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

Liverpool outclass Palace to go top

first_img Press Association Liverpool’s return to the top of the Premier League was confirmed by an impressive first-half performance which saw Luis Suarez and Daniel Sturridge steal the show in a 3-1 victory. The pair had dispelled suggestions they were not entirely compatible as a front two with all the goals in the 3-1 win at Sunderland last week. This was more of the same as they scored the Reds’ first two, which were followed by a Steven Gerrard penalty for his 99th Premier League goal, in another 3-1 success. It took the strike duo’s tally when both on the pitch at the same time to 16 goals, averaging a goal less than every 70 minutes. Individually their statistics are formidable, together they are devastating. Suarez has 19 goals in his last 22 games, while Sturridge has 19 in 24 games since joining in January, including eight in nine matches this season. Liverpool were up and running after 14 minutes when Victor Moses’ cross-field run delivered the ball to Suarez who instinctively rolled it into the path of the overlapping Jose Enrique. The Spaniard knew exactly what to do, getting to the byline and cutting back to Suarez, who improvised brilliantly as he fell to the ground under pressure from Jason Puncheon, hooking the ball home while on his way down on one knee. Within three minutes Liverpool had doubled their lead, with Suarez and Enrique playing a minor part this time. The Reds left-back tried to pick out the Uruguayan with a long pass out of defence and, with Adrian Mariappa coming out to challenge, the ball went over their heads and put Sturridge in one-on-one with Damien Delaney in the inside-left channel. Sturridge changed directions three times on his way into the penalty area, leaving his marker all at sea, with the final switch giving the England striker just enough room to fire an angled shot across Julian Speroni and inside the far post. Liverpool have never lost a Premier League home game having led by two goals, winning a remarkable 311 of 313 and, despite the odd chance falling Palace’s way, that record was never likely to be threatened. The Enrique, Suarez, Sturridge triumvirate was in overdrive as another incisive move cut open the Palace defence and only the outstretched foot of Delaney prevented Sturridge sliding home. Even when Mamadou Sakho and Martin Skrtel took each other out going for the same ball to put Jimmy Kebe through, Kolo Toure swept up in the six-yard area to prevent the first shot going in and goalkeeper Simon Mignolet saved Puncheon’s follow-up. Sakho’s good fortune continued when he sliced just wide of his own post after Mignolet failed to deal with low left-wing cross. The match was over as a contest in the 38th minute when left-back Dean Moxey’s pull on Raheem Sterling was spotted by assistant referee Richard West. Referee Anthony Taylor pointed to the spot and Gerrard, making his 638th appearance to replace Tommy Smith in seventh place in the club’s all-time list, stroked home. The sight of Rodgers taking his seat in the dug-out before his side had even emerged for the second half told its own story. Palace had a better second half and were eventually rewarded with a goal after taking advantage of Liverpool’s frailties at set-pieces. Half-time substitutes Jose Campana and Dwight Gayle combined with the former curling in a free-kick from out wide on the left and the latter touching it in. Sturridge could have had his second when he hit a post late on and England will hope he can carry that form on to the international stage. last_img read more

Officials promise crackdown on LAX thefts

first_imgThe new initiative calls for agencies to hold regular meetings and is designed to help coordinate and speed up the crime-fighting process, authorities said. Airport officials promised Friday to crack down on sticky-fingered baggage screeners and others who have been lifting items from fliers, including a $100,000 watch nearly nabbed from Paris Hilton. A dozen federal and local agencies will cooperate to investigate and prosecute crimes under the airport “security enhancement initiative,” City Attorney Rocky Delgadillo announced Friday. A key component will be battling theft by workers at Los Angeles International Airport. Delgadillo’s office on Thursday filed misdemeanor theft charges against five former employees of the Transportation Safety Administration, two employees of an airport subcontractor and a transient for allegedly stealing items from airline passenger luggage. Another TSA employee was charged with misdemeanor grand theft in February for allegedly trying to steal a $100,000 limited-edition Paris Hilton watch from Hilton’s bag last May. He returned the watch after a co-worker saw the theft and reported it, prosecutors said. Two other TSA baggage screeners were charged on March 1 with taking a $7,000 platinum Rolex watch that music star Keyshia Coles accidentally left at a security checkpoint in June 2005. The women checked the watch out of the lost-property section under a phony name and sold it in Las Vegas, authorities alleged. Other baggage thefts involved watches, foreign currency, cameras and cartons of cigarettes, authorities said. All of the TSA employees charged with crimes have been fired or quit, officials said. Security screeners handled more than 60 million passengers at Los Angeles International last year. The TSA has employed about 4,000 people at the airport in the past two years, and it has a zero-tolerance policy for wrongdoing, TSA spokesman Nico Melendez said. Some of the alleged thefts date back to 2005. The City Attorney’s Office said it took time to determine which of the multiple agencies with jurisdiction at the airport should handle the cases. last_img read more