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Green Mountain Power (GMP) has asked the Vermont Public Service Board (VPSB) to lower customer rates by 0.4% beginning Oct. 1. The utility says it last filed for a rate decrease in 1988.

The new rate plan is a result of its recent merger with Central Vermont Public Service, GMP says, adding that lower power supply costs and expected smart grid savings also helped to reduce customer rates.

The requested decrease, if approved by the VPSB, will apply to residential, commercial and industrial customers.

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