Maine’s Standard Offer Electric Rates to Decline by up to 23 Percent Next Year, Reflecting Wholesale Market Prices

The Maine Public Utilities Commission established new standard offer electricity prices that will lower rates for customers of Central Maine Power Company and Emera Maine, effective for a twelve-month term beginning January 1, according to a Nov. 13 press release. Residential and small businesses will see a 19-20 percent cut in their bills while medium business will benefit from a 22-23 percent decrease, thanks to the agency’s competitive bid process used for supply prices. 

Lower prices reflect electricity supply and demand conditions in New England and their impact on wholesale energy markets, the commission noted. The prices do not apply to customers who purchase power from competitive suppliers or through an aggregator. Standard-offer rate accounts for about 52 percent of sales in Central Maine Power’s service area and 60 percent in Emera’s territory. The commission arranges for standard offer service through periodic competitive solicitations. 

Central Maine Power is a subsidiary of Avangrid Inc. which is owned by Iberdrola SA. Emera Maine is a subsidiary of Emera Inc.