March 14, 2006
GREEN
MOUNTAIN POWER
INTRODUCES NEW RENEWABLE
RATE
COLCHESTER, VT . . . Green Mountain Power Corporation
(NYSE:GMP) announced today that its customers now have the choice of buying all
or a portion of their power from renewable resources. The Vermont Public Service
Board has given its final approval to the program, effective
immediately.
Our customers have expressed interest in being able to choose renewable
resources and Im pleased that we will now be able to offer them that choice.
Green Mountain Powers overall power mix is already low in fossil fuels, but
under our new program, customers can choose 100 percent renewable resources,
said Chris Dutton, President and Chief Executive Officer of Green Mountain
Power. Weve called the program Greener Mountain Power to reflect that
greener choice.
Green Mountain Power will purchase certified renewable resources on the
New England power grid equal to the portion of
electricity customers designate to purchase through Greener Mountain Power. The
price of those resources will be locked in for five years, which will help
stabilize the Greener Mountain Power rate. When Vermont projects are available, they will
receive a priority. Likely candidates for inclusion would include wind, biomass
and biogas.
Green Mountain Power worked closely with the Vermont Department of Public
Service and Renewable Energy Vermont in developing the program.
David OBrien, commissioner of the Vermont Department of Public Service, said,
We are very pleased that Green Mountain Power is implementing a green rate.
This is an ideal way to offer consumers a choice of what energy sources they
wish to support.
Andrew Perchlik, executive director of Renewable Energy Vermont, said, We were
pleased to work with Green Mountain Power to develop this new renewable rate. We
think it is important that Green Mountain Power customers now have the option of
a green rate to support renewable energy in Vermont and New
England.
The program is available to residential, commercial and industrial customers.
Residential and small commercial customers can choose to have 25 percent, 50
percent or 100 percent of their power come from renewable resources. Large
industrial customers may choose a ten percent level, but greater amounts require
permission from the Company.
Customers pay a premium for the renewable resources of just over four cents per
kilowatthour. For residential customers using 750 kilowatthours a month, signing
up for 25 percent of their use under Greener Mountain Power would add $7.88 to
their $97.55 monthly bill, for a total of $105.43.
Due to the laws of physics, actual electrons flow to the nearest need and cannot
be directed to specific locations. Through Greener Mountain Power, customers
will be financially supporting qualifying new renewable energy sources connected
to the New England electric grid but that power
will not necessarily flow to their home.
Customers interested in signing up for Greener Mountain Power can go to www.greenmountainpower.biz or call
Green Mountain Power at 1-888-TEL-GMPC (1-888-835-4672.)
Greener Mountain Power is a five-year commitment,
by calendar year. Customers may withdraw at any time, but cannot sign up again
until the end of the original five-year period.
Green Mountain Power Corporation (www.greenmountainpower.biz) is a
Vermont-based energy services company serving 90,000 electric
customers.
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For further information, please contact Dorothy Schnure, Manager of Corporate
Communications, at 802-655-8418, David OBrien, Commissioner of Vermont
Department of Public Service at (802) 828-2321, or Andrew Perchlik, Executive
Director of Renewable Energy Vermont at (802)
229-0099.