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GMP to cut electric rates

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COLCHESTER, Vt. -

The state says it has a deal with Green Mountain Power to reduce electric rates.

The agreement calls for GMP customers to see a rate cut of just under 2.5-percent over the next year, starting in October.

The deal also freezes rates for IBM for three years.

The cuts come, thanks in part, to a revenue-sharing agreement with Vermont Yankee that kicked in this year.

The deal still needs Public Service Board approval.

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