RUTLAND-Central Vermont Public Service announced May 4 that it will purchase the assets and service territory of the Vermont Marble Power Division of Omya Inc. for $33.2 million.
Included in the sale are rights to serve about 890 customers in Proctor, including the Omya industrial facility in Florence, which will become CV's single-largest customer. Significantly, the sale also includes four hydroelectric facilities with a combined capacity of 18.1 megawatts.
"This purchase will create economies of scale that will benefit all of our customers, and will lead to expansion of the generation output from the four Vermont Marble dams through increased investment," CVPS President Bob Young said. "It maintains Vermont control over the plants, which produce clean, reliable energy, and expands CV's role as the operator of the largest fleet of renewable hydroelectric generators in the state."
Young said there would be significant benefits to the purchase:
It continues the state-supported consolidation of Vermont's electric utilities, creating further economies of scale.
CV will invest in upgrades and repairs that will improve hydroelectric output from the plants. CV plans to invest $12 million to upgrade the Vermont Marble facilities and operate them in consort with CV's existing Otter Creek hydro operations.
CV will invest in the Vermont Marble system, immediately replacing the main substation at the Proctor hydro site and spreading the approximate $1.5 million cost over CV's 159,000 customers rather than just Vermont Marble's customers.
CV will be able to provide Proctor residents and businesses with greater resources. For example, in the event of major storms, CV has nearly 30 line workers within an hour's drive of Proctor.
CV offers choices and services Vermont Marble customers don't have today, including automatic bill payments through CVPS Electripay, on-line bill payments, CVPS Cow Power(TM), various rate choices,budget billing, on-line bill review and outage information, and in thenear future, CVPS SmartPower(TM), an advanced automated meterreading, outage detection and power management system.