Green Mountain Power Receives Public Service Board Approval to Lower Rates for Customers
27 August 2014
2.46% rate decrease takes effect October 1st and is the second rate decrease proposed by GMP in three years
Colchester, VT – Green Mountain Power (GMP) is pleased to announce today that state regulators have approved the company’s proposal to decrease electric rates by 2.46% for residential and commercial customers starting October 1. The rate decrease will be the second decrease offered by GMP in three years and is part of the company’s mission to deliver reliable, clean and cost-effective power to its customers
“Our energy future is a bright one. We are empowering customers with new tools and resources to control energy use and save money while at the same time bringing down rates for all customers,” said Mary Powell, President and CEO of GMP. “Lowering electricity rates at a time when other costs continue to rise, is an important part of helping Vermont families and businesses.”
GMP partnered with key stakeholders across Vermont in advance of its filed rate decrease. Including the Department of Public Service, IBM and Associated Industries of Vermont. GMP and key stakeholders agreed to a 1.46% rate decrease, with an additional 1% decrease provided directly to customers through revenue sharing agreement from the sale of Vermont Yankee in 2002. Customers will receive a credit on their bills over the next two years, to ensure rates remain low for customers for the coming years. Commercial customers, in particular, manufacturers and other energy intensive industries will greatly benefit from lower electricity costs.
Autumn Harp, which specializes in R&D and manufacturing for the cosmetics and skincare industry employs over 200 Vermonters at its state of the art 115,000 square foot manufacturing facility in Essex Junction, Vermont, says that its company will benefit greatly from lower electric rates.
“This is great news that GMP is lowering rates,” said Dave Logan one of the owners of Autumn Harp. “Bringing down electricity costs helps our Vermont manufacturing plant and business stay competitive. While we are seeing double digit increases in other New England states where we operate, Vermont is leading with clean lower cost energy, helping us keep good jobs here.”
About Green Mountain Power
Green Mountain Power (www.greenmountainpower.com) 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.
Contact: Kristin Carlson, 802-229-8200