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GMP seeks 11.95 percent rate hike

first_img“This innovative proposal will advance important public policyobjectives, provide benefits to our customers and raise the bar on our alreadyefficient operations.  In addition, an anticipated improvement in thecompany’s credit quality will allow the Company to borrow capital at moreattractive rates which will hold down costs for our customers,” Duttonsaid. “This is especially critical as we begin discussions aboutreplacing expiring power contracts with Hydro Quebec and Vermont Yankee.” The Morgan Stanley contract currently suppliesapproximately 15 percent of Green Mountain Power’s power supplyportfolio. -30- Green Mountain Power’s rates have risen lessthan three percent since January 2001.  During the same five-year period,the consumer price index rose 13 percent and wholesale energy costs increased93 percent.  Vermont as a whole has thesecond lowest rates in New England due inlarge part to the low-cost Vermont Yankee and Hydro Quebec contracts. Among Vermont’sfive largest utilities, Green Mountain Power’s overall average rates arecurrently tied with Burlington Electric’s for the lowest, based on themost recent state data available.             Forfurther information, please contact Dorothy Schnure, Manager of CorporateCommunications, at 802-655-8418.             Vermont law provides thePublic Service Board with a full year to consider utilities’ alternativeregulation proposals. Rising energy costs are driving up rates for otherutilities in Vermont, New England and acrossthe country, with pending increases running as high as 72 percent in Maryland. In Vermont, rate hikespending or approved in the last year range from 10 percent to 23 percent. (A list of Vermontrate increase requests is attached.)  In New England,rate hikes pending or approved in the last year range from four percent to 60percent.  (A state-by-state regional summary is also attached.) Also, with the encouragement of the state legislature, Green Mountain Powerseparately filed today an innovative proposal that would establish a newregulatory framework for the Company.  Last year, the General Assemblypassed legislation (Act 61) that provided additional authority to utilities andregulators to propose alternative regulation plans with a particular emphasison the public policy goal of separating the financial success of a utility fromincreased electricity sales, thereby removing potential barriers to energyconservation.  Green Mountain Power operates in a highly efficient manner, serving 464customers per employee. The other four largest utilities in Vermont ranged from 367 customers peremployee to 155 customers per employee in 2004, which is the most recent dataavailable. v\:* {behavior:url(#default#VML);}o\:* {behavior:url(#default#VML);}w\:* {behavior:url(#default#VML);}.shape {behavior:url(#default#VML);}st1\:*{behavior:url(#default#ieooui) }#10-06                                                                             April 14, 2006 GREENMOUNTAIN POWER ASKSFOR 11.95 PERCENT INCREASE IN RATES;INCREASINGPOWER COSTS PRINCIPAL FACTOR Vermont utility rate increasefilings in past 12 months Green Mountain Power is the first electric utility inthe state to file a plan under this new law.  (Vermont Gas Systems filed itsplan in September 2005).  Act 61 requires the Public Service Board toreport to the General Assembly on the number and progress of utilityalternative regulation initiatives by January 15, 2007. “We have been able to keep our rates relatively flat over the lastseveral years because we have done a good job of managing our power supplycosts” said Chris Dutton, president and chief executive officer.“Our low-cost power contracts with Vermont Yankee, Hydro Quebec andMorgan Stanley have brought significant value to our customers. However, as theMorgan Stanley contract expires at the end of this year, we are forced toreplace it in a significantly higher cost marketplace.”  Green Mountain Power Corporation (www.greenmountainpower.biz(link is external))is a Vermont-based energy services company serving 90,000 electric customers. Higher energy costs in New England areattributable to several factors, including the run-up in global oil and naturalgas prices and concern about the impact on the wholesale market of a predictedabnormally active hurricane season.  3/10/06 (10/11/05 requested and 11/05 took effect) 16.7% 13.6% Burlington Electric Department 3/16/06 22.86% Green Mountain Power 4/14/06 11.95%             Ifthe full rate request is approved, the monthly bill for average residentialcustomer using 650 kwh would increase by $10.25, from $85.74 to $95.99.             COLCHESTER, VT. . . Green Mountain Power (NYSE: GMP) today asked the Vermont Public ServiceBoard to authorize an 11.95 percent rate increase to go into effect on January1, 2007. The Company said 88 percent of the increase is due to rising powercosts in a post-Katrina wholesale market, while the remaining 12 percent is dueto increasing state and regional transmission costs. 2005 and2006 New EnglandElectricity Rate Increases (pending or approved) State Range of Increase Requested Connecticut 4% to 22% Maine 8% to 10% Massachusetts 4% to 55% New Hampshire 12% to 60% Rhode Island 10% to 25%             Ifapproved by regulators, the proposal would create opportunities and incentivesfor the Company to become more efficient, improve customer service, removeincentives to benefit from increased electricity sales, streamline costrecovery, share efficiency savings with customers, increase credit quality, andreduce regulatory and borrowing costs borne by customers.  In addition,Green Mountain Power proposes directing additional funding to Power Partners,Green Mountain Power’s low income assistance program.  Utility Date of Request or Implementation Increase Requested Village of Hyde Park Electric Department 5/16/2005 14.81% Village of Johnson Water & Light Department 5/16/2005 14.83% Town of Readsboro Electric Department 6/16/2005 15.27% Town of Stowe Electric Department 6/16/2005   9.94% Village of Jacksonville Electric Department 7/1/2005 12.72% Lyndonville Electric Department 11/16/05 17.68% Vermont Electric Cooperative 12/1/05 14.35% Vermont Gas “While we know any increase in rates is difficult for our customers, webelieve we have been able to keep our request comparatively low through ouraggressive power supply management and efficient operations,” said Mr.Dutton. “It is also important to note that we are maintaining ageneration mix that has extremely low air emissions. Finally, we are proud ofour superior customer service as measured by service quality standardsestablished with state regulators, including low frequency and length of poweroutages and high customer responsiveness in our call center.”last_img

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