Here’s why electricity bills in Maine are getting more expensive this month

PORTLAND PRESS HERALD • July 13, 2023

Over the course of May and June, the PUC approved settlements with Central Maine Power and Versant Power to increase the rates for electricity distributionand so-called stranded costs, and to slightly decrease the “standard offer” supply rates. With the rates finalized, CMP customers will now pay an average $5 more per month and Versant customers will pay $13 more in their next electricity bills than they did at the start of the month. CMP customers are set to pay an average $159 a month, $62.50 more than in 2021. The utilities need to spend more to improve reliability and to modernize the grid. Then there are stranded costs, which are largely to pay for long-term power purchase agreements approved by the state, and the net energy billing costs associated with renewable energy projects such as community solar farms.