GMP Asks To Reduce Rates

08/02/12 6:06AM

AP/Toby Talbot
The control room at Green Mountain Power Corp. is seen in Colchester. Vermont's largest electric utility is asking state regulators for permission to reduce its rates by four-tenths of 1 percent.

Vermont's largest electric utility is asking state regulators for permission to reduce its rates by .4 percent.

Green Mountain Power says it's the utility's first request for a rate decrease since 1988. The request is the result of the company's merger with Central Vermont Public Service.

GMP says the merger guarantees $2.5 million in savings in the first year.

If approved by the Public Service Board, the decrease will apply to residential, commercial and industrial customers.

Governor Peter Shumlin calls the rate decrease a promising start for the new company.

The new utility serves about 70 percent of Vermont electric customers.

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