MAINE, USA — Central Maine Power, one of two utility companies in Maine, is proposing price increases for its customers that could take effect summer of 2023.
The power company submitted its proposal to the Maine Public Utilities Commission in Augusta in 2022, asking for approval to increase its distribution rate over three-consecutive years, according to a news release by CMP.
CMP will increase its distribution revenue by millions over three years if the proposal is approved. Its revenue would increase by $43.5 million effective in the summer of 2023. Then it would go up by $27.7 million in the summer of 2024 and an additional $23.7 million in the summer of 2025.
For CMP customers, this breaks down to a monthly delivery bill increase of $4.65 in 2023, then an increase of $2.78 in 2024, and another $2.37 price hike in 2025. It would come to a total increase of $9.82 on average after the third-year price increase is implemented for residential customers using 550 kWh of electricity per month, per the release.
The power company is also asking for additional funding for five other programs:
- Access to broadband in underserved communities
- Installation of electric vehicle chargers
- Development of two energy storage pilot projects
- Implementation of active network management technology
- The replacement of deficient utility poles owned by Consolidated Communications, Inc.
These programs would give CMP an additional $700,000 in revenue.
“The request seeks increases in distribution revenues to support the Company’s investment in a stronger, smarter, more resilient grid for Maine, while also supporting important energy policy objectives of the State of Maine," per a statement released by the company.
The proposal has come under scrutiny from opponents such as the Maine Office of Public Advocates.
Per CMP, the Commission plans to hold hearings on this topic in May and is expected to decide in July 2023.
CMP increased its rates in 2020.