Green Mountain Power will reduce residential and commercial electricity prices by 2.46 percent starting Oct. 1. State regulators approved the rate decrease Monday.
“Lowering electricity rates at a time when other costs continue to rise, is an important part of helping Vermont families and businesses,” GMP President and CEO Mary Powell said in a statement.
The utility, the Department of Public Service, IBM and the Associated Industries of Vermont reached a memorandum of understanding in May resulting in a 1.46 percent rate decrease.
Entergy Corp., the operator of the Vermont Yankee nuclear power plant set to close by the end of the year, will provide GMP $17.8 million as part of a revenue-sharing agreement hatched in 2002.
The first $5.96 million of the windfall will be credited to GMP customers over the year starting Oct. 1, which equals an approximate 1 percent rate decrease. The rest of the money, and any interest, will be given to customers no later than Sept. 30, 2017, according to the Vermont Public Service Board’s order.
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