COLCHESTER, Vt., Oct. 7, 2004 (BUSINESS WIRE) — Green Mountain Power announced it has signed a commitment letter to become a member of the Chicago Climate Exchange® (CCX), a voluntary, legally binding multi-sector market for reducing and trading greenhouse gas emissions. Green Mountain Power is the first electric utility in the northeast to join the CCX.
This action will place Green Mountain Power in a small, but growing, group of business organizations committed to stimulating a national power market that features resources with low emissions.
“Green Mountain Power has long been a leader in developing an electric portfolio with low emissions. Becoming part of the Chicago Climate Exchange means that we can help change the way utilities reduce greenhouse gas emissions through a trading market,” said Christopher L. Dutton, president and chief executive officer of Green Mountain Power. “This is a real win for the environment,” he added. “It will help stimulate the development of new renewable resources at the lowest cost.”
“We are very excited to work with Green Mountain Power in the CCX. Its commitment to the Exchange is an example of its innovative spirit,” said Dr. Richard L. Sandor, Chairman and CEO of the Chicago Climate Exchange. “It shows that CCX continues to attract the interest of entities that want to play a leadership role in developing market-based solutions to environmental concerns.”
Green Mountain Power is committed to voluntarily reduce greenhouse gas emissions by four percent below its 1998-2001 baseline average by 2006. “Participation in the Exchange gives us the mechanism to reach our goals by buying CO2 credits if we can’t reduce our emissions adequately through the power we generate or purchase,” said Dutton. “By the same token, if we exceed our goal, we will be compensated for our efforts to reduce greenhouse gases at the market price for tons of CO2 we don’t emit.”
CCX is a self-regulatory exchange that administers the world’s first multi-national and multi-sector marketplace for reducing and trading greenhouse gas emissions. It is designed to allow entities from the public and private sectors to use market-based mechanisms to account for greenhouse gas emissions reductions. CCX enables participants to receive credit for reductions and to buy and sell credits as a means of finding the most cost-effective way of achieving reductions.
CCX will administer the pilot program for emissions sources, farm and forest carbon sinks, offset projects and liquidity providers in North America. Green Mountain Power joins the World Resources Institute, Rocky Mountain Institute, American Electric Power, Tampa Electric Company, Tufts University, Ford Motor Co., International Paper and numerous others in this effort.
Green Mountain Power is an investor-owned electric utility, serving 90,000 customers in Vermont. For more information, please visit www.greenmountainpower.biz
Chicago Climate Exchange, ® Inc. (CCX®) is a self-regulatory exchange that administers the world’s first multi-national and multi-sector marketplace for reducing and trading greenhouse gas emissions. For more information visit www.chicagoclimatex.com.