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Green Mountain Power Strikes Long-Term, Low Cost Power Deal With NextEra Energy Resources
Colchester, VT - Green Mountain Power announced today that it has reached a purchase agreement with NextEra Energy Resources LLC, the largest renewable energy developer in the United States. The 23-year agreement is for electricity from its Seabrook nuclear plant in New Hampshire and is a fixed-price contract that adjusts with an inflation mechanism so as to protect customers from inevitable future power price swings. The energy price for 2012 is 4.66 cents per kilowatt hour.
Mary Powell, President and CEO of Green Mountain Power, said “this agreement is very favorable for our customers, and delivers on the vision Green Mountain Power launched three years ago to move to a cleaner, greener future in a cost effective way. We set out to accomplish this by ramping up cost effective renewables while we built a solid portfolio that is low in carbon, cost and is incredibly reliable. This provides the perfect platform for our continued efforts to pursue cost effective renewable energy options.”
“With this agreement, along with the recently approved Hydro Quebec contract and plans to build Kingdom Community Wind in Lowell, Green Mountain Power has delivered on the major components of its vision to provide reliable, low cost and low carbon resources,” Ms. Powell added.
Located in southern New Hampshire, the 1,245-megawatt Seabrook nuclear power plant has been in operation since 1990. NextEra Energy Resources is the majority owner and operator of the plant.
NextEra Energy Resources has more than 100 power generating facilities in 26 states and Canada.
The Florida-based company is the leading US producer of wind power, and its solar array in California’s Mojave Desert is currently the largest in the United States. Green Mountain Power and NextEra Energy Resources hope to continue to collaborate on future renewable energy projects in Vermont as Green Mountain ramps down its portfolio dependence on Seabrook.
Beginning in 2015, GMP will take 60 megawatts of Seabrook power ramping down to 40 megawatts by the end of the contract, representing approximately twenty percent of its total overall energy mix. An additional 25 megawatts of power will be made available to other Vermont utilities on the same favorable terms. The agreement was reached after several months of negotiations, and must be approved by Vermont’s Public Service Board before taking effect. GMP will also purchase 15 megawatts of energy from NextEra Energy Resources for 2012-2014, a period during which GMP has been periodically replacing its expiring power supply contracts.
Liz Miller, Commissioner of the Vermont Department of Public Service, said,
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