The Rutland Region Chamber of Commerce and the Rutland Economic Development Corporation believe the purchase of Central Vermont Public Service Corporation by Fortis, Inc. will ultimately be good for Rutland and good for Vermont.
The financial strength that Fortis brings to CVPS should be a benefit to ratepayers now and in the future; and will ensure continued reliability to our businesses and residents alike. The company's ability to provide equity capital in a capital intensive industry is crucial. With their financial strength they should also be able to negotiate favorable power purchase agreements benefiting Vermont consumers.
The Rutland Region Chamber of Commerce and the Rutland Economic Development Corporation feel strongly that Fortis, Inc. will allow CVPS local autonomy to operate. Fortis is a very decentralized organization.
"It is very important to us that the headquarters remain in Rutland and that the management and employees remain intact," said Tom Donahue of the Rutland Region Chamber of Commerce.
"Fortis has an excellent reputation as a community partner in the regions they serve. We fully expect the continuation of CVPS's policy of local engagement, at the same time that they continue the investment in their infrastructure to meet our future needs. The acquisition by Fortis will greatly enhance their ability to move the Corporation forward in this process, " said Jamie Stewart of the Rutland Economic Development Corporation
The two business organizations appreciate the fact that they are not even proposing to change the name from CVPS; and that the company has a demonstrated history of community involvement.
Already Fortis, Inc. has made an upfront $21 million commitment for the benefit of CVPS customers applied in a manner to be determined in the regulatory review process.
Combined The Rutland Region Chamber of Commerce and the Rutland Economic Development Corporation represent nearly 700 businesses in the greater Rutland region.