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Douglas vetoes bill requiring payments to shutdown fund

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May 7, 2008

MONTPELIER, Vt.—Vermont Gov. Jim Douglas' office has announced his intention to veto a bill that would have required Vermont Yankee's owners to top off or guarantee future payments into the nuclear plant's decommissioning fund before the company is reorganized.

Douglas spokesman Jason Gibbs says the governor is completing work on drafting his veto message. His chief complaint is that he believes it will increase electric rates in Vermont.

Vermont's utilities have a power purchase contract through 2012, when the nuclear plant's current license is set to expire, to buy power from the plant for a relatively low price.

If Vermont Yankee's license is continued after that date, the utilities are expected to try to get a new power purchase contract with the plant.

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