35% Lower Electric Supply Rate Approved for Residential CMP Customers

CMP strongly supports today’s decision by the Maine Public Utilities Commission 


AUGUSTA, ME — November 29, 2023 — Central Maine Power (CMP), a subsidiary of Avangrid (NYSE: AGR), strongly supports today’s announcement from the Maine Public Utilities Commission that their competitively procured standard offer electricity supply rate will significantly decrease in 2024 for residential customers. 

To the average residential CMP customer, this means approximately a 35% bill decrease, or approximately $32 per month for residential customers. To help explain electric bills, we have put together this helpful video.

In recent years, the supply portion of a customer’s bill has been the primary driver of high electric costs in Maine. Today’s announcement regarding standard offer reverses that trend, providing relief to CMP customers who select this option. 

CMP does not set or profit from supply charges, which are listed in blue on a customer’s bill. Instead, CMP is required to bill on behalf of third-party supplier companies. 

“CMP strongly supports today’s announcement, which is excellent news for our customers,” said Jon Breed, spokesperson for Central Maine Power. “The average residential CMP customer will see a 35% decrease in the supply portion of their electricity bill, which will bring much needed relief to our customers who have had to endure high supply costs due to several factors, including our region’s over-reliance on natural gas for electricity generation.”

Breaking Down Your Electric Bill

There are three main components to an electricity bill – supply, delivery, and public policy – which change from year to year (click here for a 10-year history).

•    Supply: Supply is a non-CMP charge. CMP is required to bill and collect payments from our customers and pass them through to third party suppliers. Each year Standard Offer supply costs are determined by the Maine Public Utilities Commission through a competitive bidding process. 
•    Delivery: This is a CMP charge comprised of distribution and transmission.  It includes major investments in reliability through automation and grid modernization. 
•    Public Policy Costs: These are also non-CMP charges, and the company does not profit from them. In 2023, these costs were largely associated with Maine’s solar incentive program and contracts, state-mandated low-income assistance programs, and energy efficiency programs.

For more information visit Understand Your Bill - CMP .
 

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