Electricity Customers Didn't Save Money With Retail Sellers

MGN
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AUGUSTA, Maine (AP)- A new state report finds that Maine electricity customers paid $77 million more than they needed to on power for several years.

The Bangor Daily News reports the Maine Public Utilities Commission found residents would have saved $77 million if they stuck with the state-regulated power price instead of buying from retail sellers from 2012 to 2016.

A 2016 Bangor Daily News investigation found retail supplier Electricity Maine lured many customers with prices lower than the state-regulated price. The supplier than raised its average price and took in about $58 million more than if rates had matched the standard state price.

Lawmakers passed a law last year to limit rate increases and prevent companies from automatically re-enrolling customers into new contracts.