CVPS, DPS agree on smaller rate increase of 7.67 percent

first_imgCentral Vermont Public Service (NYSE-CV) and the Vermont Department of Public Service have agreed to a rate settlement that will reduce a November rate request.Driven by reliability and transmission improvements and increasing power costs, in November CVPS asked the Vermont Public Service Board to authorize an 8.34 percent rate increase under the company’s alternative regulation plan. CVPS and the DPS have agreed to reduce the increase, which is expected to take effect Jan. 1, to 7.67 percent. The agreement also amends and extends the company’s alternative regulation plan.Under the settlement, which must be approved by the PSB, the company’s allowed return on equity would remain at the current level of 9.59 percent. CVPS agreed to reduce its return on equity request and make an additional $13 million investment in the Vermont Electric Power Company by the end of the year, changes that reduced the size of the rate increase.Even with the increase, CVPS states that its rates will remain among the lowest of the major utilities in New England.Under the proposed base rate change, a residential customer using 500 kilowatt-hours per month would experience a $5.91 increase, from $78.11 to $84.02. By comparison, the same customer would pay as much as $121.80 elsewhere in New England, according to the Edison Electric Institute.Since 1999, CVPS rates have risen at a fraction of the rate of inflation in the energy sector, with a handful of increases and decreases, including a 1.15 percent decrease in July. Overall, rates in 2011 are expected to be 21.8 percent higher than in 1999. Based on the latest federal data available, the Consumer Price Index for Energy has increased 81 percent.‘We have worked hard to mitigate the need for a rate increase, and are pleased that the VELCO investment will help reduce the impact on customers,’ President Bob Young said. ‘The increase is driven in large part by increases in power costs and a large increase for reliability improvements and regional transmission costs.‘I wish we could forego an increase, but we must continue to invest in our systems and pay our share of regional transmission costs,’ Young said. ‘While it doesn’t eliminate the impact, I am proud to say we will continue to provide a value that is extremely competitive in the region, even after the increase.’Other Vermont utilities have received rate increases ranging from 3.11 percent to as much as 30.76 percent in the past 8 months.The new rates will serve as the base rates for 2011 under CVPS’s amended alternative regulation framework. Under the plan, CVPS’s rates are adjusted up or down every quarter to account for specified changes in power costs, and annually for specified changes in other costs and earnings.Source: CVPS. 12.22.2010last_img read more

​AP1 saves resources by adding eVestment to monitoring kit

first_imgAP1 has been making a series of changes to its asset management set up over the last year as it tries to lay the groundwork for better returns.One element of the restructuring process has been to merge all units dealing with external asset managers into the new external partnership and innovation unit.The fund said in its annual report that this change was “to achieve synergies and new ways of integrating innovation in the fund”.Meanwhile, a spokesman for eVestment told IPE the firm is currently making a concerted push into the Nordic region.“We’re finding reception to the data and tools we offer to be positive among investors and asset managers in the region,” he said.Jean-Philippe Quittot, the firm’s managing director for EMEA, said eVestment provided a holistic view of the managers and strategies available.“This power to find the best managers in the world and effectively hold those managers accountable through regular monitoring is important as pensions, the pensioners they serve, regulatory bodies and other stakeholders look for more transparency in the management of pension money,” he said.Looking for IPE’s latest magazine? Read the digital edition here. Swedish state pension buffer fund AP1 has started using data services from US provider eVestment to monitor the performance of its external managers – a move the SEK366bn (€35bn) fund said will help it direct its resources more efficiently.The high-profile business win for the Nasdaq-owned data firm comes during a drive to boost sales in the Nordic region.Majdi Chammas, portfolio manager in AP1’s new external partnerships and innovation department, told IPE: “AP1 has decided to add eVestment to the existing toolkit. The eVestment database will help us in the monitoring process of existing and shortlisted managers and allow us to focus our resources.”But Chammas also said AP1 continued to emphasise the importance of qualitative assessment beside the quantitative evaluation when monitoring managers.last_img read more

Julius Randle unafraid, unfazed vs. Metta World Peace

first_imgWorld Peace, meanwhile, had just returned from Italy after playing overseas there.World Peace argued those two factors contributed to both players feeling rusty. “I had some advantages, and he had some advantages,” World Peace said of Randle. “He’s going to continue to gain advantages as long as he continues to gain intelligence.”World Peace chuckled when asked if it was intelligent for Randle to play aggressively against him. After all, World Peace once gave James Harden a concussion after inadvertently swinging his elbow at him. In 2004, as an Indiana Pacer, the former Ron Artest drew an 86-game suspension for going into the Pistons crowd and punching a fan for throwing a drink at him.“I’m still pretty edgy. I don’t show it as much emotionally. But mentally, I’m really, really angry, “ World Peace said, laughing. “I’m able to control it better. I can control it better than The Hulk.”Still, World Peace sounded invested in Randle’s development. World Peace said the Lakers initially asked him to practice at their facility earlier this summer partly to train Randle. World Peace has since remained a constant presence during informal workouts for the past month and a half.Four years after his four-season tenure (2009-13) in Los Angeles, the team still might sign the 35-year-old veteran which would result in World Peace, Randle and Brandon Bass competing for minutes. “You learn his tricks,” Randle said of training with World Peace. “He’s a tough defender. He didn’t give anything easy and he didn’t take any possessions off. So it was tough, but it was great for me.” Did that give Randle extra confidence he can succeed against top NBA talent?“No matter who is guarding me, I’m going to be confident,” Randle said. “Does it give me reassurance? Not really. I always had confidence in myself. But it was a great test for me.”World Peace stressed keeping proper body positioning so Randle can make quicker rotations. World Peace also has encouraged Randle to drive-and-kick, a skill World Peace believes will enhance his playmaking abilities and add to the Lakers’ spacing.“His potential is great. I think he catches on real quickly,” World Peace said of Randle. “If he can continue to learn the little things, you’ll see the Lakers in the playoffs.”Editors note: Story has been updated to corectly identify Metta Wold Peace’s age as 35. He usually intimidates opponents by flexing his biceps, roughing them up or scowling at them.But Metta World Peace’s presence hardly scared Julius Randle. Randle, who played only 14 minutes in his NBA debut last season before suffering a season-ending right leg injury, trained with World Peace this summer.And the Lakers’ former first round draft pick proved he could match and absorb World Peace’s strength. “This guy is arguably one of the greatest defenders of all time, so my thing is, ‘Let me test myself.’” Randle recalled, laughing. “‘Let me see where I’m at and how good I am.’” I have no fear in anybody.”Randle passed the test against World Peace, whose 17-year NBA career included a defensive player of the year award in 2004 and a key role in the Lakers’ 2010 NBA championship run.Not bad for Randle to have that on his resume entering the Lakers’ training camp, which begins Sept. 29 in Hawaii. “Every now and then, Metta got the best of (Randle),” Lakers coach Byron Scott said earlier this summer. “But when he hit Metta, Metta kind of bounced off of him.”World Peace hardly sounded interested in offering diplomacy. He acknowledged that Randle “attacked me.” But World Peace promptly dismissed the implications surrounding that matchup for two reasons. Randle had just received medical clearance for full-court five-on-five drills after spending the past year rehabbing his surgically repaired right leg.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more