Many Maine businesses will get electricity rate break next year
Many of the state's businesses and consumers can expect to pay lower rates for their electricity in 2020, the Maine Public Utilities Commission said Wednesday.
Customers of Central Maine Power Co. and Emera Maine who choose the “standard offer” service will see reductions as a result of a bid process in which multiple suppliers competed, according to a PUC news release.
“Locking in a lower price of a basic necessity for 2020 helps both residents and business owners better manage tight budgets,” PUC Chairman Philip L. Bartlett II said in the release.
CMP serves about 600,000 customers in Maine. Emera has 160,000 customers in eastern and northern parts of the state.
For small business and residential customers of CMP, the rate reduction will be 19%, from 9 cents per kilowatt-hour to 7.3 cents. Small business and residential customers of Emera will get a 20% reduction, from 8.46 cents per kWh to 6.73 cents.
For medium-size businesses, the standard-offer prices differ by month. On average for the year, those business customers of CMP will receive a 22% reduction, from 8.95 cents per kWh to 7 cents. Medium-size business customers of Emera will see their electricity rate fall by an average of 23%, from 8.34 cents per kWh to 6.43 cents.
Standard-offer prices for large business customers will continue to be indexed to market rates and set in advance each month, according to the PUC.
The commission emphasized that the electricity price reductions only apply to customers receiving standard-offer service, the “default” option for ratepayers. Currently, standard-offer service represents about 52% of the power supply used by CMP customers, according to the release.
The names of other power suppliers available for CMP customers to choose for the coming year will be released in a couple of weeks, the commission noted.
Most Recent
Most Recent
0 Comments