Lower Rates for Customers Take Effect Today
01 October 2014
2.46% Rate Decrease is GMP’s Second Decrease in Three Years
Colchester, VT – Green Mountain Power is pleased to announce that effective today, October 1, 2014, electric rates for residential and commercial customers decrease by 2.46%. The rate decrease is the second decrease by GMP in three years and is part of the company’s mission to deliver reliable, clean and cost-effective power to customers. The rate decrease was approved by the Vermont Public Service Board and comes at a time when other energy companies in the region are seeking double-digit rate increases to meet customer demand.
“Lowering energy costs while providing leadership in the generation of clean reliable power is at the heart of the work we do everyday at GMP,” said GMP President and CEO Mary Powell. “Our long-term energy contracts and local clean energy generation like Kingdom Community Wind allow us to lower energy bills for customers. For Vermont’s families and businesses, this is great news.”
Commercial customers, in particular manufacturers and other energy intensive industries, will greatly benefit from lower electricity costs. Businesses like Weidmann International Corp, a Northeast Kingdom company that employs more than 300 Vermonters, believe that this decrease will help them operate competitively.
“The rate reduction is welcome news. Electricity is a large part of our cost and anything that can lower that cost really helps us stay competitive. I appreciate GMP’s focus on lowering rates and I hope they can keep the momentum going,” said John Goodrich, VP and General Manager for Weidmann International Corp in St. Johnsbury.
Rutland Mayor Chris Louras said that lower rates will provide substantial savings to local government and that translates to significant savings to taxpayers. Currently the city and Rutland schools pay more than $1.3 million for electricity a year.
"These savings are a boon to the city and city taxpayers," Louras said. "While inflation in most sectors continues to march forward, GMP's efforts to reduce costs and rates, even as they invest in renewable energy and grid resiliency, will offset cost increases in other areas and save the taxpayers real dollars."
This is the second rate decrease that GMP has proposed for its customers since 2012. In addition, GMP continues its work to leverage the smart grid to empower customers to use innovative new products and services that reduce energy consumption, especially at peak times, giving the customer more control over energy use allowing them to reduce costs further. GMP is also pleased to share with customers additional savings as a result of no storm adjustor for the last quarter of 2014.
Paula Palin, a residential customer in Colchester, said, “It’s really great that GMP is lowering rates that will help my family manage our bills. I’m glad to see rates going down at a time when so many other costs are going up.”
GMP partnered with key stakeholders before it filed the rate decrease, including the Department of Public Service, IBM, AARP and Associated Industries of Vermont. GMP and key stakeholders agreed to two-part approach that includes a 1.46% overall rate decrease and an additional 1% decrease on the energy portion provided directly to customers through a 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 that rates remain 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 empowering customers to save money and move to clean energy sources. GMP recognizes the role of electric utilities is changing and is focused on a new way of doing business to meet the needs of customers with integrated services, while continuing to generate clean, cost-effective and reliable power in Vermont. In 2014, Vote Solar named GMP a Solar Champion. More information at: www.greenmountainpower.com. Connect with GMP on Facebook and follow us on Twitter @GreenMtnPower.
Contact: Kristin Carlson, 802-229-8200