Vermont's Largest Electric Utility Asks to Reduce Rates

Vermont's largest electric utility is asking state regulators for permission to reduce its rates by four-tenths of 1 percent.

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

GMP says the merger, which received final approval from state regulators in June, guarantees $2.5 million in savings the first year.

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

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

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

Copyright 2012 Associated Press. All Rights Reserved.