CMP prices drop for business and residential customers
Small business and residential customers buying electricity from Central Maine Power Co. through the state’s standard offer will see slightly lower electricity rates next year.
The Maine Public Utilities Commission accepted bids Tuesday that will drop prices for medium-sized business customers by about 11% on average, the Bangor Daily News reported. The prices will range from a high of 9.6 cents per kilowatt-hour in February to a low of 5.5 cents per kilowatt-hour in May. Residential prices will drop to about 6.5 cents per kilowatt-hour.
It’s the second bidding process that’s led to a decline in standard offer power prices, the BDN reported.
Patrick Woodcock, director of the governor’s energy office, told the Portland Press Herald that the lower prices are a result of upcoming natural gas projects and low imported oil and liquefied natural gas prices. Natural gas is used to generate much of New England’s electricity.
The new rates are for the energy-supply portion of electricity bills, not the distribution services provided by CMP.
A PUC hearing Wednesday will determine the standard offer prices for Emera’s Bangor Hydro and Maine Public Service districts, the BDN reported.
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