Vermont's largest electric utility wants to increase its rates by 2.46 percent on Oct. 1 and as much as 2.5 percent on Oct. 1 of 2014.
Green Mountain Power on Thursday asked the Public Service Board to approve a two-year rate increase package that utility officials say will stabilize costs.
The extra money is needed to offset $24 million in increased electric transmission costs.
This is the first rate increase sought by GMP since the utility merged with the former Central Vermont Public Service Corp.
While GMP is seeking a 2.46 percent rate increase to take effect in October, the size of the 2014 increase would not be decided until after the Public Service Board studies the utility's operations. It would be capped at no more than 2.5 percent.
Copyright 2013 Associated Press. All Rights Reserved.