Green Mountain Power (GMP) announces a power purchase agreement with Great River Hydro (GRH) to provide clean, cost-effective, local and reliable hydroelectric power for customers. The PPA, subject to Vermont Public Utility Commission review and approval, is for 30 years starting in 2023.
The contract creates long-term stability in GMP’s power supply while also enabling opportunity for more local renewables as Vermont pushes to meet clean energy goals to combat climate change. GMP’s purchases from Great River Hydro’s facilities along the Connecticut and Deerfield rivers will increase over time, just as other GMP power supply agreements step down, but will cover a smaller portion of GMP’s load. This will create opportunity for other complementary local and regional renewables like solar and wind, especially as customers transition heating and transportation to clean electricity as part of Vermont’s climate goals.
GRH is New England’s largest conventional hydropower generator, with facilities on the Connecticut and Deerfield rivers in Vermont, New Hampshire and Massachusetts. GRH’s fleet pairs large quantities of reservoir storage with 13 sequentially located and highly coordinated hydropower stations to produce enough renewable, carbon-free electricity every year to power about 213,000 homes in the region.
“We are focused on delivering clean, cost-effective, reliable power to our customers 24/7, 365. This resource fits really well in our portfolio and still leaves open tremendous availability for other renewable sources,” said GMP President and Chief Executive Officer Mari McClure. “Identifying and securing a clean, cost-effective, reliable source of power close to where Vermonters will use it is key to speeding up our transition to a 100 percent carbon-free and renewable power supply by 2030.”
The contract provides strong value to GMP’s customers, as the price is favorable compared to other long-term term contracts in the region, according to a press release. GRH’s resource offers both baseload and peaking energy, providing cost-effective, renewable power, including at times when that power is most needed.
“Green Mountain Power is leading the way to a carbon-free future and had the foresight to recognize that clean, renewable resources like Great River Hydro’s will be absolutely critical to getting there. We’re pleased to be partnering with GMP to help them reach their goals,” said Scott Hall, president and CEO of GRH.
GMP serves about 266,000 residential and business customers in Vermont and is focused on a new way of doing business to meet the needs of customers with integrated energy services that help people use less energy and save money, while continuing to generate clean, cost-effective and reliable power in Vermont.