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Vermont Yankee to share revenue with utility

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April 29, 2014 09:47 AM EST | AP


RUTLAND, Vt. (AP) — Vermont's largest electric utility says a revenue sharing deal with the Vermont Yankee nuclear power plant could mean about $17.8 million in lower rates for customers.

Green Mountain Power said Monday the money is from a revenue sharing agreement stemming from the 2002 sale of Vermont Yankee to Entergy Nuclear.

In a statement issued by GMP, Public Service Department Chris Recchia says the revenue sharing came about because Vermont Yankee power was sold on the open market this winter when the price was unusually high.

GMP President Mary Powell says the utility is working with state regulators on the best way to return the money to customers to reduce rates.

Vermont Yankee is scheduled to cease operations later this year.