(Host) Central Vermont Public Service will buy the southern territory of Vermont Electric Cooperative.
In a $4 million deal, CVPS will take over service for the area’s nearly 3,000 customers and acquire the Electric Co-operative’s southern assets.
CVPS spokesman Steve Costello says the agreement is part of an overall plan by the $220 million utility to consolidate services and reduce utility rates.
(Costello) “It’s a $4 million deal that will provide average customers about an 8% reduction compared to what their paying today. And for residential customers down there it will be about a 12% reduction from what they’re paying VEC today.”
(Host) The deal is currently awaiting approval by the Vermont Public Service Board. Costello says there is no specific timeline for the PSB to review the case but the utilities are hoping for a decision by the end of the year.
The affected towns are Halifax and parts of Andover, Dover, Newfane, Townshend, and Wardsboro. Also included are the towns of Jamaica, Marlboro, Guilford, Vernon, Wardsboro, Wilmington, Windham, Whitingham and Readsboro.
Vermont Electric is based in Johnson and primarily serves northern Vermont.