SOURCE: Green Mountain Power

Green Mountain Power

December 29, 2009 11:15 ET

Green Mountain Power Files Alternative Regulation Plan

Utility Will Be Judged by Its Performance Compared to Other Utilities

COLCHESTER, VT--(Marketwire - December 29, 2009) - Green Mountain Power has filed with the Vermont Public Services Board a new alternative regulation plan that continues the benefits of the existing plan for another three years, and introduces new measures to encourage additional efficiency. The plan is the result of months of negotiations with the Department of Public Service.

"We look forward to how this new model of regulation will help us live up to our mission to become the country's premier utility in providing outstanding service at the lowest cost possible," said Mary Powell, president and chief executive officer of Green Mountain Power. "We believe that by setting the performance bar very high, we will create new ways to leverage technology and provide superior service to our customers."

The new alternative regulation plan includes a mechanism by which Green Mountain Power will be compared to other utilities from around the country. Currently the company operates in one of the top tiers of performance and strives to make it to the very top of the list of performance benchmarked against utilities from all over the country.

David O'Brien, Commissioner of the Department of Public Service, explained, "Under the new alternative regulation plan, GMP will have even stronger incentives to maintain and improve its efficiency and cost-effectiveness in delivering service to its customers."

The existing alternative regulation plan has saved customers money by streamlining regulation and reducing GMP's costs of capital. The plan also advances conservation efforts by reducing utility incentives to increase electricity sales.

The filing also assures that Green Mountain Power will continue to match customer donations to WARMTH, the non-profit that helps families experiencing heating emergencies, and it will continue to fund its Power Partners program, which assists low-income customers who have difficulty paying bills.

Green Mountain Power and the Department of Public Service have asked the Vermont Public Service Board to approve the new plan, to be effective October 1, 2010.

In 2006, Green Mountain Power was the first electric utility in Vermont to file a new regulatory framework, as encouraged by the Legislature. In 2005, the General Assembly passed legislation (Act 61) that established a public policy goal of separating the financial success of a utility from increased electricity sales, thereby removing potential barriers to energy conservation.

Contact Information

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