Vermont’s largest electric utility is requesting a multiyear rate plan from the state’s Public Utility Commission.
The company says the plan will allow for innovation and faster roll out of services in the face of climate change and a dynamic energy market.
Vermont Public Radio reports that Green Mountain Power controller Edmund Ryan told the commission at a hearing Tuesday that the plan would give the company flexibility while shifting risk away from ratepayers. He says the commission could later decide that ratepayers should not pay for the investments.
Commission chairman Anthony Roisman says GMP will be responsible for showing ratepayers that the money was spent wisely.
GMP has agreed to a three-year new project spending cap of $256 million. The multiyear plan rates will be known later this year.