What’s an MYRP and why should I care?
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 ending in September 2026, and Vermont’s Public Utility Commission (PUC) is reviewing our proposal for a new MYRP to run from October 1, 2026-September 30, 2030. The proposed Plan can be read here.
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.
Public Info Session and Hearing
As state regulators review our proposed MYRP, the Vermont Department of Public Service is holding a public information session December 11th at 6:30pm. This will be followed by a Public Utility Commission public hearing at 7:00pm. Both meetings are virtual via Teams. To join, go to www.microsoft.com/teams/join and select “Join with a meeting ID.” Enter the following information: Meeting ID: 240 908 670 437 2. Passcode: Nh6pZ2Cp
A Customer Notice about this is also appearing in energy statements and can be read here.
Written comments can be submitted to the PUC online at https://epuc.vermont.gov. To do so, search for Case No. 25-1955-PET and choose, “Add Public Comment” from the “Select Action” dropdown menu. Written comments can also be submitted by email to [email protected], or by regular mail to: Clerk of the Commission, Public Utility Commission, 112 State Street, Montpelier, VT 05620-2701.
Here is a summary of features and changes to our current MYRP in the new, proposed Plan:
The proposed Plan builds on prior regulation plans and is designed to continue providing reliable, cost-effective service while supporting climate resilience and innovation. Key changes and features include:
1. Plan Duration and Scope
- The proposed Plan covers FY27 to FY30 (October 1, 2026 – September 30, 2030).
- It continues key mechanisms for setting annual electric rates and tracking performance.
2. Smoother, More Predictable Rates
- The proposed Plan continues to forecast and lock categories of costs over the term of the Plan, with annual adjustments focused in areas where GMP has less direct control.
- We propose continued use of a rate-smoothing mechanism to help avoid large annual increases by averaging expected changes across years.
- Existing quarterly adjustor mechanisms that reflect changes in revenue, power supply costs, and storm recovery amounts are retained and continue to spread costs over the plan to reduce immediate impact.
3. 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.
4. Support for Customer Energy Storage
- We are proposing a framework to continue and expand customer energy storage programs.
6. Enhanced 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 and the process for review of the Plan in our testimony, available here.
