SOURCE: Central Vermont Public Service

December 01, 2008 17:00 ET

PSB Approves Small Rate Increase for CVPS

RUTLAND, VT--(Marketwire - December 1, 2008) - The Vermont Public Service Board has approved a small rate increase for Central Vermont Public Service (NYSE: CV), an increase of one-third of a percent.

The increase will take effect with bills rendered starting Jan. 1, 2009. In its order approving the rate increase, the PSB also opened an investigation to review CVPS's rates and could reduce rates after doing so.

The bill for a residential customer who uses 500 kilowatt-hours of electricity per month will rise from $73.11 to $73.35, a difference of 24 cents.

By comparison, the same customer would pay up to $83.16 elsewhere in Vermont, and as much as $117.45 elsewhere in New England, according to the Edison Electric Institute.

"We have worked hard to control costs," CVPS spokesman Steve Costello said. "Our long-term contracts with Vermont Yankee and Hydro-Quebec continue to provide us with a strong competitive advantage in the Northeast."

The new rates will serve as the base rates for a new alternative regulation framework approved by the PSB in September. Under the plan, CVPS's rates will be adjusted every quarter to account for specified changes in power costs, and annually for specified changes in other costs and earnings.

The new regulatory framework includes incentives to encourage CVPS to become more efficient and share related savings with customers.

Contact Information

  • Contact:
    Steve Costello
    Central Vermont Public Service
    (802) 747-5427 work
    (802) 742-3062 pager