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U.S. Department of Energy Announces First Awards under Advanced Reactor Demonstration Program

LCG, October 16, 2020--The U.S. Department of Energy (DOE) this week announced it has selected two U.S.-based teams to receive $160 million in initial funding under the new Advanced Reactor Demonstration Program (ARDP).

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PSEG Files Application to Extend Zero Emission Certificates (ZECs) for New Jersey's Carbon-Free Nuclear Power Facilities

LCG, October 2, 2020--PSEG yesterday filed applications to extend Zero Emission Certificates (ZECs) for the Salem and Hope Creek nuclear power plants in Salem County in order to preserve New Jersey's largest carbon-free source of electricity and to help New Jersey achieve its clean energy goal of 100 percent carbon-free energy supply by 2050.

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Industry News

Green Mountain Power Gets 3.42 Percent Increase

LCG, Nov. 14, 2000-- Green Mountain Power Corp. said yesterday that it has negotiated a final settlement with the Vermont Department of Public Service in the Company's rate case that will allow a 3.42 percent rate increase beginning next January 23.

Christopher L. Dutton, the utility's chief executive, said "Reaching a final agreement on GMP's rate case was crucial to GMP's continuing ability to have the financial ability to provide service."

Dutton pointed out that the financially pressed company has been on an austerity program. "GMP sold its corporate headquarters and re- engineered its internal processes, leveraging technology to improve service while lowering costs. Our new streamlined organization now operates with 195 employees, down from approximately 320 in June 1998. The result of this effort is savings of approximately $5 million a year in operating costs, and high customer service performance," he said.

In the settlement, Green Mountain agrees to write off about $3.2 million in certain regulatory assets this year, and further agrees to freeze its dividend at current levels until it can replace current short-term credit facilities with either long-term debt or equity financings.

The settlement acknowledges that Green Mountain, over the past several years, has not collected in rates over $17 million in power supply costs related to Hydro Quebec and that it will not be subject to further prudence penalties relating to the Vermont Joint Owners Hydro Quebec contract.

"As a result of the resolution of the treatment of Hydro-Quebec costs, we have agreed to stay GMP's appeal to the Vermont Supreme Court of the Vermont Public Service Board's 1998 decision disallowing certain Hydro Quebec costs, pending receipt of Board approval of the settlement," Dutton said.

Green Mountain also agreed to "consult extensively" with the Department of Public Service regarding capital spending commitments for upgrading its electric distribution system. The company and the Department also agreed to customer care and reliability performance standards.

The average bill for a GMP residential customer using 500 kilowatt-hours in a month would increase by $2.19 to $66.22 if the settlement is approved.

The settlement agreement does not involve all parties to the case and must be approved by theVermont Public Service Board, the company noted.

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