COMMISSION APPROVES DELIVERY RATE DECREASES FOR CENTRAL MAINE POWER (CMP) AND VERSANT POWER EFFECTIVE JULY 1
June 14, 2022
Sale of energy from Commission approved renewable energy procurements drive generation costs down, resulting in lower customer bills
Hallowell, Maine - The Maine Public Utilities Commission (Commission) approved three stipulations today that, when combined, will result is lower electric delivery rates for customers of Central Maine Power Company and Versant Power.
Noting that each stipulation contained many moving parts, the Commissioners highlighted the net positive impact of today's decisions, which results in a decrease in delivery prices for CMP residential customers of 5.5 percent, a decrease in delivery prices for Versant Power-Bangor Hydro District residential customers of 3.8 percent, and a decrease in delivery prices for Versant Power-Maine Public District residential customers of 3.5 percent effective July 1, 2022.
"Its not always easy to quantify the impact of the renewable energy procurements facilitated by the Commission, as it can take some time to see the results," said Commission Chair Philip L. Bartlett, II. This is an example of the payoff of those procurements, and we are pleased to be able to offer this positive news during a time when energy prices have been trending upward at an unpresented rate.
One of the few bright spots in the electricity market has been the sale of energy from renewable facilities, for which we have long-term contracts, said Commissioner Patrick Scully. This has allowed us to be able to procure generation at substantially lower costs, which has ultimately resulted in offsetting high storm recovery costs seen in 2020 and reflected in 2021 rates.
In spite of the many moving parts involved in these stipulations, the end result means just and reasonable rates for customers of both utilities, said Commissioner Randall Davis. Although these are very complicated matters, the bottom line is the lower cost to customers, which is what we, as a Commission, are always considering.
Details of todays stipulations will be included in the final orders. Both utilities must make compliance filings by July 1, 2022. All documents related to these cases can be found at: https://www.maine.gov/mpuc/online-services Please reference Dockets 2022-00041, 2022-00042 and 2022-00102.
About the Commission The Maine Public Utilities Commission regulates electric, telephone, water, and gas utilities to ensure that Maine citizens have access to safe and reliable utility service at rates that are just and reasonable for all ratepayers, while also helping achieve reductions in state greenhouse gas emissions. Commission programs include Maine Enhanced 911 Service, gas safety and Dig Safe. Philip L. Bartlett, II serves as Chair, Randall Davis and Patrick Scully serve as Commissioners.
Learn more about the Commission at https://www.maine.gov/mpuc/.
CONTACT: Susan Faloon, Media Liaison CELL: 207-557-3704 EMAIL: susan.faloon@maine.gov