May 30, 2014
Green Mountain Power announced it has reached an agreement with the Vermont Department of Public Service and other stakeholders to decrease electric rates by 2.46%. The rate decrease will take effect on October 1, 2014, and is the result of the work between several key stakeholders, including the Vt. Department of Public Service, IBM and Associated Industries of Vermont, in an effort to provide lower electric rates for the families and businesses of Vermont.
'This is great news for families and businesses in Vermont,' said Mary Powell, president and CEO of Green Mountain Power. 'At a time when the cost of living continues to rise, whether it's food, fuel or education, this agreement offers savings that Vermonters deserve. I am particularly pleased that this decrease comes at a time when GMP is investing in renewable energy sources that are already delivering value to customers.'
GMP and key stakeholders agreed to a 1.46% rate decrease, with an additional 1% decrease that resulted from a revenue sharing agreement stemming from the sale of Vermont Yankee in 2002. The remaining revenue sharing agreement funds will be delivered to customers through a credit on their bills over the next two years, to ensure rates can stay low. The decrease stands in contrast to other northeastern states, which are currently facing significant rate increases.
'This rate decrease is welcomed news for all customers, and especially for Vermont's manufacturers and other energy-intensive businesses,' said William Driscoll, vice president of Associated Industries of Vermont. 'Cost and competitiveness are key to businesses being able to grow and thrive in terms of jobs, wages, and investment that affect the welfare of all Vermonters. AIV looks forward to continuing to work with GMP and other stakeholders to find ways to address electricity costs in Vermont.'
The rate filing is subject to Public Service Board approval. This is the second rate decrease that GMP has proposed for its customers since its merger with Central Vermont Public Service in June of 2012. The company has delivered on its commitment to streamline services for customers, improve storm response and increase its work to deliver clean, cost effective and highly reliable energy for Vermonters.
'GMP believes that innovation and value to consumers go hand-in-hand,' Powell said. 'As we continue our work to create a cleaner and more reliable energy future for Vermonters, we will maintain our focus on keeping costs affordable for Vermont businesses and families. I appreciate the hard work of the Department of Public Service, other stakeholders, and our GMP team to deliver these cost savings to Vermonters. This rate decrease is a great example of what we can accomplish when we work together for the good of Vermont.'
About Green Mountain Power
Green Mountain Power generates, transmits, distributes and sells electricity in the state of Vermont. The company, which was named 2014 Solar Champion by Vote Solar, serves more than 250,000 customers and has set its vision to be the best small company in America.
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