CMP announces another rate cut for 2024

Photo / Renee Cordes Residential customers of CMP will see the delivery portion of their bill go down by an average of 4% in the new year, according to the Augusta-based utility.

Write a Comment

By Renee Cordes

Residential customers of Central Maine Power Co. will see the delivery portion of their electricity bill go down by 4% in the new year, the Augusta-based utility said. The new rate is set to take effect Jan. 1.

The move comes two weeks after the Maine Public Utilities Commission unveiled a new standard-offer rate for CMP customers that will lower the supply portion of users' bills by about 35%.

“As the cost of everything else around us continues to go up, this decrease in both supply and delivery rates is excellent news for our customers,” CMP spokesman Jon Breed said in Wednesday’s announcement.

“Combined, these decreases will save the average CMP Standard Offer customer around $35 per month, or $210 over the next six months," he added.

CMP, a subsidiary of Avangrid Inc., is Maine’s largest electricity transmission and distribution utility. Avangrid (NYSE: AVR), based in Orange, Conn., is a subsidiary of Spain's Iberdrola SA.

CMP serves around 646,000 customers across 346 communities in central and southern Maine and operates 23,500 miles of distribution lines and 2,900 miles of transmission lines.

Over the last decade, the company has invested around $3.5 billion in Maine system infrastructure.