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CMP and Emera-MPD Customers to Benefit from Significantly Lower Electric Supply Rates in 2020

November 13, 2019

MPUC Sets New Standard Offer Electricity Prices with a 19-20% Decrease for Residential and Small Businesses; 22-23% Decrease for Medium Businesses

Hallowell, Maine - November 13, 2019 Residential and business customers of Central Maine Power Company (CMP) and Emera Maine-Maine Public District (MPD) 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.

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 CMPs 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.

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 prices above 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.

Background: Electricity customers in Maine receive standard offer service if they have not purchased supply from another retail supplier or through an aggregator. Currently, standard offer service represents about 52% of the supply used by CMP customers. Maine law requires the Commission to ensure that standard offer service for electricity supply is available to all customers in Maine. The Commission arranges for standard offer service through periodic competitive bid processes.

For more information on standard offer service prices: http://www.maine.gov/mpuc/electricity/standardofferrates/index.html

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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. Commission programs include Maine Enhanced 911 Service and Dig Safe. Philip L. Bartlett serves as Chairman, Bruce Williamson and Randall Davis serve as Commissioners.

Learn more about the Commission at www.maine.gov/mpuc

Press Contact Name: Harry Lanphear, Administrative Director Phone: (207) 287-3831 Email: Harry.Lanphear@Maine.gov