Central Maine Power Consumer will save more than initially thought in 2024

It seems that Central Maine Power customers will save even more in 2024 than we thought. In recent past the Maine Public Utilities Commission announced that they approve the cost of electricity in CMP standard offer. For the first occassion in few years that amount had decreased. The new rate is about 35% less than in 2023.

Central Maine Power is one of the state mega electric utilities. The company serves about 650,000 consumers in 346 Maine municipalities. The company operates about 235,000 miles of distribution lines and has about 2900 miles of transmission lines.

The company is also dedicated to assisting the people of Maine. Central Mained Power is a assistant of the Travis Mills Foundation the Maine Veterans Project Partnership.

The reason for decrease was a reduction in the cost of natural gas. Much of CMP’s electricity is created through the burning of natural gas. There are gossips that price will drop down more.

Reduction is only in the cost of the electricity itself. Central Maine Power electricity delivery cost will drop by about 4% in 2024.Average CMP customer will save about $35 per month.It means you can save $420 for the next year.This saving will help you to purchase more grocery for your family.

CMP delivery Price will decrease to 11.7 per kilowatt hour from 12.2 cents starting next january.It is second announcement of drop rates in past two weeks.

Electric bill in Maine includes two parts delivery and supply.Delivery cost go to local utilities and supply cost go to the electricity generators.

CMP spokesman Jon Breed told that delivery price is derived from a complicated formula made by ISO New England the region grid operator and Federal Energy Regulatory Commission. The rate is attached with regional transmission service and cost of local.