COLCHESTER, Vt. (AFX) - Electric utility Green Mountain Power Corp. said Tuesday it reached a settlement with Vermont regulators on a rate increase to begin in 2007.
Depending on approvals from the Vermont Public Service Board, the settlement would allow Green Mountain Power to raise rates by 9.1 percent to 9.6 percent, effective Jan. 1.
Chief Executive and President Christopher L. Dutton said Green Mountain Power needs the rate increase to cover the higher cost of wholesale power. The company had originally requested a 12 percent increase in April.
The average monthly bill for a residential customer would increase by $6.18 to $6.51, the utility said. Green Mountain Power has 90,000 customers in Vermont.
Green Mountain Power shares closed down 8 cents at $33.47 on the New York Stock Exchange.
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