Three combined stipulations led to the decrease in delivery rate costs between the two companies, against the backdrop of increased fuel prices, according to a Maine Public Utilities Commission news release.
The upcoming rates are expected to decrease by 5.5% for CMP residential customers, 3.8% for Versant Power-Bangor Hydro district residential customers, and 3.5% for Versant Power-Maine Public District residential customers beginning July 1, as stated in the release.
Both Commission Chair Philip L. Bartlett, II and Commissioner Patrick Scully reportedly attributed the decrease in rates to the application of renewable energy facilitated by the commission.
“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,” Scully stated in the release. “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.”
Currently, the commission regulates approximately 430 electric, telephone, water, and gas utility companies and districts across the state of Maine, according to their website.
More information regarding these upcoming changes may be found on the Commission’s website here, concerning Dockets 2022-00041, 2022-00042, and 2022-00102.