Green Mountain Power Increases Quarterly Dividend

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Green Mountain Power Increases Quarterly Dividend

Sun, 02/08/2004 - 8:00pm -- tim

Directors of Green Mountain Power Corporation (NYSE:GMP) announced a quarterly cash dividend of $0.22 per share on the utility's Common Stock, payable March 31, 2004 to holders of record at the close of business on March 12, 2004. The new indicated annual dividend rate is $0.88, an increase of 16 percent over the previous indicated annual rate of $0.76.
“The Company believes that, in light of the general practice in the utility industry, it should pay out 50 percent to 70 percent of anticipated earnings in dividends. Over the course of the next five years, we intend to increase our dividend in the first quarter of each year in a measured, consistent manner to the middle of this payout range, which we will sustain so long as our financial health seems assured. As earnings grow, of course, the opportunity for higher dividend increases is presented,” said Christopher L. Dutton, President and Chief Executive Officer of Green Mountain Power.
Green Mountain Power Corporation (www.greenmountainpower.biz )is a Vermont-based energy services company serving 89,000 electric customers.