GMP’s MYRP

Our Multi Year Regulation Plan (MYRP) is one tool we use to help manage costs for customers, so power rates are as steady as possible despite volatile world events and swings in the economy.

The MYRP doesn’t set actual rates – it is the framework reviewed, edited, and then approved by state regulators for establishing GMP rates across a four-year timeframe. Our current MYRP is from October 1 2026 to September 30, 2030.

How does an MYRP work?

Caps on budget areas within GMP’s control

• Budgets categories we can control are capped and planned over the years of the MYRP to help keep rates smooth and predictable.
• GMP takes on financial risk if certain costs rise above the caps during the four-year plan.

Flexibility to respond to change

• MYRP’s are designed to help keep rates stable against unpredictable events.
• There’s flexibility for some budget categories that are impacted by things we have little control over – some examples of this are volatile world energy markets and regional grid fees that all electric customers in New England pay.
• It also helps manage some rising and unpredictable costs by spreading them across many years – an example is repairing damage following extreme weather events. Instead of collecting those costs all at once, they can be spread out over time, lowering the impact in any one year.
• When certain categories of costs result in savings, these can directly offset impacts from storms or regional power costs and/or pass along to customers in reduced rates.

Support for innovation and customer programs

• The MYRP allows us to focus on advancing new technologies and pilot programs that reduce costs for all customers such as our many residential battery programs.

A consistent structure for rate updates

• For the budget categories that are updated during the years of an MYRP, GMP prepares information and files a rate change request annually in keeping with the rules and process established in the MYRP. Regulators then review the request for rates each year to decide whether the request should be approved or revised.

Here is a summary of features to our current MYRP:

The Plan builds on prior regulation plans to continue providing reliable, cost-effective service while supporting climate resilience and innovation. Key features include:

1. Focus on Resilience and Reliability

• The Plan incorporates continued investment in projects to increase reliability and resiliency for customers. This work includes rebuilding overheard lines with storm hardening wire and placing lines underground.

2. Support for Customer Energy Storage

• The MYRP has a framework to continue and expand customer energy storage programs.

3. Oversight and Transparency

• The Plan includes detailed annual filings and opportunities to meet customers in person including:
  • Innovation and performance metrics
  • Benchmarking against other utilities
  • Community meetings and outreach

You can read more details about the MYRP here.