July 13, 2024
One other price lower will additional cut back electrical energy prices for CMP prospects in 
2024

The common residential invoice for purchasers of Central Maine Energy will drop one other 4% subsequent yr on account of an adjustment to the transmission price for the supply of electrical energy, the utility stated Wednesday.

CMP’s supply worth will drop Jan. 1 to 11.7 cents per kilowatt hour from 12.2 cents. It’s the second announcement of lowered charges in as many weeks and welcome information for a lot of who’re nonetheless feeling the results of inflation.

Electrical payments in Maine embody two parts: provide and supply. Provide prices go to the electrical energy turbines; supply prices go to native utilities.

CMP spokesman Jon Breed stated the supply price is derived from an advanced system drafted by ISO-New England, the area’s grid operator, and the Federal Power Regulatory Fee. The speed is related to the price of native and regional transmission service, he stated.

The FERC price is up to date yearly and is frequent throughout New England utilities, Breed stated.

“Thankfully for CMP prospects, this yr’s replace produced a discount,” he stated.

Two weeks in the past, the Maine Public Utilities Fee authorized a 2024 commonplace provide price for provide, which is the default for 9 of 10 residential and small-business prospects who don’t contract for electrical energy with aggressive vitality suppliers. The brand new price represents a 35% lower from present charges.

Mixed, these decreases will save the common CMP commonplace provide buyer about $35 a month, Breed stated.

State utility regulators in June authorized a price enhance for CMP that can enhance a typical residence’s whole electrical invoice by simply over 1%, or $1.67, beginning in July and by roughly $5 a month by the center of 2025. That enhance, a part of a compromise with Maine’s public advocate, included cash to improve the distribution grid to spice up reliability, resist storm harm linked to a altering local weather and accommodate clear vitality investments.

That portion is separate from provide and supply prices, however with the decrease transmission and distribution charges, it’s a “internet adverse” heading into 2024, Breed stated.


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