SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
DECEMBER 17, 1999
GREEN MOUNTAIN POWER CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
VERMONT 03-0127430
(STATE OR OTHER JURISDICTION OF INCORPORATION) (I.R.S.
EMPLOYER IDENTIFICATION NUMBER)
1-8291
COMMISSION FILE NUMBER
163 ACORN LANE,
COLCHESTER, VERMONT 05446
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(ZIP CODE)
(802) 864-5731
(REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE)
ITEM 5. OTHER EVENTS-RATE INCREASE ORDER
On December 17, 1999, the Vermont Public Service Board (VPSB) issued an
Order approving a Memorandum of Understanding that the Company had entered into
with the Vermont Department of Public Service and International Business Machine
Corporation for a temporary rate increase of 3 percent, in addition to the
current temporary rate level, to become effective as of January 1, 2000. The
temporary rates are subject to refund in the final rate case decision, if the
final rates set are lower than the temporary rates. The VPSB's Order further
provides that the Company's currently pending rate case, which has been stayed
since late fall of 1998, would remain stayed until September 2000, with a final
decision in the case expected by December 31, 2000. The VPSB found that
approval of the rate increase and stay "will advance the public interest by
providing GMP and other involved parties the necessary opportunity to continue
on-going efforts to address power supply costs, by buttressing the financial
viability of GMP until final rates are established in this case, and by
providing for the continued delivery of safe and reliable electric service to
GMP's customers." The Order increases the Company's projected revenues, over
the prior temporary rate level, by $4.6 million for 2000.
As a result of the VPSB Order, the Company's revolving credit banks have agreed
to maintain the amount available under the Company's credit facility at $15
million. If and when net proceeds become available from certain sales of the
Company's assets, the credit facility will be reduced by the amount of those
proceeds. The Company believes that the amounts available under the amended
credit agreement will be sufficient to meet its forecasted borrowing
requirements for the duration of the original revolving credit agreement, which
is scheduled to expire on June 21, 2000.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) and (b) --not applicable
(c) Exhibits--not applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly cased this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GREEN MOUNTAIN POWER CORPORATION
Registrant
By /s/ NANCY ROWDEN BROCK
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NANCY ROWDEN BROCK, VICE PRESIDENT, CHIEF FINANCIAL
OFFICER, TREASURER AND CORPORATE
SECRETARY
BY /S/ ROBERT J. GRIFFIN
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ROBERT J. GRIFFIN, CONTROLLER
DATED: December 21, 1999
