January, 2021 Archive

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Green Mountain Power Reports First Quarter Earnings

first_imgGreen Mountain Power Corporation (NYSE: GMP)announced consolidated earnings of $0.72 per share of common stock, diluted, for the first quarter of 2004 compared with consolidated earnings of $0.80 per share, diluted, for the same period in 2003.“First quarter earnings were on target, and reflected strong growth in retail sales,” said Christopher L. Dutton, President and Chief Executive Officer. “Earnings are lower than the first quarter of 2003 only because of a one-time benefit from additional energy deliveries in 2003 that occurred at a time when we could sell excess power in the wholesale market at unusually high prices. Forecasted earnings for 2004 remain in the range of $2.05 per share to $2.15 per share.”Retail operating revenues for the first quarter of 2004 increased by $910,000 over the comparable 2003 period, reflecting higher sales of electricity to all retail customer classes and an increase in the recognition of revenues deferred under a previous regulatory order. Total retail megawatthour sales of electricity increased 1.7 percent in 2004, compared with the same period in 2003, primarily as a result of an increase in commercial and industrial sales of 1.8 percent and a 1.5 percent increase in residential sales.Retail revenues also increased because the Company recognized an additional $478,000 or $0.06 per share of deferred revenue during the first quarter of 2004, compared with the same period last year. The Vermont Public Service Board issued an order in December 2003 allowing the Company to carry over unused deferred revenue totaling approximately $3.0 million to 2004 and recognize the revenue to achieve its allowed rate of return during 2004. The Company expects to recognize virtually all of these revenues to achieve its allowed rate of return during 2004. The Public Service Board’s 2003 order also provided for a rate freeze for 2004, and modest rate increases of 1.9 percent in January 2005 and 0.9 percent in January 2006, subject to submission of supporting cost of service schedules.Wholesale revenues in the first quarter of 2004 decreased by $11 million compared with the first quarter of 2003, reflecting decreased sales of electricity to Morgan Stanley Capital Group, Inc., under a contract designed to manage price risks associated with changing fossil fuel prices. The Company does not expect the reduction in sales to Morgan Stanley to adversely affect the Company’s earnings in 2004 or future years. During the first quarter of 2003, delivery of past power supply contract deficiencies by Hydro-Quebec resulted in additional energy availability that the Company sold when wholesale market energy prices were unusually high. The Company estimates that these sales increased quarterly earnings by approximately $0.15 per share in 2003. There are no further deficiencies to be rescheduled and the Company does not expect such a benefit to recur in the future.In the first quarter of 2004, power supply expenses decreased $8.9 million compared with the same quarter of 2003 primarily due to decreased wholesale sales of electricity, offset in part by higher expense to supply increased retail sales of electricity and higher energy prices. “Most of the Company’s short-term energy requirements are met by power supply contracts extending through 2006 or longer,” said Mr. Dutton. “These contracts allowed the Company and its customers to avoid much of the higher wholesale energy prices that have prevailed over the past 15 months.”In other developments, the Company was recently informed that it is a finalist for Edison Electric Institute’s highest recognition for electric utilities, the Edison Award. The Company was selected for changes in its corporate culture leading to improvements in customer service and operating performance. The Company is competing against three larger utility companies for the 2004 Edison Award, which is essentially EEI’s national utility of the year award. “We’re delighted that EEI has recognized our efforts to bring value to our customers and shareholders, and we look forward to continued excellence on behalf of our essential stakeholders – our customers and our owners,” said Mr. Dutton.There are statements in this information release that contain projections or estimates and that are considered to be “forward-looking” as defined by the Securities and Exchange Commission (the “SEC”). In these statements, you may find words such as believes, expects, plans, or similar words. These statements are not guarantees of our future performance. There are risks, uncertainties and other factors that could cause actual results to be different from those projected.last_img read more

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Gasoline prices fall in Vermont

first_imgAverage retail gasoline prices in Vermont have fallen 4.7 cents per gallon in the past week, averaging $2.81/g yesterday. This compares with the national average that has fallen 0.2 cents per gallon in the last week to $2.73/g, according to gasoline price website VermontGasPrices.com.Including the change in gas prices in Vermont during the past week, prices yesterday were 25.7 cents per gallon higher than the same day one year ago and are 11.9 cents per gallon lower than a month ago. The national average has decreased 18.6 cents per gallon during the last month and stands 14.3 cents per gallon higher than this day a year ago.Source: VermontGasPrices.com 6.7.2010last_img read more

