Green Mountain Power Renewable Energy Rate Revised to Support Vermont Projects
Posted on: Friday, 30 November 2007, 18:00 CST
The Vermont Public Service Board today approved revisions to Green Mountain Power's renewable energy rate, called GreenerGMP. The revisions allow Green Mountain Power to use all the proceeds from the customers purchasing energy under GreenerGMP to purchase Vermont renewable energy projects as they become available, rather than renewable resources elsewhere in New England.
"We already have more than 500 customers participating in GreenerGMP, and we believe these changes will make our renewable energy program more attractive to more of our customers," said Mary Powell, senior vice president and chief operating officer. "We believe Vermonters prefer to support local projects and we are working on several fronts to be able to offer local renewable energy projects to our GreenerGMP customers."
In addition to targeting Vermont projects, revisions to the program include simplifying the way the rate is calculated, which will make the program easier to communicate, easier to understand and less costly to administer.
Green Mountain Power worked closely with Renewable Energy Vermont in redesigning the program. Sam Swanson, Chair of the Board of Directors of Renewable Energy Vermont said, "We appreciate that Green Mountain Power's revised program will help support the development of new renewable power in Vermont, an important industry in this state. In addition, we believe that the new program design may stabilize the renewable rate it charges customers over the long run by encouraging long term renewable energy purchase commitments."
"We are grateful to all the help we received from Renewable Energy Vermont in thinking through ways to improve our program," said Ms. Powell. "The expertise of our local renewable energy community is a wonderful resource and invaluable to us as we move forward."
Green Mountain Power (www.greenmountainpower.biz) is an electric utility owned by Northern New England Energy Corporation, a wholly-owned subsidiary of Gaz Métro, a leading Québec energy company with a long history of investment in Vermont. Green Mountain Power transmits, distributes and sells electricity and utility construction services in the State of Vermont in a service territory with approximately one quarter of Vermont's population. It serves approximately 92,000 customers.
Source: Business Wire
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