A few days ago, I wrote about GlobalFoundries’ bid to break away from Green Mountain Power and establish its own boutique utility. Well, it’s far worse than I thought. I’ve gotten a look at the Letter of Intent between GF and the Scott administration — no scoops, it’s a public document — and maaaaan, is it bad. Like, historically, unprecedentedly bad.
I won’t say the administration is acting as GF’s procurer, but I will say it’s told Vermont to put on a sequined microskirt and show the corporation a good time.
Really, I’m kinda shocked that there’s been no media coverage of this. It’s definitely newsworthy. Utility regulation is one of those boring, complicated matters chock full of legalese that tends to scare away reporters and editors. And readers, for that matter.
But compared to the usual thickets of legal and regulatory matters, this is an easy story to tell. It’s a story of a government bowing and scraping before a big business, sacrificing principle and sound policy in the process.Continue reading