Vermont Utilities, Hydro-Quebec Reach Settlement on Ice Storm Case
BURLINGTON, Vt. - -- Hydro-Quebec and 15 Vermont utilities announced today they have agreed to a final settlement of a contract dispute that arose after power and energy deliveries to Vermont from Quebec were interrupted during an ice storm in January 1998.
Under the settlement, the Vermont Joint Owners (VJO) will continue to receive power and energy from Hydro-Quebec under a long term, stable-priced contract that for most utilities extends to 2016 and to 2020 for others. Hydro-Quebec will make a $9 million payment to the 15 utilities, which comprise the VJO.
"This is a fair settlement that brings to an end once and for all contract issues that arose between the contracting parties after a massive 1998 ice storm knocked down power lines and interrupted electric service in Vermont and Quebec. We look forward to restoring a fruitful business relationship that is important for Vermont and Quebec," said Richard H. Saudek, representing Hydro-Quebec, and Stephen C. Terry, spokesperson for the Vermont Joint Owners.
The settlement brings to a close the final issue of an arbitration proceeding that was decided on April 17 by a panel of three international jurists.
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