Central Vermont Public Service

Central Vermont Public Service Corp
Public
Traded as NYSE: CV
Industry utilities
Fate Acquired by Gaz Métro; folded into Green Mountain Power
Founded 1929[1]
Defunct 2012
Headquarters 77 Grove Street Rutland, VT, United States
Area served
 Vermont
Services
  • electric utilities
Website www.cvps.com Edit this on Wikidata

Central Vermont Public Service Corp. (CVPS) was the largest electricity supplier in Vermont.[2] Its customer base covered 160,000 people in 163 towns, villages and cities in Vermont. The company generated revenue mainly though purchased electricity through its subsidiaries including C.V. Realty, Inc., East Barnet Hydroelectric, Inc., and Catamount Resources Corp.[3]

History

In 1929, the company was founded by combining eight Vermont electric companies. The creator was Samuel Insull. The company was among the first companies to successfully use wind to generate electricity and organized Yankee Atomic Electric Company to make a trial in atomic power.[1]

During its long history of development, the company experienced a life from peak to bottom.

In 1990s and 2000s, CVPS struggled to maintain profitability [1] and was acquired by Quebec's Gaz Métro in June 27, 2012, merging into its Green Mountain Power subsidiary through Gaz Métro's American operations, Northern New England Energy Corporation.[2] Gaz Métro purchased CVPS for $472 million, outbidding another Canadian company who sought CVPS, Fortis Inc.[4]

References

Notes
  1. 1 2 3 "Central Vermont Public Srv Corp. History". Funding Universe. Retrieved 2016-01-15.
  2. 1 2 "Montréal, June 27, 2012. Gaz Métro completes acquisition of Central Vermont Public Service Corporation". corporatif.gazmetro.com. 2012-06-27. Retrieved 2014-02-20.
  3. ↑ "Central Vermont Public Service Corp, Inc.: NYSE:CV quotes & news - Google Finance". Google.com. Retrieved 2014-02-20.
  4. ↑ The New York Times: "Gaz Metro Bests Fortis to Buy Vermont Utility", July 12, 2011.
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