City of Rutland, Green Mountain Power agree on merger
The MOU settles the city's intervention in the state's review of the sale and merger proposal, and explicitly states the city's support for the merger
Rutland, Vt., January 20, 2012 — Formalizing agreements related to the impending sale of Central Vermont Public Service and its merger with Green Mountain Power, GMP signed a memorandum of understanding with the city of Rutland to ensure a strong relationship and benefits for Rutland in the years ahead.
The MOU settles the city's intervention in the state's review of the sale and merger proposal, and explicitly states the city's support for the merger.
Rutland Mayor Christopher Louras and GMP President and CEO Mary Powell signed the MOU after the Rutland board of aldermen authorized its execution January 19.
The MOU lays out a series of commitments, which the parties will ask the PSB to incorporate as conditions to its pending approval of CVPS's sale to Gaz Metro Limited Partnership, GMP's parent company. Once that approval is received, the companies will merge into the new Green Mountain Power.
GMP affirmed its commitment to refrain from layoffs or mandatory relocations of employees, as well as to maintain proportional levels of its employee base headquartered in the Rutland area, which was critical to city leaders. GMP and the city will jointly pursue efforts to create opportunities, develop partnerships and attract new businesses to add additional jobs in the Rutland area, exclusive of GMP.
The new GMP will locate its Headquarters for Operations and Energy Innovation Center in Rutland or Rutland Town. The Energy Innovation Center will be a catalyst for innovative programs related to renewable energy, efficiency, customer service options, smart grid technology and new product offerings. This could include new partnerships with state and federal entities, local schools and colleges, renewable energy companies and others.