Central Vermont Public Service Corp. (CVPS) was the largest electricity supplier in
Vermont
Vermont () is a state in the northeast New England region of the United States. Vermont is bordered by the states of Massachusetts to the south, New Hampshire to the east, and New York to the west, and the Canadian province of Quebec to ...
.
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.
History
In 1929, the company was founded by combining eight Vermont electric companies. The creator was
Samuel Insull
Samuel Insull (November 11, 1859 – July 16, 1938) was a British-born American business magnate. He was an innovator and investor based in Chicago who greatly contributed to create an integrated electrical infrastructure in the United States ...
. 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.
In 1990s and 2000s, CVPS struggled to maintain profitability
[ and was acquired by Quebec's ]Gaz Métro
GAZ or Gorkovsky Avtomobilny Zavod (russian: ГАЗ or Го́рьковский автомоби́льный заво́д, , Gorky Automobile Plant) is a Russian automotive manufacturer located in Nizhny Novgorod, formerly known as Gorky (Го ...
on June 27, 2012, merging into its Green Mountain Power subsidiary through Gaz Métro's American operations, Northern New England Energy Corporation.[ Gaz Métro purchased CVPS for $472 million, outbidding another Canadian company who sought CVPS, ]Fortis Inc.
Fortis Inc. is a St. John's, Newfoundland and Labrador-based international diversified electric utility holding company. It operates in Canada, the United States, Central America, and the Caribbean. In 2015, it earned .
Fortis was formed in 19 ...
The New York Times: "Gaz Metro Bests Fortis to Buy Vermont Utility", July 12, 2011.
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References
;Notes
External links
Green Mountain Power
Northern New England Energy
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Electric power companies of the United States
American companies established in 1929
Energy companies established in 1929
Non-renewable resource companies established in 1929
Non-renewable resource companies disestablished in 2012
2012 mergers and acquisitions