Electric utilities hold rates steady till 2005

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Vermont’s two largest electric utilities have agreed to avoid rate increases for the next year and a half. The agreement was announced Friday by the Public Service Department, the state agency that represents ratepayers.

The deal says Green Mountain Power and Central Vermont Public Service Corporation will hold rates steady until January first, 2005. The Public Service Board still has to approve the settlement, which stems from last year’s sale of the Vermont Yankee nuclear plant.

The settlement allows Green Mountain Power to increase rates by 1.9% in January 2005, and raise rates .9% a year later.

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