CVPS wins second national award for storm response

first_imgVermont s largest electric company has won the industry s highest honor for storm recovery for the second time.CVPS President Bob Young today was presented the Edison Electric Institute s 2008 Emergency Recovery Award for the company s response to an historic ice storm in December.  The company s preemptive planning led to the restoration of service to more than 70 percent of affected customers after just one day, and complete restoration within a week. CVPS is the smallest company to ever receive the honor which it won for the second straight year. This is a tribute to the selflessness of our employees, the quality of our planning and the urgency of our response, Young said.  After we won the award for our response to the 2007 Nor icane, we never expected to face such devastation again, but December s ice storm brought tremendous challenges. Employees single-minded focus on our customers turned what could have been one of our darkest hours into one of our finest, Young said.  Many employees lives were relegated to working, sleeping and eating throughout our recovery and then many of them volunteered to go to New Hampshire to help out there.  We are blessed to have some of the finest workers in the industry.The ice storm wreaked unprecedented damage in southern and eastern Vermont, knocking down thousands of trees and power lines, along with cell service and radio communications.  CVPS marshaled all of its resources and brought in contractors and mutual aid from Vermont, New Hampshire, Massachusetts, Maryland, Michigan, Pennsylvania, Virginia, West Virginia and Ontario, Canada.CVPS, which has 95 line workers, nearly tripled the number of line crews, bringing in 170 outside line workers, 150 tree workers and 75 other outside workers.  It required a massive logistics effort to supply, feed, supervise, organize and house them.  Hundreds of other CVPS employees provided support.John teRiele, CVPS s director of transmission and distribution, praised other utilities and state and local officials for their assistance, which he called invaluable.  Everyone we asked for help provided it, he said.  Vermont Electric Cooperative was particularly helpful, sending some of their crews, procuring staff from northern municipal utilities that were unaffected, and covering for them with skeleton crews left behind.Scott Massie, who manages CVPS s central scheduling office, said the restoration effort, though complex and difficult, was made easier by an outpouring of support from customers.  The amount of damage and the rural nature of the hardest-hit areas were daunting, Massie said.  But customers, through calls, letters and personal support, reminded us why we do what we do for a living.Dave Miller, operations supervisor for CVPS s Brattleboro District, which includes the rural towns of Readsboro, Marlboro, Dover and surrounding towns which were among the hardest hit welcomed the storm award, but hopes its CVPS s last.  I m proud of how we responded, but I hope I never see such devastation again, Miller said.  It is really no surprise that CVPS earned accolades from the Edison Electric Institute for a second year in a row.  With its exemplary storm response and safety record, Vermont s largest electric utility has long been the envy of the industry, said International Brotherhood of Electrical Workers Local 300 Business Manager Jeffrey Wimette.  Our union is very proud to have 216 members working for CVPS.  This award is a wonderful example of labor and management cooperatively fostering a workforce that takes customer service and the success of the company very seriously.The EEI Emergency Recovery Award is presented annually. Winners are selected based on the ability to respond swiftly and efficiently, overcome difficult circumstances, utilize unique or innovative techniques, communicate effectively with customers, and restore service promptly. A panel of judges selected CVPS following an international nomination process.Final statistics from the December storm include:CVPS s repair costs totaled an estimated $5.1 million, a CVPS record, surpassing the 2007 nor icane.49,100 customers were affected.42.7 percent of CVPS customers lost service in the Royalton District, 62.7 percent in the Brattleboro District and 70 percent in the Springfield District.60 of 105 distribution feeders were affected.120 poles were broken.Employees and contractors worked an estimated 75,000 man-hours to restore service.last_img read more

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U.S. shale pioneer Chesapeake Energy files for bankruptcy

first_img FacebookTwitterLinkedInEmailPrint分享CNBC:Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection on Sunday. The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic.Chesapeake said that $7 billion in debt will be wiped out through the restructuring. The company has secured $925 million in debtor-in-possession financing in order to continue operations during the bankruptcy process. In addition, Chesapeake has secured an agreement in principle from certain existing lenders for $2.5 billion in debt financing on emergence from bankruptcy, as well as a backstop commitment for $600 million in new equity.Franklin Resources and Fidelity are among the biggest creditors, according to people close to the company, and they will be among the primary equity holders following the company’s restructuring. The company will continue operations at a much reduced capacity, with a handful of gas rigs and no oil rigs, according to those familiar with the company’s plans.“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” CEO Doug Lawler said in a statement.Chesapeake Energy was founded in 1989 by Aubrey McClendon. An early pioneer of horizontal drilling, he built the company into a key player in the U.S. gas industry. At its peak, Chesapeake had 175 operating rigs, with operations across the U.S. including in Texas, Louisiana, Pennsylvania and Ohio. But the company took on a lot of debt to fuel its rapid expansion, and from 2010 to 2012 spent $30 billion more in drilling and leasing than it made from its operations.Chesapeake’s downturn is not unique. Whiting Petroleum is among the other once great drillers that couldn’t survive a historic plunge in oil prices. The company filed for bankruptcy protection on April 1.[Pippa Stevens and Brian Sullivan]More: Chesapeake Energy, a pioneer in the U.S. shale revolution, files for bankruptcy protection U.S. shale pioneer Chesapeake Energy files for bankruptcylast_img read more

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Juventus 15 points clear in Serie A after win over Empoli

first_imgKylian Mbappe scored his 31st goal of the season as Ligue 1 leaders Paris St-Germain edged to victory at Toulouse.Thomas Tuchel’s side are running away with the title and maintained their 20-point cushion after second-placed Lille came from 2-0 down to beat Nantes 3-2.The visitors thought they had gone ahead but the video assistant referee (VAR) ruled out a Marquinhos goal.Mbappe’s well-taken touch and first-time finish settled the contest with 16 minutes remaining.–Source: BBC Sportlast_img read more

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