MONTPELIER, Vt. (AP) — Vermont regulators have ruled that semiconductor manufacturer GlobalFoundries cannot create its own electric utility to reduce its power costs.
GlobalFoundries, which has a plant in Essex Junction, had asked the Public Utility Commission to allow it to buy its electricity directly from the grid instead of from Green Mountain Power, Vermont Public Radio reported. The company also said it should be exempt from the Vermont's requirement that utilities to get a percentage of their power from renewable sources.
GlobalFoundries has said it pays significantly more for electricity in Vermont than it does at its facility in Malta, New York.
The Public Utility Commission issued an order on Thursday saying it doesn't have the authority to exempt the company from the state's renewable energy standards.
GlobalFoundries has until March 11 to issue a new filing. A GlobalFoundries spokesperson said the company was reviewing the order.