Green Mountain Power has reached an agreement with Enel Green Power North America, Inc. (EGP-NA) to purchase 14 small hydroelectric plants in New England, US, for a total installed capacity of 17MW.
The deal will create one of the lower cost renewable resources in GMP’s energy portfolio. GMP expects to sell a limited number of renewable energy credits from some of the plants to reduce costs for customers in the short term. GMP has now filed for all state and federal regulatory approvals that will enable it to go forward with the agreement with EGP-NA.
“This is a great, cost effective way for GMP to help meet the renewable energy standards and goals set by the state,” said Tony Klein, a Vermont Representative and chair of the House Natural Resources and Energy Committee. “Growing Vermont’s renewable portfolio for ratepayers is critical and this new agreement will help ensure that happens for Vermont and Vermont rate payers.”
“This is a great deal for our customers and for our overall commitment to provide the cleanest, most cost-effective and reliable power we can as we’re empowering customers to take control of their energy use,” added Mary Powell, President and CEO of Green Mountain Power. “To become more energy independent as we transform the future of energy to more local generation, we appreciate the value of adding more of a resource long valued as a foundation of energy generation in Vermont – local power from our rivers.”
Green Mountain Power currently owns 32 hydro plants in Vermont.
The agreement is subject to state and federal regulatory approval, and is expected to be completed in 2017.