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Public utilities

Vermont Public Utility Commission Approves 5.29% Base Rate Increase for Green Mountain Power

Strategic Insights

— 1 min read

The Vermont Public Utility Commission has approved a 5.29% increase to Green Mountain Power's base rates, effective October 1, 2023, to September 30, 2024. This decision was made in accordance with the company's Multi-Year Regulation Plan (MYRP), which was approved by the Commission in 2022. The rate increase is primarily attributed to increased power supply costs, operations and maintenance costs, and capital investments associated with the company's Climate Plan and broadband deployment projects.

Key Takeaways:

  • The Vermont Public Utility Commission approved a 5.29% increase to Green Mountain Power's base rates, effective October 1, 2023, to September 30, 2024.
  • The rate increase is primarily attributed to increased power supply costs, operations and maintenance costs, and capital investments associated with the company's Climate Plan and broadband deployment projects.
  • The Commission received 32 public comments from residential customers, with all expressing concern about high electric bills and the potential impact of the rate increase.
  • GMP's low-income energy assistance program was encouraged, and all customers were encouraged to take advantage of incentives for energy-efficient products offered by Efficiency Vermont.
  • GMP is subject to a Service Quality and Reliability Performance Monitoring and Reporting Plan, which requires quarterly tracking and reporting of service quality metrics.
  • The Commission requires GMP to make a filing within 30 days informing the Commission about the status of discussions between GMP and the Department regarding the SQRP.

Statistics:

  • 32 public comments were received from residential customers, with all expressing concern about high electric bills.
  • The rate increase is 5.29% effective October 1, 2023, to September 30, 2024.
  • The proposed rate increase is primarily attributable to increased power supply costs, operations and maintenance costs, and capital investments associated with the company's Climate Plan and broadband deployment projects.
  • GMP's low-income energy assistance program has been established to assist eligible customers.
  • Efficiency Vermont offers incentives for energy-efficient products, which all customers are encouraged to take advantage of.

Sources:

  • Vermont Public Utility Commission order (Case No. 23-1852-TF, dated 08/23/2023)
  • Green Mountain Power Corporation tariff filing (approval of FY24 Annual Base Rate)
  • Multi-Year Regulation Plan (MYRP) - Department of Public Service recommendation (August 1, 2023)

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