View topic - Hydro-Quebec's long-term contract with Vermont

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PostPosted: August 16th, 2010, 7:35 am 
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Joined: December 29th, 2002, 7:00 pm
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Location: Bancroft, Ontario Canada
The electricity generated from the Rupert diversion will no doubt add to the power available for sale to Vermont, along with that generated by Hydro-Quebec's 26 dammed reservoirs and 60 generating stations. One of the reasons for Vermont's need for power is the closing of a nuclear plant although an upgrade may still be possible.

The Quebec Cree will be paid more than $4 billion over fifty years, in exchange for ending their objections to hydroelectric development.

Vermont to buy power from Quebec for 26 years

Thu Aug 12, 2010 11:08pm EDT

NEW YORK (Reuters) - Vermont's two largest utilities on Thursday signed a contract to buy low carbon, renewable power from Hydro-Quebec for 26 years, the companies said in a release.

The big utilities, Central Vermont Public Service CV.N and Gaz Metro Ltd's GZM_u.TO Green Mountain Power, which negotiated the agreement on behalf of several smaller Vermont utilities, agreed to buy up to 225 megawatts of power from Hydro-Quebec starting in November 2012 and ending in 2038.

The deal, which must still be reviewed by the state's Public Service Board, will help Vermont's power supply "remain arguably the nation's cleanest" because 98 percent of Hydro-Quebec's generation comes from low carbon hydropower, the utilities noted.

Currently, Vermont gets much of its electricity from Entergy Corp's (ETR.N: Quote) non-carbon emitting 620-MW Vermont Yankee nuclear power plant, but the reactor's operating license will expire in 2012.

Although Entergy is seeking a 20-year extension of the reactor's original 40-year operating license from the U.S. Nuclear Regulatory Commission, state legislators so far have opposed that request.

Entergy however has said it will get another chance to convince the legislators to accept the license extension once a new legislative session begins next year.

The purchase price for the Hydro-Quebec power will start at about six cents per kilowatt-hour, the utilities said, and will include a price-smoothing mechanism that will shield customers from volatile market prices. The final price for deliveries starting in 2012 will be set in December 2010.

Vermont has purchased energy from Quebec for decades. In the early 1980s, the first longer-term power deals were established. The current Vermont-Hydro-Quebec contract, which was signed on December 4, 1987, phases out largely in 2016. ... CT20100813


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