This is just a quick note to commend your article Incredible Shrinking Universe in the recent issue of EL&P. With the many little charts, it was about the most useful thing I`ve read in recent months.
In your editorial (same issue of EL&P) you chastise the industry for "slash-and-burn" business tactics. That may well be true for many companies, but I believe it`s an unfair accusation against our two local utilities in Vermont, Central Vermont and Green Mountain Power. Both of these, I would argue, have been subjected to slash-and-burn by the state Public Service Board, which has refused to allow rate increases in accordance with the very same schedule, based on a 1991 power-purchase contract with Hydro-Quebec, that the PSB approved in 1991 and has now reneged upon. One of the charts shows CV and GMP selling at half of book. Now you know why. No sane investor would put any money in these companies; only us locals got burned when the PSB went on its we-hate-evil-corporations campaign.
Martin S. Harris Jr.
Architect
Waltham, Vermont
