Shortly after deregulation of energy markets, the Vermont Public Service Board (PSB) requested Central Vermont Public Service (CVPS) to divest its hydroelectric generating assets. In order to determine the value of these assets The Essex Partnership prepared a financial analysis tool incorporating 18 individual hydropower projects in Vermont. The economic model included analysis of projects at the river basin and comprehensive portfolio level and provided values based on pure generation as well as the value of these assets in providing transmission and distribution support. The analysis showed that divesting the portfolio would require significant upgrades to the transmission and distribution system which were not economically justifiable to Vermont ratepayers. Essex routinely works with CVPS to update the model to reflect current market and operational conditions and to provide an assessment of the current value of the generating portfolio.