Green Mountain Power (GMP) is pleased to announce that state regulators have approved the company’s proposal to decrease electric rates by 2.46 percent for residential and commercial customers starting Oct. 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 before filing for its rate decrease, including the Department of Public Service, IBM and Associated Industries of Vermont. They agreed on a 1.46 percent rate decrease, with an additional 1 percent decrease provided directly to customers through a revenue-sharing agreement stemming from the sale of Vermont Yankee in 2002. To ensure rates remain low for customers for the coming years, customers will receive a credit on their bills over the next two years.
Commercial customers, including manufacturers and other energy-intensive industries, will greatly benefit from lower electricity costs. For example, Autumn Harp in Williston specializes in research, development and manufacturing in the cosmetics and skincare industry and employs over 200 Vermonters at its state- of-the-art, 115,000 square foot plant.
“This is great news that GMP is lowering rates,” said Dave Logan, one of Autumn Harp’s owners. “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.”
Green Mountain Power, which was named 2014 Solar Champion by Vote Solar, serves more than 250,000 customers.