The creation of VLITE was due to the proposed purchase of CVPS by GazMétro and the merger of CVPS and GMP into one company in 2012. As part of this transaction a Memorandum of Understanding was included, which defined the inclusion of VLITE as a component of the merger approval.
A significant ownership interest in VELCO was transferred by CVPS to (Vermont Low Income Trust for Electricity (VLITE), a public benefit, nonprofit corporation. As an owner of VELCO, VLITE has the power to nominate three independent directors to serve on VELCO’s board of directors. Those serving on VLITE’s behalf are (Theresa Alberghini, Michael Dworkin and Cort Richardson). VLITE itself is governed by a board of directors. The board is drawn from representatives of energy policy interest groups, consumer and low-income advocates, public power utility sectors and members of the Administration. Furthermore, VLITE will use its dividend income from VELCO — estimated at $1 million per year — to fund projects and initiatives that further the energy policies of the State of Vermont.