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MPUC: Standard Offer Electricity Prices Decrease for Maine Residential & Small Business Classes

December 8, 2010

Augusta, Maine—Today the Maine Public Utilities Commission announced new standard offer energy prices for residential and small commercial classes. In this annual standard offer auction for these classes, there were multiple bidders in a vigorous competitive process. The overall standard offer prices for these classes are 8.25 cents and 8.5 cents per kilowatt hour (kwh) respectively for customers in the service territories of Bangor Hydro-Electric (BHE) and Central Maine Power (CMP). “Overall standard offer energy prices will be reduced by six percent for Maine residents and small businesses in the BHE and CMP service territories, “said Commission Chair Jack Cashman, “This is good news for Maine ratepayers.” The new rates will be in effect for one year beginning March 1, 2011. The bid prices are consistent with prevailing market conditions and reflect relatively low prices for natural gas. The names of the suppliers selected will be withheld for two weeks, allowing time for supply arrangements to be finalized.
Background: Under Maine’s retail electricity access rules, the Commission must ensure that standard offer service for electricity generation is available to all customers in Maine. Electricity customers receive standard offer service if they have not purchased supply from another retail supplier or through an aggregator. Regulated by the Commission, BHE and CMP are electric transmission and distribution utilities serving customers in separate territories across Maine. Currently, standard offer service supplies more than 95% of the electricity used by residential and small commercial customers in the regions where BHE and CMP distribute electricity. For more information about standard offer and delivery rates (updated information regarding today’s auction will be available before the end of the day): http://www.maine.gov/mpuc/industries/electricity/standardoffer/standardoffer_rates.html

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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. Commission programs include Maine Enhanced 911 Service, and Dig Safe.

Contact: Evelyn deFrees, 207-287-6141 or evelyn.defrees@maine.gov