Green Mountain Power files for rate adjustment of 1.58 percent

GREEN MOUNTAIN POWER FILES FOR
RATE ADJUSTMENT OF LESS THAN TWO PERCENT
COLCHESTER, VT& (October 31, 2008) Green Mountain Power has asked the Vermont Public Service Board to authorize a 1.58 percent rate adjustment to go into effect on January 1, 2009, as part of its alternative regulation plan. The increase is largely due to increases in regional transmission costs.
"While we know any increase in rates can be difficult for our customers, we are pleased to have been able to keep our adjustment extremely low at a time when many of our customers are facing difficulties as a result of turmoil in the broader economy," said Mary Powell, Green Mountain Power President and Chief Executive Officer. "We have worked hard and very successfully to manage the costs within our control."
Green Mountain Power's overall average rates are the lowest of the large utilities in New England and Vermont's five largest utilities, based on the most recent data available.
"The long-term, stably-priced contracts with Vermont Yankee and Hydro Quebec have been a major factor in our ability to keep our rates low and our increase to a minimum. It is also important to note that with these resources our generation mix has extremely low air pollution and greenhouse gas emissions," Ms. Powell added.
Green Mountain Power is working on how it will replace the contracts with Vermont Yankee and Hydro Quebec, which expire in 2012 and 2015, respectively. "Our vision is for an energy future that delivers to our customers power with low carbon emissions, low cost and high reliability," said Ms. Powell.
If the full rate request is approved, the monthly bill for average residential customer using 650 kwh would increase by $1.49, from $94.40 to $95.89.
About Green Mountain Power
Green Mountain Power (www.greenmountainpower.com) transmits, distributes and sells electricity and utility construction services in the State of Vermont in a service territory with approximately one quarter of Vermonts population. It serves more than 200,000 people and businesses.