2017 Vermont Statutes
Title 30 - Public Service
Chapter 90 - Vermont Hydroelectric Power Authority
§ 8040 Findings, purpose, and goals

§ 8040. Findings, purpose, and goals

(a) The General Assembly of the State of Vermont finds that potential exists to purchase an interest in hydroelectric power stations along the Connecticut and Deerfield Rivers located in Vermont, New Hampshire, and Massachusetts.

(b) Therefore, it is the purpose of this chapter to create an entity with the authority to finance, purchase, own, operate, or manage any interest in the hydroelectric power facilities along the Connecticut and Deerfield Rivers located in Vermont, New Hampshire, and Massachusetts, and to sell the electric energy under the control of the Authority from those facilities at wholesale to authorized wholesale purchasers. The purchase and operation of an interest shall be pursued with the following goals:

(1) to promote the general good of the State;

(2) to stimulate the development of the Vermont economy;

(3) to increase the degree to which Vermont's energy needs are met through environmentally-sound sustainable and renewable in-state energy sources;

(4) to lessen electricity price risk and volatility for Vermont ratepayers and to increase system reliability;

(5) to not compete with Vermont utilities;

(6) to ensure that the credit rating of the State will not be adversely affected and Vermont taxpayers will not be liable should the purchase of the facilities fail because of the failure to produce sufficient revenue to service the debt, the failure of a partner, or for any other reason; and

(7) to cause the facilities to be operated in an environmentally-sound manner consistent with federal licenses and purposes. (Added 2015, No. 130 (Adj. Sess.), § 4, eff. May 25, 2016.)