Post by Logan on Feb 17, 2017 16:02:27 GMT -6
VT Gas penalized, feds investigate state oversight of pipeline
MONTPELIER — The Vermont Public Service Board on Feb. 2 penalized Vermont Gas Systems’ earnings for three years due to management shortcomings dating back to early construction of a new gas pipeline running through Addison County.
The penalty, which is being imposed on the utility’s income, will prevent Vermont Gas from being able to earn more than 8.5 percent on its capital assets through the end of 2019.
Vermont Gas President and CEO Don Rendall admitted that the company failed to “prudently” plan and manage the first phases of the construction project, which spans 41 miles and goes through Addison County. As the project nears its final phase of completion, Rendall told reporters Thursday that “significant challenges” were confronted early on but the pipeline is now “back on track.”
Since 2015, the project has been plagued by regular protests against Vermont Gas and the Vermont Department of Public Service. The gatherings, staged mostly in Hinesburg, disrupt construction work in the area and in Geprags Park, a small local community park. Protesters oppose the pipeline because it will transport fracked natural gas from Canada to future customers.
Read more: www.suncommunitynews.com/articles/the-vermont-eagle/vt-gas-penalized-feds-investigate-state-oversight-of-pipelin/
MONTPELIER — The Vermont Public Service Board on Feb. 2 penalized Vermont Gas Systems’ earnings for three years due to management shortcomings dating back to early construction of a new gas pipeline running through Addison County.
The penalty, which is being imposed on the utility’s income, will prevent Vermont Gas from being able to earn more than 8.5 percent on its capital assets through the end of 2019.
Vermont Gas President and CEO Don Rendall admitted that the company failed to “prudently” plan and manage the first phases of the construction project, which spans 41 miles and goes through Addison County. As the project nears its final phase of completion, Rendall told reporters Thursday that “significant challenges” were confronted early on but the pipeline is now “back on track.”
Since 2015, the project has been plagued by regular protests against Vermont Gas and the Vermont Department of Public Service. The gatherings, staged mostly in Hinesburg, disrupt construction work in the area and in Geprags Park, a small local community park. Protesters oppose the pipeline because it will transport fracked natural gas from Canada to future customers.
Read more: www.suncommunitynews.com/articles/the-vermont-eagle/vt-gas-penalized-feds-investigate-state-oversight-of-pipelin/