Former type Public Industry utilities Area served Vermont Ceased operations June 27, 2012 | Traded as NYSE: CV Defunct 2012 Founded 1929 | |
Fate Acquired by Gaz Métro; folded into Green Mountain Power Headquarters Rutland, Vermont, United States Subsidiaries Vermont Electric Power Co Inc | ||
Central vermont public service
Central Vermont Public Service Corp. (CVPS) was the largest electricity supplier in Vermont. 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.
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4 april 2011 central vermont public service cb rang the nyse closing bell
History
In 1929, the company was founded by combining eight Vermont electric companies. The creator was Samuel Insull. 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.
During its long history of development, the company experienced a life from peak to bottom.
In 1990s and 2000s, CVPS struggled to maintain profitability and was acquired by Quebec's Gaz Métro in 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.