Vermont Utilities, Hydro-Quebec Reach Settlement on Ice Storm Case
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.
Related News
Can COVID-19 accelerate funding for access to electricity?
UGANDA - The time frame from final funding approval to disbursement can be the most painful part of any financing process, and the access-to-electricity sector is not spared.
Amid the global spread of the coronavirus over the last few weeks, there have been several funding pledges to promote access to electricity in Africa. In March, the African Development Bank and other partners committed $160 million for the Facility for Energy Inclusion to boost electricity connectivity in Africa through small-scale solar systems and minigrids. Similarly, the Export-Import Bank of the United States allocated $91.5 million for rural electrification in Senegal.
Rockefeller chief wants…
