Power prices to take a dip
HALLOWELL — Most customers of Emera Maine’s Maine Public Service district will see lower electricity rates come November.
In a competitive solicitation concluded Wednesday, Sept. 21, the Maine Public Utilities Commission set new prices for standard offer electricity supply for Maine Public customers who receive standard offer supply service. The new prices will go into effect Nov. 1.
For residential and small business customers, the new standard offer pricing is 7.092 cents per kilowatt hour for the first seven months, which is a 16.5 percent decrease compared to the current standard offer rate of 8.493 cents per kilowatt hour. For the remaining term, the standard offer price will be indexed.
For medium business customers, the new prices will differ by month, equating to 7.0116 cents per kilowatt hour for the seven-month average, varying from 4.89-9.349 cents per kilowatt hour. These medium class prices are about 17 percent lower than prices during the same period last year. For the remaining term, the standard offer price will be indexed.
MPUC officials emphasized these new prices apply only to standard offer service, which reflects about 90 percent of the sales in Emera Maine’s Maine Public District service area. The prices do not apply to customers who purchase their own electricity supply in the market.
“The standard offer prices set today reflect the best bids received in our solicitation process,” according to Commission Chairman Mark Vannoy. “We are encouraged that prices are lower for both retail and business customers; reflecting a downward trend in energy markets.”
The names of the suppliers selected will be released in two weeks, allowing time for power supply arrangements to be finalized.
For more information on standard offer service prices, visit the MPUC at www.maine.gov/mpuc/electricity/standard_offer_rates/index.html.
