HALLOWELL, Maine — Residential and business customers of Central Maine Power Company and Emera Maine will pay lower rates for electricity supply throughout 2020, as a result of the Maine Public Utilities Commission's competitive bid process for setting Standard Offer Supply prices. That’s according to a release from the Maine Public Utilities Commission.
PUC officials said, for typical CMP residential bills based on 550 kWh monthly usage, the anticipated monthly savings will be $9.35, or $112 annually. Monthly bills are expected to drop from about $95.53 a month to $86.18 a month, a 9.8% percent decrease.
"As we noted yesterday, locking in a lower price of a basic necessity for 2020 helps both residents and business owners better manage tight budgets," Chairman Philip L. Bartlett II said. These lower prices reflect electricity supply and demand conditions in New England and their impact on wholesale energy markets, said Commissioner Bruce Williamson.
Multiple bidders submitted sealed proposals in the Commissions annual competitive process for setting Standard Offer Electricity Supply Prices. The Standard Offer accounts for approximately 50 percent of sales in CMP's service area. The pricing for CMP and Emera-MPD is summarized in the chart below and affects only those customers who receive Standard Offer Supply Service.
According to the Maine PUC, Central Maine Power Company 2019 2020 % Decrease Residential/Small Business Standard Offer Supply Price 9.00 /kWh 7.30 /kWh 19% Typical Residential Total Bill (assumes 550 kWh monthly usage) $95.53/month $86.18/month 9.8% Medium Business Customers Annual Average Supply Price 8.95 /kWh 7.00 /kWh 22%
Emera Maine-Maine Public District Residential/Small Business Standard Offer Supply Price 8.46 /kWh 6.73 /kWh 20% Medium Business Customers Annual Average Supply Price 8.34 /kWh 6.43 /kWh 23%
For CMP Medium Business Customers, the new prices differ by month, ranging from 5.2 /kWh in June to 10.8 /kWh in January. On an annual average basis, CMP medium businesses will see a 22% decrease. Emera-MPD Medium Business Customers will see a 23% decrease. Prices for large CMP business customers will be indexed to market prices and set in advance of each month, as was done last year for large business-standard offer service.
The PUC said the prices mentioned do not apply to customers who purchase their own electricity supply in the market. The names of the suppliers selected for CMP will be released in two weeks, allowing time for power supply arrangements to be finalized.
For more information on standard offer service prices: http://www.maine.gov/mpuc/electricity/standardofferrates/index.html
