Governor Shumlin and Vermont’s two largest utilities are cheering the Public Service Board’s approval of a 26-year electricity contract with Hydro Quebec.
Last March, Central Vermont Public Service and Green Mountain Power signed a memorandum of understanding with Hydro Quebec that lead to the contract.
The Public Service Board ruled that the agreement benefits Vermont utilities and ratepayers.
The price is expected to be competitive with or favorable to market prices, and is less expensive than currently available, similar sources of power.
Under the agreement, the state will purchase up to 225 megawatts of electricity starting in November 2012 and ending in 2038.