GMP Announces New Rate Plan to Keep Costs Low and Stable for Customers
01 August 2016
Includes Base Rate Decrease of .03%, and 0.96% Increase in Power Adjustor
Colchester, Vt – Green Mountain Power today announced it filed a new rate plan that calls for a modest 0.93% increase in electric bills. The filing, which is subject to Public Service Board approval, will take effect on Oct. 1, 2016, and follows two consecutive years where customers have seen bills decrease. The proposal is part of the company’s overall commitment to keep rates low and stable for customers and if approved, customers will be paying 1% less next year than they were paying in 2012.
“Our commitment is to provide the most reliable, clean and cost-effective power we can and this proposal is part of that commitment to maintaining low rates for customers, even as cost pressures continue to push rates up elsewhere,” said Mary Powell, president and CEO of Green Mountain Power.
The announcement represents a focus on protecting Vermonters from high-energy costs. This includes a 0.03% decrease in base rates driven by merger savings and finding operational efficiencies. The 0.96% increase in the Power Adjuster is the result of higher transmission costs and increased costs associated with the net-metering program. The stable rate proposal stands in contrast to other northeastern states, which are facing rate increases.
"We've been very fortunate to have affordable, consistent electric rates in Vermont to help retain and grow the businesses around the state,” said Bob Flint the executive director of the Springfield Regional Development Corporation. “GMP continues to show leadership in understanding how critical stable energy costs are for the state's economy."
Keeping rates in check is only one part of GMP’s work to transform the energy experience for its customers and our state. GMP is partnering with customers to offer new products and services that empower customers to save money, reduce energy use and be more comfortable in their homes. GMP is also streamlining services for customers, improving storm responses, and continuing to leverage battery storage and other new products to increase reliability.
“Working together, we always find a way to do the right thing and that means supporting the families and businesses we serve with rates that are reflective of the current economic environment,” Powell said. “In the year ahead, our customers can be assured that costs will stay low.”
About Green Mountain Power Green Mountain Power (GMP) serves approximately 265,000 residential and business customers in Vermont and has a vision to be the best small company in America by partnering with Vermonters to improve lives and transform communities. GMP is focused on a new way of doing business to meet the needs of customers with integrated energy services that help people use less energy and save money, while continuing to generate clean, cost-effective and reliable power in Vermont. GMP is the first utility in the world to get a B Corp certification, meeting rigorous social, environmental, accountability and transparency standards and committing to use business as a force for good. In 2014, Vote Solar named GMP a Solar Champion. More information at: www.greenmountainpower.com
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