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Public Utility Commission warns FY26 shortfall, proposes higher application fees to cover merchant projects
Summary
The Vermont Public Utility Commission told the House Appropriations Committee it expects to draw on reserves in FY25–FY26 and proposed statutory increases to application fees for net metering and independent power projects to reduce revenue shortfalls tied to changing utility markets.
The Public Utility Commission told the House Appropriations Committee on Feb. 21 that its FY26 budget will not be fully covered by expected gross receipts tax revenue and that it expects to draw from a special reserve fund to balance operations.
“About 87% of the commission’s budget represents salaries,” Ed McNamara, chair of the Public Utility Commission, said in an opening overview. He described the commission as “a quasi‑judicial independent regulatory body” that enforces public‑good criteria for electric, natural gas and certain water and telecommunications matters.
Why it matters: The commission’s primary revenue comes from a gross receipts tax on regulated utilities; those receipts can vary year to year with weather and customer load. The agency said roughly 95% of FY26 revenue is expected from the gross receipts tax, with application fees and a planned draw from reserves making up the remainder. Commissioners warned that growth in unregulated “merchant” solar projects and increased regulatory workload have created a structural…
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