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Vermont approves revisions to Green Mountain Power's renewable energy rate
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Green Mountain Power Corp. said that the Vermont Public Service Board on Nov. 30 approved revisions to the company’s renewable energy rate, GreenerGMP, allowing it to use all the proceeds from the customers buying energy under that rate to buy Vermont renewable energy projects as they become available, instead of renewable resources elsewhere in New England.
“We already have more than 500 customers participating in GreenerGMP and we believe these changes will make our renewable energy program more attractive to more of our customers,” GMP Senior Vice President and COO Mary Powell said in a news release. “We believe Vermonters prefer to support local projects and we are working on several fronts to be able to offer local renewable energy projects to our GreenerGMP customers.”
Revisions to the program include simplifying the way the rate is calculated, which will make the program easier to communicate and understand and less costly to administer, the company said.
Green Mountain Power said it worked closely with Renewable Energy Vermont, a statewide effort to increase use of renewable energy in the state, in redesigning the program.
“We believe that the new program design may stabilize the renewable rate [the company] charges customers over the long run by encouraging long term renewable energy purchase commitments,” Sam Swanson, chair of the board of directors of Renewable Energy Vermont, said in the news release.
Green Mountain Power is an electric utility owned by Northern New England Energy Corp., a wholly owned subsidiary of Gaz Métro LP.
By Corina Rivera
30 November 2007
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