Emera Maine customers see decrease in rates beginning January 1st

Published: Nov. 12, 2019 at 3:28 PM EST
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As of January 1st, Emera Maine customers should see a decrease in their bills.

Both residential and business customers will pay lower rates for electricity supply throughout next year.

The average residential customer will see a monthly savings of about $7.45, the equivalent of about $90 per year.

Small businesses will see the same drop.

The Public Utilities Commission says it locked in the lower price after looking at proposals from multiple bidders.

From the PUC:

"Residential and business customers of Emera Maine (Bangor Hydro District) will pay lower rates for electricity supply throughout 2020, as a result of the Maine Public Utilities Commission's competitive bid process for setting Standard Offer Supply prices.

For typical residential bills based on 500 kWh monthly usage, the anticipated monthly savings will be $7.45, or just under $90 annually. Monthly bills are expected to drop from about $89.05 a month to $81.60 a month, an 8.4% percent decrease.

"Locking in a lower price of a basic necessity for 2020 helps both residents and business owners better manage tight budgets," Chairman Philip L. Bartlett II said. "Lower prices are especially welcome news as we enter winter and a period of typically higher electrical usage."

Multiple bidders submitted sealed proposals in the Commission's annual competitive process for setting Standard Offer Electricity Supply Prices. The Standard Offer accounts for approximately 60 percent of sales in Emera Maine's service area.

The price change affects only those customers who opt for Standard Offer Supply Service.

For Emera Maine Medium Business Customers, the new prices differ by month, ranging from 5.3 ¢/kWh in June to 10.8 ¢/kWh in January. On an annual average basis medium businesses will see a 21% decrease. Prices for large business customers will be indexed to market prices and set in advance of each month, as was done last year for large business standard offer service."