Green Mountain Power requests rate increase
Posted: Aug 01, 2013 12:56 PM EST Updated: Aug 01, 2013 1:05 PM EST
COLCHESTER, Vt. -
Utility bills could go up for those who get their power
from Green Mountain Power. That's because Vermont's biggest power
company is asking regulators for a rate increase.
Under the two-year proposal that already has the blessing of the Shumlin administration, GMP is asking for a 2.46 percent increase that would begin this October, and in the second year the increase would not exceed 2.5 percent. The second-year rate will be determined by next October.
GMP says the two-year plan is needed to "smooth out a $24 million increase in regional ISO-New England transmission costs and higher VELCO costs due to infrastructure investments..."
Gov. Peter Shumlin, D-Vermont: Predictability helps, but nothing helps better than lower rates. So, our job is to try and insist, as a state, that we ask the regulators to give them the necessary rate increases to stay in business, but to get Vermonters the lowest rates we can get them that grows jobs and economic opportunity.
Reporter Kristin Carlson: So, it sounds like there is still a back and forth with GMP and the administration-- a little bit of a disagreement over rates?
Gov. Peter Shumlin: Well, I wouldn't say that. I'd say we've been in active discussions over the last several weeks-- my department has-- trying to get the lowest rates we can get.
This deal already has the support of the Public Service Department. The proposal also has the backing of some big businesses like the Sugarbush Resort in Warren. Officials with the ski area say the deal is important because it allows the resort to plan what its future energy costs will be.
This is not a done deal. It will need the approval of the three-member Public Service Board.
We will have more reaction from this proposal coming up on the Channel 3 News at 5 p.m. and 6 p.m.
Under the two-year proposal that already has the blessing of the Shumlin administration, GMP is asking for a 2.46 percent increase that would begin this October, and in the second year the increase would not exceed 2.5 percent. The second-year rate will be determined by next October.
GMP says the two-year plan is needed to "smooth out a $24 million increase in regional ISO-New England transmission costs and higher VELCO costs due to infrastructure investments..."
Gov. Peter Shumlin, D-Vermont: Predictability helps, but nothing helps better than lower rates. So, our job is to try and insist, as a state, that we ask the regulators to give them the necessary rate increases to stay in business, but to get Vermonters the lowest rates we can get them that grows jobs and economic opportunity.
Reporter Kristin Carlson: So, it sounds like there is still a back and forth with GMP and the administration-- a little bit of a disagreement over rates?
Gov. Peter Shumlin: Well, I wouldn't say that. I'd say we've been in active discussions over the last several weeks-- my department has-- trying to get the lowest rates we can get.
This deal already has the support of the Public Service Department. The proposal also has the backing of some big businesses like the Sugarbush Resort in Warren. Officials with the ski area say the deal is important because it allows the resort to plan what its future energy costs will be.
This is not a done deal. It will need the approval of the three-member Public Service Board.
We will have more reaction from this proposal coming up on the Channel 3 News at 5 p.m. and 6 p.m.
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