Burlington Mayor's Press Conference: City Ownership of Winooski One Hydroelectric

Description

Mayor Miro Weinberger and Burlington Electric Department (BED) officials announce the completion of the City’s purchase of the Winooski One Hydroelectric Facility, the 7.4 megawatt plant located on the Winooski River. John Warshow, one of Winooski One’s former owners, handed over the facility keys to Mayor Weinberger. Burlington now owns or has contracts with renewable energy facilities sufficient to serve 100 percent of the City’s electricity needs. Moody’s Investors Service improved BED’s outlook from stable to positive based, in part, on the facility’s stable costs and contribution to BED’s power supply diversification. A $12 million bond was issued on August 27, 2014. The bond had received unanimous support from the Burlington Electric Commission, a unanimous vote from the Burlington City Council, and more than 79 percent approval from the voters of Burlington this past Town Meeting Day.