Tuesday, January 15, 2008; Posted: 12:32 PM
"Climate change is one of the most compelling issues in the world today, and we are pleased with our success in reducing emissions and in helping to change the way utilities reduce greenhouse gas emissions through a trading market," said Chris Dutton, President and Chief Executive Officer of Green Mountain Power.
"Our customers expect us to pay attention to the issue of climate change," said Robert Young, President and Chief Executive Officer of Central Vermont Public Service. "Reducing our emissions has immediate benefits to the air we breathe, and our participation in the Chicago Climate Exchange helps stimulate the development of new renewable resources at the lowest cost."
Both companies pledged in 2004 to reduce greenhouse gases four percent below a baseline of the annual average of 1998 to 2001. Importantly, both companies intend to extend their commitment to reduce emissions as a Phase II Member of the Chicago Climate Exchange through 2010.
Richard L. Sandor, Chairman and CEO of the Chicago Climate Exchange told both companies, "You have complied with the most rigorous standards for greenhouse gas emission reductions available in North America today. I commend Green Mountain Power and Central Vermont Public Service on this outstanding undertaking as well as your leadership in promoting best practices in greenhouse gas emissions management and corporate sustainability."
CCX is a self-regulatory exchange that administers the world's first multi-national and multi-sector marketplace for reducing and trading greenhouse gas emissions. It is designed to allow entities from the public and private sectors to use market-based mechanisms to account for greenhouse gas emissions reductions. CCX enables participants to receive credit for reductions and to buy and sell credits as a means of finding the most cost-effective way of achieving reductions.
Green Mountain Power (www.greenmountainpower.biz) is an electric utility owned by Northern New England Energy Corporation, a wholly-owned subsidiary of Gaz Metro, a leading Quebec energy company with a long history of investment in Vermont. Green Mountain Power transmits, distributes and sells electricity and utility construction services in the State of Vermont in a service territory with approximately one quarter of Vermont's population. It serves approximately 92,000 customers.
Central Vermont Public Service (www.cvps.com) is Vermont's largest electric utility, serving more than 158,000 customers statewide. CVPS's non-regulated subsidiary, Catamount Resources Corporation, sells and rents electric water heaters through a subsidiary, SmartEnergy Water Heating Services.
Chicago Climate Exchange, (R) Inc. (CCX(R)) is a self-regulatory exchange that administers the world's first multi-national and multi-sector marketplace for reducing and trading greenhouse gas emissions. For more information visit www.chicagoclimatex.com.
SOURCE: Green Mountain Power
Green Mountain Power Dorothy Schnure, 802-655-8418 schnure@greenmountainpower.biz or Central Vermont Public Service Steve Costello, 802-747-5427 scostel@cvps.com
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