CVPS acquires Readsboro Electric

— Central Vermont Public Service has completed the purchase of the Town of Readsboro’s franchise territory and electric department assets.

The $360,000 deal includes about 14 miles of distribution line and associated equipment, and the exclusive franchise Readsboro held to serve its 330 customers. The purchased assets also include Readsboro’s small ownership interest in Vermont’s high-voltage transmission company, specifically 133 shares of VELCO stock and 9,651 shares of Vermont Transco.

Among the service offerings are CVPS Electripay, an automated bill payment program; on-line bill review; CVPS Cow Power™; even monthly billing; Speedpay, an on-line payment program; and service guarantees for everything from bill accuracy to on-time appointments.

CVPS’s rates have been generally lower than Readsboro’s rates; the typical customer will see a rate decrease of about 0.32 percent in their first CV bills.

The Vermont Public Service Board approved the sale on July 8.

Town voters approved the sale of the Readsboro Electric Department in March 2010. Selectmen had attempted to sell the utility for several years, but voters twice rejected the idea, the last time by just a handful of votes in 2009.

Under the agreement, CVPS will reimburse Readsboro for half of its reasonable legal fees and expenses related to this transaction.

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