Vermont Public Service Department Issues Statement

Montpelier, Vermont —The Public Service Department issued the following statement in response to the announcement today that TDI-New England and the Conservation Law Foundation (CLF) have reached agreement on enhanced public benefits for Vermont on the New England Clean Power Link (NECPL) Project:

“I appreciate that CLF, like VELCO before them, has worked constructively with the developers of the NECPL underwater and underground transmission project to enhance public benefits of the project for all Vermonters” said Christopher Recchia, Commissioner of the Public Service Department.  He added: “As our testimony on Friday relays, it is necessary for a project of this sort to demonstrate significant benefits for the State of Vermont, and the Agreement announced today moves this project in the right direction.  The Public Service Department will continue to review the project and seek enhanced benefits for Vermonters associated with any agreement to host this project in Vermont, and look forward to doing so in the upcoming months through the Certificate of Public Good process now before the Public Service Board.”

VELCO (the Vermont Electric Power Company), Vermont’s transmission organization, had previously negotiated $2.5 million per year in ratepayer benefits to be paid to Vermont Ratepayers each year over the 40 year life of the project.  The CLF Agreement adds additional benefits to ensure the project benefits the public good through, among others, two significant additional provisions: it ensures any power delivered through the project is renewable, and it adds approximately $121.5 Million to the Lake Champlain Clean-up Fund, the Lake Champlain Enhancement and Restoration Trust Fund, and the Clean Energy Development Fund over the 40-year life of the project.

“The agreements secured by both VELCO and CLF help establish a foundation of benefits that the Department will seek to build upon to ensure any project approved provides substantial benefits for all Vermonters, and I acknowledge the effort of TDI-New England and CLF to work together to reach this Agreement” Recchia added.