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Business and Economy

Maine Electricity Prices Trending Downward

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Troy R. Bennett
/
BDN

Electricity prices are on a downward trend in New England, and for most Bangor-area residential customers of Emera Maine, that will mean an 8 percent reduction in their bills in 2020.

The Maine Pubic Utilities Commission on Tuesday approved the lowest-cost bid for the “standard offer” electricity most Mainers purchase, which came in at 18 percent lower than this year’s standard offer price.

That is only one portion of the bill, with Emera’s distribution, transmission, billing and other services making up the rest. Those are expected to remain roughly the same, says PUC chairman Phil Bartlett. He says the overall monthly bill for a typical consumer this year is about $89.

“In 2020 with the new rates that will go down to $81.60. So that’s about an 8.4% total reduction in their electricity bill,” he says.

The commission will open bids for standard offer service to CMP consumers on Wednesday, and Bartlett expects a similar result. He attributes the decline to regional trends that include continued reduction in the cost of producing energy from renewable sources, and energy efficiency investments that are reducing overall electricity demand.