-emission, renewable energy if it can be obtained at an
affordable cost, and this contract meets all of those criteria,"
CVPS President Bob Young and GMP President Mary Powell said in a
joint statement.
CVPS's contract, its third recent wind contract, is for 20
percent of the output of Noble Environmental Power's planned
99-megawatt Granite Reliable Power Windpark in Coos County, N.H.,
for 15 years starting in November 2012. CVPS had previously
executed a contract for 30.3 percent of the output of the Granite
Reliable project in February, and plans to execute another, subject
to approval by the Vermont Public Service Board, for two-thirds of
the output of Iberdrola Renewables' planned Deerfield Wind Project
in Readsboro and Searsburg, Vt. The Vermont Public Service Board
approved the first Granite Reliable contract earlier this year, and
the Deerfield contract is currently under review.
Green Mountain Power's contract is for seven percent of the
Granite Reliable project for 20 years, starting in November 2012.
GMP previously executed a contract for 25 percent of the output in
February. GMP has a longstanding commitment to wind. It owns and
operates the six-megawatt Searsburg wind plant and is proposing to
build up to 63 megawatts of wind in Lowell, Vt.
"Our customers have long enjoyed arguably the cleanest power
supply in the nation, and these contracts will help us retain a
very clean portfolio," Young and Powell said. "These new contracts
are very competitive with other wind offerings we've seen in the
marketplace. That's especially important given the increasing cost
pressures local utilities face for the bills for regional
transmission improvements and system upgrades to maintain and
improve New England's reliability in the coming years."
To protect negotiating position in ongoing talks with other
power suppliers, the utilities did not disclose the price, though
regulators will fully vet the contract proposals.
The utilities have been crafting new power portfolios in
anticipation of the end of major contracts with Hydro-Quebec and
Vermont Yankee, which supply roughly two-thirds of the power needed
to serve customers. CVPS and GMP recently signed a major new
contract with Hydro-Quebec and announced several other efforts to
replenish their portfolios.
"We continue to examine the market and look for opportunities to
diversify our power portfolio while honoring our legacy of
environmentally based power choices," the utilities said. "While
new renewable sources are more expensive than our existing
non-renewable power sources, these contracts are the most
attractive options for meeting Vermont's goal of using new
renewable power to meet 5 percent and 20 percent of customer demand
by 2013 and 2017, respectively. Today's contracts, in particular,
represent a solid value for customers."
Young and Powell said that among the factors considered when
adding to the companies' portfolio are Vermont's renewable power
content goals, price and price stability, fuel diversity,
environmental attributes, reliability and the public preferences
that were determined through the state's public outreach
process.
CVPS, Vermont's largest electric utility, serves more than
159,000 customers across Vermont. The company is recognized by
Forbes as one of the most trustworthy companies in America.
Green Mountain Power serves more than 95,000 Vermont customers
and was recently named a finalist in the Platts Global Energy
Awards for green energy initiatives.
Contact: Steve Costello CVPS (802) 747-5427
Dorothy Schnure GMP (802) 655-8418
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