Vermonters can’t afford 16-20% Electricity Cost Increase

Press Release

Legislation that would add $5-7 million a year to IBM electric bill is a jobs loser.

MONTPELIER VT – March 21, 2012 – The Vermont Legislature must drop legislation that would increase Vermont business’ and citizens’ electric bill, Campaign for Vermont Founder Bruce Lisman said.

H.468 as passed by the House of Representatives will have significant negative impacts on electric rates and cost competitiveness. As an example of the dramatic cost increase; IBM shared their cost projection analysis prepared by Green Mountain Power shows the company’s electric bill rising by $5-7 million per year by 2032.

“Since its inception, Campaign for Vermont has been asking what the state’s proposed energy plan will cost ratepayers. Today, one important consumer and employer has figured it out. We learned that IBM, the state’s largest private employer, will pay an additional 5 to 7 million dollars a year if H.468, the renewable power bill passes the Legislature. Talk about sticker shock! Right now IBM pays a $36 million electric bill. That’s a 16-20% increase in the cost of power. This is unacceptable and proof that H.468 is a jobs loser.

“IBM is the economic lynchpin of Chittenden County, Vermont’s strongest jobs sector. If Montpelier forces IBM to cut jobs in Vermont as a result of this law, even when warned of the adverse consequences, it will be one more sign that Montpelier is more interested in pleasing special interests than in providing shared prosperity for all Vermonters.”