"We welcome the opportunity to serve the people and businesses of Proctor that we don't currently serve," Young said.
Other than industrial rates, Vermont Marble currently has the lowest rates in Vermont, largely because the company has subsidized residential customers for decades.
Vermont Marble recently filed a rate case and rate redesign proposal which may increase residential rates increase up to nearly 24 percent absent the sale. Additionally, Vermont Marble said it has told state regulators it will need further increases if it maintains ownership of the company over the next couple of years, in part due to the substation work that is needed.
Depending on how the rate design portion of Vermont Marble's case is concluded, small commercial and streetlighting rates may be higher than CV's rates. Residential customers are likely to pay more with CV, but the impact is unclear pending outcome of the Vermont Marble case, which will conclude before the sale.
"Even for those customers who pay more, I believe CV will represent a good value," Young said. "We continue to offer rates that are among the lowest of any major utility in the Northeast. We continue to score extremely high in customer satisfaction studies conducted by J.D. Power and Associates, and we continue to excel in customer service and reliability, meeting all of our 17 service quality and reliability standards for six straight years -- the best record in the state."
The reliability of power to VMPD's customers will remain consistent as the transaction takes place.
The sale, expected to be completed by year-end 2010, is subject to the approval process set forth by the Vermont Public Service Board. The transaction also requires approval of the Federal Energy Regulatory Commission.