Green Mountain Power files request to hold the line on rates for next year
Green Mountain Power (GMP) filed a request with the Vermont Public Utility Commission (PUC) to hold rates flat for the new rate year, which starts in October 2020.
The company is also requesting a change in how quarterly adjustors are handled. The adjustors are line items that cover costs largely out of GMP’s control, like power restoration following major storms, among others. GMP’s proposal spreads out these cost changes to lessen the financial impact on customers each month. GMP has already capped the vast majority of its spending it can control through 2022.
This change is designed to provide stability and a smoother approach for customers, especially during these uncertain times.
“Our goal is to help all customers through this extraordinary time every way we can, and continuing rate stability and predictability is an important step we can take,” Mari McClure, president and CEO of Green Mountain Power, said. “We know there are and will continue to be rising costs due to COVID-19. We are focused on maintaining as much stability for customers as we can while providing reliable, cost-effective, clean power to Vermont for the long run because we want to help our customers through this difficult time.”
GMP took several steps to assist customers during the pandemic, including proactively suspending disconnections, late fees, and other collections activity for overdue accounts. Further, GMP will work with business and residential customers who fall behind on their payment plans. In addition, GMP launched new enhanced rebates on carbon-reducing products like heat pumps, heat pump water heaters, electric bikes, and e-mowers to save customers money.
“This is welcome news when so many businesses are going through financial and emotional pain right now, and this will provide stability as they try to emerge from the economic downturn created by COVID-19. This will be a long recovery that takes a lot of work from everyone in Vermont and good news like this provides a bit of hope,” Betsy Bishop, president of the Vermont Chamber of Commerce, said.
