Green Mountain Power CEO calls for customer-shareholder dialogue on Vermont’s energy future

BussinessWire

COLCHESTER, Vt., May 20, 2004 — Vermonters should get more involved in determining Vermont’s energy future, and Green Mountain Power (NYSE:GMP) will lead an effort to help its customers, shareholders and the public do that, Christopher L. Dutton, President and Chief Executive Officer of Green Mountain Power, said Thursday.

Speaking at Green Mountain Power’s annual meeting, Dutton said that Vermont will need to start soon to make energy choices for the next two decades. “In making these choices we have to keep our eye focused on the following imperatives: First, affordable energy at competitive prices; second, reliance on diverse fuel sources that reduce price risks for all Vermonters; and third, reliance on fuel sources that keep our environmental impact as low as feasible, with special attention on air emissions,” Dutton said.

Utilities with a legal obligation to serve must take the first steps and provide a vision for the future. “Securing Vermont’s energy future requires informed decision-making by utilities, their regulators, and most importantly, customers and owners,” Dutton said.

To ensure a healthy dialog, Dutton said that Green Mountain Power “will hold public meetings around the state over the next 18 months, starting in the fall, inviting our shareholders, our customers and members of the public to tell us what they think. We will be eliciting a discussion on Vermont’s Energy Future. We will then consider those views and be prepared to expand and modify our own plans as a result of what we learn.”

Green Mountain Power’s existing power supply mix includes almost 40 percent from water, wood or wind – renewable resources. The remainder includes nuclear, market purchases and only four percent from fossil fuels. Two large contracts covering more than two-thirds of Green Mountain Power’s power supply will expire in the next decade. The Vermont Yankee nuclear plant’s current license expires in 2012 and a long-term contract with Hydro Quebec ends in 2015.

Green Mountain Power Board Chair, Nordahl Brue, told shareholders that Institutional Shareholder Services, an independent advisor to insurance companies, banks and pension, rated the Company among the best companies in the country for its good corporate governance practices.

Brue said, “The high rating is a validation of the hard work your Board of Directors has been engaged in for the past year. We reviewed, and in some cases changed, almost every aspect of our corporate governance. It is gratifying to know that your Company received the high rating from an independent reviewer.”

At the business meeting held at its company offices, shareholders also re-elected the following members to the Board of Directors: Nordahl L. Brue of Burlington, Vermont; Elizabeth A. Bankowski of Brattleboro, Vermont; William H. Bruett of Far Hills, New Jersey; Merrill O. Burns of San Francisco, California; David R. Coates of Colchester, Vermont; Christopher L. Dutton of Shelburne, Vermont; and Euclid A. Irving of New York, New York. In addition, shareholders elected two members to their first terms: Kathleen C. Hoyt of Norwich, Vermont; and Marc A. vanderHeyden of Colchester, Vermont. All Board members were elected to one-year terms.

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