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FairPoint rolls out new vehicles in Vermont

first_imgFairPoint Communications technicians in Vermont are driving new vehicles.  FairPoint will purchase almost $6 million new vehicles throughout northern New England. These vehicles are in addition to the $15 million FairPoint spent on vehicles and customization in 2008. FairPoint technician Marc Sancibrian, left, joins Mike Smith, FairPoint’s Vermont state president, with one of the company’s new bucket loaders.About FairPointFairPoint Communications, Inc. is an industry leading provider of communications services to communities across the country. Today, FairPoint owns and operates local exchange companies in 18 states offering advanced communications with a personal touch, including local and long distance voice, data, Internet, television and broadband services. Learn more at www.FairPoint.com(link is external).Source: FairPoint Communications. SOUTH BURLINGTON, Vt. (September 24, 2010)last_img read more

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HBRA-Southern Vermont announces its 12th annual Excellence in Housing Awards

first_imgThe Home Builders & Remodelers Association of Southern Vermont has announced the winners of their 12th Annual Excellence in Housing Awards. These awards recognize the outstanding artistry and craftsmanship of members.  They were presented at a banquet held at Franklin Conference Center in Rutland on February 23, 2011.   Awards presented:Single Family Home ‘ under 2,000 square feet sponsored by Vermont Housing Finance Agency–Stafford Technical Center of Rutland;Single Family Home ‘ 2,001 to 3,000 square feet sponsored by Gilmore Home Center–Aspen Construction Services of Bondville;Single Family Home – over 3,000 square feet sponsored by LaValley Building Supply–The McKernon Group of Brandon;Residential Addition-Renovation–Roaring Brook Constructors of Killington;Best Kitchen–Roaring Brook Constructors of Killington;Best Feature–Aspen Construction Services of Bondville;Curb Appeal–Aspen Construction Services of Bondville;Commercial Addition-Renovation–Glendenning LLC of Wallingford;Environmental Excellence sponsored by r.k. Miles–Aspen Construction Services of Bondville;Energy Efficiency sponsored by Efficiency Vermont–The McKernon Group of Rutland;Best Website–r.k. Miles of Manchester;Best Marketing Piece–Aspen Construction Services of Bondville.                       Special recognition for participation goes to the following members: Timber Ridge Builders of Orwell; Burleson Builders of Castleton; Ennis Construction of Ascutney.  Banquet and Award Sponsor: LaValley Building Supply; Award Sponsors: Vermont Housing Finance Agency, Gilmore Home Center, r.k. Miles, Efficiency Vermont/Vermont Energy Star Home Program. Each entry was viewed anonymously by a panel of judges who were given a set of criteria with which to make their decisions.  Judges were:  Mike Coppinger, Downtown Rutland Partnership; Mary Cohen, NeighborWorks of Western Vermont; EJay Bishop, Rutland Recreation & Parks Department. The Home Builders & Remodelers Association of Southern Vermont is an organization of builders, suppliers, and associated businesses whose main purpose is to support and educate the building industry, the community and its members.  Monthly membership dinner meetings are held with featured speakers on the second Wednesday of each month, and those interested inthe presentation or those who would like to learn more about the association are encouraged to attend. Also available to the public is a FREE Membership Directory & Buyer’s Guide which lists members by category for ease of finding a business to help with building a new home, remodeling, finding an appliance or building materials, locating a fuel company, insurance needs, and more.   14th Annual Home & Recreation Show from 9am to 3pm on April 2ndat the Spartan Arena, behind the Diamond Run Mall in Rutland, VT.  Photos courtesy of HBRA of Southern Vermont.From Top: Aspen Construction, McKernon Group, Roaring Brook, Roaring Brook, Stafford Tech, Aspen.last_img read more

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Vermont Small Business Development Center names Rubel ‘State Star’

first_imgState Director, Lenae Quillen-Blume, announced that Dave Rubel has been selected as the 2011 State Star of Vermont Small Business Development Center.  Dave Rubel is the Area Business Advisor for Washington and Lamoille Counties and the Export specialist for the team. ‘I am pleased to make this announcement and to recognize Dave for extraordinary contributions to our organization’ said Quillen-Blume.  ‘Dave was chosen by VtSBDC for his excellent work with clients and his development of the export and international trade program offered by VtSBDC.  He is generous with his time for clients as well as peers and is a professional and valued representative of the organization.’  ‘It is an honor to accept this award,’ said Dave, ‘and to have the opportunity to help so many people achieve the dream of starting and succeeding in their own business.’  ‘It means so much to me to have been nominated for this award by my peers, people whom I respect and admire. VtSBDC has been extremely supportive of my professional development ‘ providing me with the tools, resources, and mentoring opportunities to become a successful Area Business Advisor.  VtSBDC walks the talk of entrepreneurship with the development of its ‘start-up’ International Trade program.  I’m thrilled to be leading the charge with this program as our organization’s new International Trade Specialist.’ Dave will be recognized for this honor at the national ASBDC conference in San Diego, CA in September.   America’s Small Business Development Center Network is a partnership uniting private enterprise, government, higher education and local nonprofit economic development organizations.  It is the Small Business Administration’s largest partnership program, providing management and technical assistance to help Americans start, run and grow their own businesses.last_img read more

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