Mary Powell, president and CEO of GMP, said: “We look forward to how this new model of regulation will help us live up to our mission to become the country’s premier utility in providing outstanding service at the lowest cost possible. We believe that by setting the performance bar very high, we will create new ways to leverage technology and provide superior service to our customers.”
GMP said that the existing alternative regulation plan has saved customers money by streamlining regulation and reducing GMP’s costs of capital. The plan also advances conservation efforts by reducing utility incentives to increase electricity sales.
David O’Brien, commissioner of the Department of Public Service, said: “Under the new alternative regulation plan, GMP will have even stronger incentives to maintain and improve its efficiency and cost-effectiveness in delivering service to its customers.”
GMP and the Department of Public Service have asked the Vermont Public Service Board to approve the new plan, to be effective from October 1, 2010.
