Vermont Utilities and Hydro-Québec Sign Energy Deal

18 August 2010 (Last Updated August 18th, 2010 18:30)

Two Vermont utilities, Central Vermont Public Service (CVPS) and Green Mountain Power (GMP), have signed a deal with Hydro Québec to provide renewable low-emission energy. Under the 26-year deal, Hydro Québec subsidiary HQ Energy Services will provide stable renewable power to Vermont's

Two Vermont utilities, Central Vermont Public Service (CVPS) and Green Mountain Power (GMP), have signed a deal with Hydro Québec to provide renewable low-emission energy.

Under the 26-year deal, Hydro Québec subsidiary HQ Energy Services will provide stable renewable power to Vermont's supply chain, beginning in 2012.

Vermont will purchase up to 225MW of energy, predominantly hydroelectricity from HQ Energy Services, starting in November 2012 and ending in 2038.

The agreement includes a price-smoothing mechanism and final price for deliveries will be set in December 2010.

CVPS and GMP negotiated the agreement on behalf of smaller utilities to benefit customers beyond their own service territories.

Other utilities that intend to purchase energy under this agreement are Vermont Public Power Supply Authority, Vermont Electric Cooperative, Vermont Marble Power Division of Omya Industries, the Town of Stowe Electric Department and the Burlington Electric Department.