CVPS Rates to Remain Flat Thanks to Regulatory Settlement
December 18 2008 - 4:36PM
Marketwired
Central Vermont Public Service and the Vermont Department of Public
Service (NYSE: CV) have agreed to a rate settlement that will leave
customer rates flat. In November, CVPS was authorized to increase
its rates by one-third of a percent, while the DPS had suggested a
decrease of 0.43 percent effective Jan. 1.
Rates will remain unchanged pending Public Service Board
approval of the settlement with the DPS. Accordingly, the bill for
a residential customer who uses 500 kilowatt-hours of electricity
per month will remain $73.11.
By comparison, the same customer would pay up to $83.16
elsewhere in Vermont, and as much as $117.45 elsewhere in New
England, according to the Edison Electric Institute.
CVPS's rates will serve as the base rates for a new alternative
regulation framework approved by the PSB in September. Under the
plan, CVPS's rates will be adjusted every quarter to account for
specified changes in power costs, and annually for specified
changes in other costs and earnings.
The new regulatory framework includes incentives to encourage
CVPS to become more efficient and share related savings with
customers. As part of the settlement, the PSB will investigate
CVPS's employee levels to ensure the company continues to operate
efficiently.
Contact: Steve Costello (802) 747-5427 work (802) 742-3062
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