(Host) Leaders of Central Vermont Public Service and Green Mountain Power say their merger will save ratepayers $144 million over the next decade.
CVPS CEO Larry Reilly says those savings are what helped make the difference as his board weighed competing bids between Fortis of Newfoundland and Gaz Metro of Quebec.
Gaz Metro is the parent company of Green Mountain Power and won the bidding. Reilly says Fortis recognized it couldn’t compete.
(Reilly) "They are not in a position to be able to consolidate the two companies and therefore they did not have the same ability to generate savings for customers down the road that by combining CVPS and GMP you can create."
(Host) Many details of the deal need to be worked out. But CVPS would be merged into GMP and corporate headquarters would be in Colchester. Operations headquarters would be in Rutland.
Mary Powell, the CEO of GMP, would lead the newly combined company.