On July 31, Green Mountain Power announced it has reached two agreements with stakeholders that will result in a net 0.76 percent decrease in electric bills, if approved by the Public Service Board (PSB). The filings, if approved, will take effect on Oct. 1, 2015 and follow upon last year’s 2.46 percent rate decrease. The new rates would be lower than GMP’s rates in 2013, even when adjusted for inflation.
The agreements will provide cost-effective and stable electric rates for the families and businesses of Vermont. The stable rate proposal stands in contrast to other northeastern states, which are currently facing significant rate increases.The net 0.76 percent decrease includes a 0.73 percent increase, offset entirely by a 1.49 percent 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 announcement and filings are the result of the work between GMP, the Vt. Department of Public Service, and the American Association of Retired Persons (AARP).
“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.”
“This is tremendous news for all customers, and especially for Vermont businesses,” said Simon Pearce CEO Clay Adams. “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.”
“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 percent bill decrease following a 2.46 percent rate decrease last year is really going to help us keep our company strong.”