21 May 2007

 Colchester, Vt.... Green Mountain Power's overall electric rates, as measured by revenue per kilowatthour, were the lowest among the large investor-owned utilities in New England in 2006, according to a report released by the Edison Electric Institute. Green Mountain Power's rates are nearly 10 percent lower than Granite State Electric, the utility with the second lowest rates overall.

"We are pleased to have achieved this milestone," said Chris Dutton, president and chief executive officer of Green Mountain Power. "Many factors have enabled us to offer our customers relatively low rates, primarily our commitment to operate effectively and the advantages of our long term power supply contracts with Vermont Yankee and Hydro Quebec."

The Edison Electric Institute reports the rates of the sixteen major investor-owned electric utilities in New England, which serve 94 percent of the homes and businesses in New England.

"Other utilities across New England have experienced large rate increases because of rising fossil fuel costs. Our exposure to the volatility of the fossil fuel market has been minimal, as we purchase more than three-quarters of our electricity from Vermont Yankee and Hydro Quebec," said Mr. Dutton. "Of course, these contracts have the added benefit of keeping our contributions to climate change extraordinarily low. Vermont as a whole has the lowest emissions profile from electricity generation of any state in the nation."

One of the challenges facing Green Mountain Power and other utilities in Vermont is how to replace the contracts for power from the Vermont Yankee nuclear plant and Hydro Quebec. The Vermont Yankee nuclear plant's license expires in 2012. It has applied for a license extension and the utilities have begun negotiating to purchase power if the license extension is approved. "The current contract with Vermont Yankee has saved our customers about $50 million, compared to market power, over the past two years," said Mr. Dutton. "If conditions are positive, we are hopeful we will be able to secure attractive terms from these and other providers for reliable, emission-free power in the future."

While Green Mountain Power anticipates the need for a small rate increase next year to fund state and regional transmission improvements, its rates are likely to remain the lowest overall.

Green Mountain Power (www.greenmountainpower.biz) is an electric utility owned by Northern New England Energy Corporation, a wholly-owned subsidiary of Gaz M¿tro, a leading Qu¿bec energy company with a long history of investment in Vermont. Green Mountain Power transmits, distributes and sells electricity and utility construction services in the State of Vermont in a service territory with approximately one quarter of Vermont's population. It serves approximately 90,000 customers. 

 For further information, please contact Dorothy Schnure, Manager of Corporate Communications, at 802-655-8418.