PUC Lowers Default Service Rates, Mid-Term, By 1¢/kWh

The Maine Public Utilities Commission today approved a reduction in certain Standard Offer electric rates that will reduce rates for non-shopping residential, small, and medium-class customers at Central Maine Power and at Versant Power’s Bangor Hydro District.

The PUC said, "The reduction is 1 cent/kWh," and will go into effect as of July 15, 2023.

Specifically, the PUC reduced the Standard Offer Pass-Through Charge related to out-of-market costs being assessed by ISO-NE to load serving entities relating to regional fuel security initiatives by lowering the charge from $0.015000/kWh to $0.005000/kWh for the residential/small commercial and medium commercial classes at both Central Maine Power Company (CMP) and Versant Power's Bangor Hydro District (VP-BHD) service area.

As a result of change, the standard offer price, including the modified Pass-Through Charge, for the CMP residential and small commercial classes effective July 15, 2023, is $0.166310/kW

For the CMP medium commercial class, the new standard offer prices, effective July 15, are:

CMP Medium Class ($/kWh)
Jul-23*   $ 0.111650
Aug-23    $ 0.110900
Sep-23    $ 0.089080
Oct-23    $ 0.091490
Nov-23    $ 0.135910
Dec-23    $ 0.212600

* effective July 15, 2023

At Versant’s Bangor Hydro District, the new residential and small commercial standard offer price, effective July 15, 2023, is $0.154380/kWh.

For the Versant Bangor Hydro District medium commercial class, the new standard offer prices, effective July 15, are:

Versant Bangor Hydro Medium Class ($/kWh)
Jul-23*   $ 0.10370
Aug-23    $ 0.10812
Sep-23    $ 0.08358
Oct-23    $ 0.08561
Nov-23    $ 0.13135
Dec-23    $ 0.20469

* effective July 15, 2023

The PUC said, "Standard Offer supply rates were set in November though a competitive bid process conducted by the Commission, as required by Maine law. The supply rates included certain out-of-market costs related to regional fuel security initiatives and the Commission anticipated a true-up at about the six-month mark of the Standard Offer term. Given the complexity and volatility of market conditions at the time, these costs were difficult to forecast; but upon review of actual costs, the Commission has ordered a downward adjustment of rates to cover those costs."