(Host) Renewable energy developers around Vermont are breathing a sigh of relief these days. That’s because state regulators have decided not to challenge wholesale electric rates designed to be an incentive to renewable power projects.
A federal ruling on a similar program in California created uncertainty for renewable energy companies. The Federal Energy Regulatory Commission said that in California, utilities should not pay more for renewable power than they would for conventional sources.
The Vermont Public Service Board investigated the issue and has decided not to ask the feds to look at the Vermont rates.
Lawrence Mott is chairman of Renewable Energy Vermont. He says the board’s decision provides more certainty to energy developers.
(Mott) "It gives the current contract holders of the standard offer contracts more security and a clear outline that the Public Service Board does not intend to overturn and take direct action on this. It gives their financial partners, banks, further security."
(Host) The Vermont program offers guaranteed rates to a variety of renewable energy projects.
The program is capped at 50 megawatts and it generated so much interest that the projects had to be decided by a lottery.