VEC Board to Review Entergy Proposal

Johnson, VT-  Vermont Electric Cooperative (VEC) officials responded to a press release issued by Entergy Corporation on March 30, 2011. In this press release, Entergy implied that there was an agreement with VEC. Although negotiations to purchase power from Vermont Yankee have ended, at the present time there is no agreement to purchase power from Entergy beyond March, 2012.

“VEC has been negotiating with Entergy, which has offered VEC a 20-year contract that is below market; however there is presently no agreement,” said CEO Dave Hallquist. “To be clear, entering into a contract with Entergy would be contingent on two additional factors: approval by VEC’s twelve member board of directors and support by the state of Vermont for the continued operation of Vermont Yankee beyond March of 2012,” continued Hallquist.

The VEC board of directors will evaluate a potential deal on April 26, 2011 at their monthly meeting to be held at VEC headquarters in Johnson, Vermont. “This is a serious and controversial issue for VEC directors who are weighing the benefits of a favorably priced energy contract against concerns about the safety of VY and Entergy’s relationship with the state of Vermont”, stated Hallquist. “If Entergy does not gain approval by the State of Vermont to operate, there will not be a deal.”

VEC is a member-owned cooperative represented by a board of directors that is democratically elected by VEC’s members. With more than 37,000 retail meters, VEC is Vermont’s third largest electric distribution utility serving consumers in 74 towns in northern Vermont.

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