MONTPELIER, Vt. (AP) - In a story Feb. 3 about Vermont Gas Systems Inc. being penalized for its pipeline management, The Associated Press reported erroneously that a settlement was reached between the Vermont Public Service Board and Vermont Gas. The settlement was between the Vermont Department of Public Service and Vermont Gas.
A corrected version of the story is below:
Vermont Gas penalized for not prudently managing pipeline
A settlement between the Vermont Department of Public Service and Vermont Gas Systems Inc. says the company will face a financial penalty for not properly managing the early stages of a natural gas pipeline
MONTPELIER, Vt. (AP) - A settlement between the Vermont Department of Public Service and Vermont Gas Systems Inc. says the company will face a financial penalty for not properly managing the early stages of a natural gas pipeline.
The 41-mile project from Chittenden County to Middlebury was budgeted at $86.6 million in 2013. Its current budget is about $166 million.
The agreement says Vermont Gas acknowledges that during the early stages, it did not prudently plan and manage the project.
The deal will limit Vermont Gas’ return on equity to 8.5 percent for three years.
The settlement says Vermont Gas has subsequently put leadership, management and systems in place to effectively manage and construct the project.
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