Central Maine Power Asks Regulators to Keep Prices Stable
FOR IMMEDIATE RELEASE
Filing for regulatory rate review complies with Maine Public Utilities Commission order
Augusta, Maine – October 15, 2018 –Central Maine Power (CMP), a subsidiary of AVANGRID Inc. (NYSE: AGR), filed a general rate case today as directed by the Maine Public Utilities Commission (MPUC). The company is proposing to use savings from changes in federal tax laws to keep its distribution prices stable while making its electric system more resilient. Monday’s submittal comes in response to an MPUC order issued in July. The last time CMP’s distribution rates were reset was in 2014.
“We understand customers’ concerns about the cost of goods and services, particularly essential services like electricity, and for that very reason, we’re asking to keep prices where they are now,” said Doug Herling, president and CEO of Central Maine Power. “The Commission has established a 10-month process to review CMP’s filing and we expect a decision in August of 2019.”
Included in CMP’s filing is a proposal to enhance the resiliency of the energy grid by expanding vegetation management and pursuing additional reliability measures such as pole replacements and addition of tree wire in selected areas. Such investments are designed to strengthen CMP’s power grid so it can better stand up to severe weather.
The Company proposes to add personnel to its Customer Service department, and is also seeking approval of new rate designs which offer customers pricing options that can help them to manage their energy costs.
CMP is planning to use savings from the federal Tax Cut and Jobs Act, passed in December of 2017, to pay for the costs of resiliency programs and other investments.
Herling pointed out that CMP has a long history of keeping its prices stable.
“Since electric utility restructuring first took effect in March of 2000, the CMP portion of a typical monthly residential bill has increased by only about $2.50,” he said. “Considering how much the cost of other goods and services has gone up over the past 18 years, we have an excellent track record of keeping prices stable for our customers, and we want that to continue.”
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AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with $31 billion in assets and operations in 24 U.S. states. AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving 3.2 million customers in New York and New England. Avangrid Renewables owns and operates 7.1 gigawatts of electricity capacity, primarily through wind power, with a presence in 22 states across the United States. AVANGRID employs approximately 6,500 people. AVANGRID supports the U.N.’s Sustainable Development Goals, received a Climate Development Project climate score of “A-,” the top score received in the utilities sector, and has been recognized for two consecutive years by Ethical Boardroom as the North American utility with the “best corporate governance practices.” For more information, visit www.avangrid.com.