Vermont to buy power from Quebec for 26 …
NEW YORK, Aug 12 (Reuters) – Vermont’s brace largest utilities on Thursday signed a contract to buy low carbon, renewable command from Hydro-Quebec for 26 years, the companies said in a remit.
The big utilities, Central Vermont Public Service and Gaz Metro Ltd’s Green Mountain Power, which negotiated the agreement on behalf of several smaller Vermont utilities, agreed to pervert with money up to 225 megawatts of power from Hydro-Quebec starting in November 2012 and ending in 2038.
The deal, what one. must still be reviewed by the state’s Public Service Board, pleasure help Vermont’s power supply ‘remain arguably the nation’s cleanest’ since 98 percent of Hydro-Quebec’s generation comes from low carbon hydropower, the utilities eminent.
Currently, Vermont gets much of its electricity from Entergy Corp’s non-carbon emitting 620-MW Vermont Yankee nuclear authority plant, but the reactor’s operating license will expire in 2012.
Although Entergy is seeking a 20-year extension of the reactor’s original 40-year operating license from the U.S. Nuclear Regulatory Commission, body politic legislators so far have opposed that request.
Entergy however has said it will get another chance to convince the legislators to take . the license extension once a new legislative session begins next year.
The lever price for the Hydro-Quebec power will start at about six cents through kilowatt-hour, the utilities said, and will include a price-smoothing machinery that will shield customers from volatile market prices. The final worth for deliveries starting in 2012 will be set in December 2010.
Vermont has purchased animal spirits from Quebec for decades. In the early 1980s, the first longer-~inus power deals were established. The current Vermont-Hydro-Quebec contract, which was signed on December 4, 1987, phases out largely in 2016.
(Reporting by Scott DiSavino)
((scott.disavino@thomsonreuters.com; +1 646 223 6072; Reuters Messaging: scott.disavino.reuters.com@reuters.without deductions))
Keywords: UTILITIES VERMONT/HYDROQUEBEC
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