Vermont ratepayers will save money in deal with New York

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(Host) Ratepayers of Vermont’s publicly owned utilities will save about $3.8 million a year under a new contract with the New York Power Authority.

The deal was negotiated by the Department of Public Service. It provides roughly 15 megawatts of electricity over 17 years from hydroelectric power plants in New York.

Steve Wark is a spokesman for the department. He says the New York power is some of the cheapest electricity available.

(Wark) "So, for example, this price is 2.84 cents kilowatt hour, compared to a market price that’s right now is around 7 cents a kilowatt hour, and depending on the time of day could be much higher. So it’s a great deal for Vermonters because not only is it very affordable energy, but it’s also environmentally friendly."

(Host) Wark said the contract also saves ratepayers money because it increases the amount of energy that’s available from about 12 to 15 megawatts. And the deal extends the length of the contract for another 17 years.

The power will be used by the state’s co-ops and municipal utilities. It is not available to investor-owned utilities, like the Central Vermont Public Service Corporation.

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