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Green Mountain Power Introduces New Renewable Rate
socialfunds.com|March 14, 2006
CenterCOLCHESTER, Vt.--(BUSINESS WIRE)--March 14, 2006--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.
CenterCOLCHESTER, Vt.--(BUSINESS WIRE)--March 14, 2006--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 I'm pleased that we will now be able to offer them that choice. Green Mountain Power's 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. "We've 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 …
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"Our customers have expressed interest in being able to choose renewable resources and I'm pleased that we will now be able to offer them that choice. Green Mountain Power's 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. "We've 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 O'Brien, 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.
For further information, please contact Dorothy Schnure, Manager of Corporate Communications, at 802-655-8418, David O'Brien, Commissioner of Vermont Department of Public Service at (802) 828-2321, or Andrew Perchlik, Executive Director of Renewable Energy Vermont at (802) 229-0099.