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

USA Cricket receives $1 billion boost to develop T20 league

first_imgUSA Cricket has received a boost of over $1 billion investment from American Cricket Enterprises (ACE) for the development of a domestic T20 league.USA Cricket selected ACE as its strategic partner to conclude a multi-stage evaluation process that began in November 2018. The launch of the league is set for 2021.The billion-dollar deal is one of the biggest for the development of domestic cricket in the US. ACE is backed by Sameer Mehta and Vijay Srinivasan, the founders of Willow TV (the largest cricket broadcaster in North America), and Satyan Gajwani and Vineet Jain, of the Times of India group.USA Cricket had started the process by publicly inviting proposals for a US-based T20 league. They chose ACE, whose proposal combined a large financial commitment to invest into the league key deals for infrastructure and broadcast distribution, experienced and knowledgeable leadership, and a data-driven, analytical business strategy, which affirmed their ability to build a longstanding institution that will elevate US cricket.“USA Cricket is excited to partner with ACE to launch a professional cricket league in the United States. We were thoroughly impressed by their comprehensive proposal,” Paraag Marathe, USA Cricket board chairman said. “Vijay, Sameer, Satyan and Vineet provided a vision for the growth of cricket in the US on all levels, and we’re confident they will create a world class T20 league here in America. This is a watershed moment for cricket in the United States and we look forward to a long-lasting, successful partnership.”ACE has commenced major infrastructure investment towards international grade cricket venues in several US metropolitan markets. ACE is also working to develop additional turf cricket pitches and auxiliary facilities in more than a dozen locations.Based on a major/minor professional league model, the new facilities will provide, for the first time in the US, the ability to stage and support major domestic and international cricket at all levels.In addition, ACE will provide support for USA Cricket’s men’s and women’s national teams to ensure they can capitalise on their recent successes at the ICC World Cricket League Division 2 and the ICC Women’s Americas Qualifier, respectively.The league is expected to feature top international players from the USA team and around the world, combined with a focus on pathways to develop a homegrown player pool for USA Cricket and the league. A major component of ACE’s plans is the developmental academies around the country that will be aligned to the league teams and will help foster and develop talent at the youth levels to ensure a strong pipeline of cricket players.“Cricket has the second-largest audience in the world, and yet has little presence in the largest professional sports market,” Gajwani said.“We want to develop a lasting institution that brings to the US the excitement and passion of cricket, enjoyed by billions of people globally. True grassroots development of any sport takes decades and we are excited and committed to play a role in developing world-class cricket in America.Key highlights of ACE’s proposal are distribution, sponsorship and exposure for the professional league and for USA Cricket’s national teams via major TV and digital broadcast platforms, led by Willow TV which has over 4 million subscribers. In addition to the Willow assets, ACE and USA Cricket will seek out “free to air” platforms as well to ensure mainstream audiences are exposed to the league. (ESPN Cricinfo)last_img read more