Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Paul Ridzon with Keybanc. Please proceed.
Paul Ridzon - Keybanc Capital Markets
Good afternoon. I have a couple of questions. Does Vermont have a formal public interest standard tied to the re-licensing of VY?
Robert H. Young
I’m going to ask Dale Rocheleau, our General Counsel, to answer that one.
Dale A. Rocheleau
Vermont has a standard -- there are two standards that we have to look at. One is a decision by the Vermont legislature on whether they will authorize the continued operation of VY after 2012, and that is a political or policy decision by the Legislature. Clearly the public interest would be considered in that process.
And then there is a legal standard that the Public Service Board has to consider in issuing a certificate under section 248 of Vermont statutes that allows the continued operation of VY, as well as the new contract that we may enter with VY, where there has to be an affirmative benefit for Vermont.
Paul Ridzon - Keybanc Capital Markets
So for the PSB to authorize the re-licensing, there has to be a demonstrable public benefit and then on the legislative side, it’s more of -- it’s kind of -- certainly it’s going to be an issue?
Dale A. Rocheleau
Yes.
Paul Ridzon - Keybanc Capital Markets
And then you mentioned the need for new generation -- I know there’s a lot of things on the table but could you just outline where on the dispatch curve that generation needs to fall?
Robert H. Young
I think while we haven’t expressly firmed that up, I think in all likelihood it would probably be a relatively small base load unit.
Paul Ridzon - Keybanc Capital Markets
Thank you very much.
Operator
(Operator Instructions) Your next question comes from the line of Paul Patterson with Glen Rock Associates. Please proceed.
Paul Patterson - Glen Rock Associates
You guys covered everything pretty well. I just wanted to touch base with you on this renewable portfolio standard and what you guys are actually looking at that. I mean, I read sort of an executive summary that I guess was put out. I didn’t read the whole thing but it looked like -- I’m just wondering how much the cost of these -- I mean, you mentioned about balancing the costs with the desire of people to have cleaner energy and I was just wondering how are you balancing that and how are you educating people about what the actual costs that might be associated with going down that route is?
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