It might just look like a bunch of paper, but it represents $2.5 million in savings for Green Mountain Power customers. It's the company's first application for a rate decrease in over two decades.
"This is really huge news for our customers and Vermont," said Mary Powell of GMP.
Now let's be real-- that sounds like a lot of money, but divided among 250,000 customers it's about a 0.4 percent reduction each month or 40 cents off a $100 bill. Larger businesses would see greater savings.
"Typically without the merger we'd still be looking at a rate increase or at best rates flat. So, we're excited about the value of the merger," Powell said.
GMP says the less than one-half percent rate decrease is the first step in guaranteed savings of $144 million. But the company makes clear that's not all going to be cash back or lower rates. Much of the expected savings will come in the form of energy efficiency investments.
"I can't sit here and say it's going to be all decreases in the future by any stretch of the imagination, but I can say we're working really hard to lower rates for customers," Powell said.
If you're a CVPS customer you might be saying to yourself, that's funny because my bill went up. You're right, it did. That's because a 1.2 percent Tropical Storm Irene surcharge has been added to your bill. It was approved before the merger.
The rate decrease is being filed with the Public Service Board. If it is approved-- which GMP doesn't see any issues with-- the decrease will go into effect on Oct. 1.
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