Press Release: Central Maine Power Customers to Face Rate Hike Starting July 1
The Maine Public Utilities Commission (PUC) has sanctioned an increase in electric rates for Central Maine Power (CMP) customers, effective July 1. The decision marks another step in a trend of rising electricity costs in the state.
Under the newly approved rates, a typical residential consumer using 550 kilowatt-hours per month will see their bill rise by approximately $4.91. Philip L. Bartlett II, chair of the PUC, stated that the primary driver behind this increase is the need for storm recovery funding. To alleviate the financial impact, the commission has opted to distribute costs from storms resulting in damages exceeding $15 million over a two-year timeframe.
Additional factors contributing to the rate hike include costs associated with renewable energy contracts, net energy billing, adjustments to Efficiency Maine Trust assessment rates, and changes to transmission service rates set by regional operators and monitored by federal regulators.
This change comes amidst a decade where Maine has experienced one of the fastest growth rates in electricity prices nationwide. From 2014 to 2024, electricity rates surged from 12.65 cents per kilowatt-hour to 19.62 cents, with rates peaking over 20 cents in 2023.
As energy costs continue to climb, CMP customers will need to brace themselves for these financial adjustments while the PUC emphasizes its efforts to manage storm recovery expenses and promote renewable energy initiatives. Further details on the rate structure and its implications will be made available to customers in the coming weeks.
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