Agreement with key stakeholders will result in a 0.76% net bill decrease for customers beginning October 1st
Colchester, Vt – Green Mountain Power today announced it has reached two agreements with stakeholders that will result in a net 0.76% decrease in electric bills if approved by the Public Service Board (PSB). The filings, which are subject to PSB approval, will take effect on October 1, 2015 and follow last year’s 2.46% rate decrease. The proposals, above all, keep rates low and stable for customers. If approved, these rates will be lower than GMP’s rates in 2013, even when adjusted for inflation.
“At a time when the cost of living and doing business continues to rise, even for companies like GMP, it’s heartening to offer families and businesses some needed relief,” said Mary Powell, president and CEO of Green Mountain Power. “In addition, as Vermont’s Energy Company of the Future, we are committed to going even further by providing customers new products and services to help them save money, be more comfortable and reduce use of foreign oil.”
The announcement and filings are the result of the work between GMP, the Vt. Department of Public Service, and AARP. The agreements will provide cost-effective and stable electric rates for the families and businesses of Vermont.
“This is tremendous news for all customers, and especially for Vermont businesses,” said CEO Clay Adams at Simon Pearce. “GMP is a great partner in helping us lower our energy costs, and this is another example of their commitment to helping businesses thrive in a competitive market.”
The agreements among GMP, the Vt. Department of Public Service and AARP would result in a net 0.76% decrease to customers’ bills effective October 1. This includes a 0.73% increase, offset entirely by a 1.49% decrease resulting from a one-time return of surplus funds from the low-income charge to customers last year, and a reduction of the low income charge going forward.
The stable rate proposal stands in contrast to other northeastern states, which are currently facing significant rate increases.
“We appreciate the good work of GMP and others to keep our electric rates low and stable for several years now, this is really welcomed news for us,” said Peter Longchamp of Vermont Hard Cider. “We are very dependent on affordable and reliable power and having a 0.76% bill decrease following a 2.46% rate decrease last year is really going to help us keep our company strong.”
GMP continues the important work of delivering 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 now and in the future.
“This shows how we can keep rates low and stable for Vermont businesses and families and lead the nation with investments in new innovations and a clean energy future,” Powell said. “This is a great example of what we can accomplish when we work together for the good of Vermont.”