Vermont Electric Cooperative
| File:Vermontelectriccooplogo.png | |
| Company type | 501(c)(12) rural electric cooperative utility |
|---|---|
| Industry | Electric distribution |
| Founded | March 23, 1938 |
| Headquarters | , |
Area served | Vermont, U.S. |
Key people | Rebecca Towne, Chief Executive Officer; Rich Goggin, President |
| Revenue | $76,640,149 (2017) |
| $6,705,153 (2017) | |
| Total assets | $176,829,631 (2017) |
| Total equity | $75,534,266 (2017) |
Number of employees | 114 (2017) |
| Website | www |
The Vermont Electric Cooperative (VEC) is a member-owned electric distribution cooperative based in Johnson, Vermont. As of 2019, VEC provided service to approximately 34,000 members spanning 74 communities throughout northern Vermont, including counties such as Addison, Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille, and Orleans.
History
Established in 1938 in Eden Mills to supply electricity to rural regions overlooked by investor-owned utilities, Vermont Electric Cooperative expanded mainly through funding obtained via the Rural Electrification Act. Its initial service area was concentrated in Lamoille County before extending into Chittenden and Franklin counties by the 1960s through both new infrastructure development and acquisitions. In 1969, VEC merged with Halifax Electric Cooperative to broaden its reach into southern Vermont and then acquired International Electric Company located in Derby Line in 1970.
A significant expansion occurred in 2004 when VEC purchased the Vermont Electric Division from Citizens Communications Company, effectively more than doubling its membership base. Two years later, in 2006, it divested its Southern District operations covering Windham and Windsor counties to Central Vermont Public Service (CVPS), which resulted in a reduction of membership by 2,770. Additionally, certain service areas in Massachusetts were transferred to Western Massachusetts Electric Company (WMECO).
In 2008, VEC sought approval for a 9.2% rate hike primarily driven by increasing transmission expenses from ISO New England. By the following year, the cooperative committed to acquiring half of the output from the 40-megawatt Sheffield wind project as part of its commitment to renewable energy initiatives.
Between 2007 and 2009, VEC implemented smart meter technology at roughly 80% of member residences to enhance operational efficiency and enable better energy management for customers; cost savings generated from these improvements contributed toward offsetting the installation expenses.
Administration
The governance structure includes a Board of Directors composed of twelve members elected by the cooperative’s membership. Of these seats, seven are designated for representatives from specific geographic districts while five are elected at-large.
District 1 encompasses several towns such as Barton, Brighton, and Westmore along with parts of Caledonia County. District 2 covers areas including Coventry, Derby, and Newport city. District 5 represents the remaining municipalities within Orleans County. District 4 includes Jay, Lowell, Newport town, Westfield, and Troy. District 8 consists of Albany, Barton, Craftsbury, Glover, Greensboro as well as towns located within Lamoille and Caledonia counties.
Dan Carswell serves as the Board president. In the election held in 2013, eighteen candidates vied for three available board positions.
Programs
The business approach of Vermont Electric Cooperative goes beyond merely providing electricity, incorporating incentive initiatives that encourage the use of energy-saving appliances and electric vehicles. Qualifying items encompass heat pumps, pellet stoves, electric forklifts, as well as Zero Energy Modular homes.
In December 2016, the cooperative introduced the Co-op Community Solar program, which enables members to make an upfront investment in solar panels installed within shared community arrays. Those who participate benefit from consistent monthly bill credits over a period of ten or twenty years, with total credits surpassing their initial contribution. This program aligns with the cooperative’s commitment to fostering renewable energy adoption and enhancing member involvement.