PSB approves CVPS purchase of Rochester Electric

Rutland, VT, Aug. 24, 2006 — The Vermont Public Service Board has approved Central Vermont Public Service’s purchase of the assets and franchise territory of Rochester Electric Light and Power, which the company expects will reduce rates for the smaller company’s customers by more than 6 percent. The companies expect to close the sale the first week of September.

“We are pleased to add Rochester Electric’s 900 customers to the CVPS fold,” president Bob Young said.

“CVPS has been built through the consolidation of more than 100 companies since 1929, a strategy we are continuing through these purchases,” Young said. “It provides customers with economic benefits and gives the company immediate growth.”

Rochester Electric owners Tom and Sandy Pierce agreed this spring to sell their utility property and Rochester’s share of the Hydro-Quebec contract to CVPS. The sale is expected to reduce a typical Rochester customer’s yearly residential bill by 6.6 percent. CVPS will begin to serve Rochester upon closing.

The Pierces will retire shortly, although Tom Pierce will serve as a consultant to CVPS during the transition. Rochester Electric’s one employee, a lineman, will join CVPS.

“We’re looking forward to some free time, and an opportunity to enjoy Vermont,” Tom Pierce said. “Selling the company wasn’t easy, but we’re leaving our customers in very good hands.”

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