Central Maine Power bills to fall this summer

Central Maine Power customers will see some relief in electric costs this summer after state utility regulators approved new distribution rates for the company.

The new prices reflect CMP’s revenue needs after the company paid more than a $100 million spent to recover from damaging winter storms in 2023 and 2024.

Households using an average of 550 kilowatt hours a month should save about $8.55 on their bills, according to the Maine Public Utilities Commission. The new prices go into effect July 1.

Commissioners also rejected CMP’s request to delay enacting new distribution prices while the agency considers the company’s separate rate case.

“It is uncertain when temporary rates may be approved or at what amount, but at a time when customers are struggling with high costs across the economy I cannot support a delay in rate relief,” said Commission Chair Phil Bartlett.

Electric prices in Maine have soared in recent years, because of expensive storm recovery, volatile natural gas prices and financial incentives for a community solar farm program, among other factors.

Maine Public Advocate Heather Sanborn said the rate reduction was welcome for electric customers dealing with high costs.

Sanborn said the commission’s decision to pay off a $20 million “storm recovery balance.” The account is basically money loaned to ratepayer by CMP that is owed to the company with carrying costs of about $140,000 per month, according to the PUC.

“That is a lot of interest every year that we have been paying,” Sanborn said.

Central Maine Power has submitted a proposal for new rates that would raise prices about $18 a month, according to the PUC.

In its rate proposal, CMP said it needs more revenue to help harden its infrastructure to future storms, improve reliability and hire full time staff to avoid hiring expensive contractors.

Even though the company is asking for higher rates, it says the package will amount to a slight decrease for customers because it has repaid storm recovery.

The company did not immediately respond to a request for comment about the rate adjustment approved by the PUC.