State sets new CMP prices

Jan 23, 2014

Augusta — In competitive solicitations concluded Jan. 22, the Maine Public Utilities Commission accepted bids and set new prices for standard offer electricity supply service for Central Maine Power customers. The new prices are effective for a one-year term beginning March 1.

For CMP residential and small business customers, the accepted bid results in a new standard offer price of 7.56 cents/kWh, which is a 10.8 percent increase above the current price. The Commission also accepted a time-of-use priced option for residential and small business customers. Information about the TOU prices and sign-up process can be viewed at: maine.gov/mpuc/electricity/standard_offer_rates/index.html.

For CMP medium business customers, the new prices differ by month, equating to about 8.84 cents/kWh on average over the term, varying from 6.1 cents/kWh in September to 15 cents/kWh next January. These medium class prices are about 30 percent higher than prices during the prior year.

The prices do not apply to customers that purchase their own electricity supply in the market.

“The standard offer prices set this week reflect the lowest bids received in a strongly competitive auction process,” said Commission Chairman Thomas Welch in a news release. Welch noted that the bids and resulting price increases are tracking market conditions in New England that have driven wholesale prices to increase significantly over the past year due to strong demand for natural gas and inadequate pipeline capacity in the region.

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

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