Green Mountain Power and Entergy reach settlement over cooling tower collapses

Vermont Yankee cooling tower collapse, 2007

Vermont Yankee cooling tower collapse, 2007

Green Mountain Power and Entergy Corp. have agreed to a settlement of an undisclosed amount to cover costs incurred by GMP as a result of cooling tower collapses at the Vermont Yankee Nuclear Plant in 2007 and 2008.

GMP and Central Vermont Public Service — the utility that has since merged with GMP to take over about 70 percent of Vermont’s power market — sought $6.6 million in compensation for increased power costs the utilities had to pay when the nuclear plant reduced its output during the cooling tower failures and repairs.

Robert Dostis, spokesman for GMP, said the settlement was reached in the second week of June. Part of the agreement was to keep the specifics confidential.

Susan Smallheer of the Rutland Herald and Times Argus broke the news of the secret agreement this week.

“The settlement will benefit Green Mountain Power customers,” Dostis said. “The benefit will be verified in our rate filings.”

GMP was the first of many Vermont utilities to file a rate increase this week. The uptick is due to grid reliability upgrades that Vermont utilities, and consequently ratepayers, are responsible for.

Andrew Stein

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