Colchester, Vt., May 25, 2011 — Green Mountain Power reached a purchase agreement with NextEra Energy Resources, a 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 kWh.
Located in southern New Hampshire, the 1,245-MW 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.
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 MW of Seabrook power ramping down to 40 MW by the end of the contract, representing about twenty percent of its total overall energy mix.
An additional 25 MW 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 MW of energy from NextEra Energy Resources for 2012-2014, a period during which GMP has been periodically replacing its expiring power supply contracts.
Green Mountain Power transmits, distributes and sells electricity in the state of Vermont. It serves more than 175,000 people and businesses.