June 30, 2023

Hallowell, Maine- The Maine Public Utilities Commission (Commission) approved a reduction in Standard Offer electric rates today that will impact residential, small and medium-class customers of Central Maine Power and Versant Power's Bangor Hydro District. The reduction is 1 cent/kWh which will result in cost savings of about $5.50 for an average residential customer of both utilities using 550 kWh of electricity per month. This only affects customers who receive Standard Offer Supply and will go into effect as of July 15, 2023.

Standard Offer supply rates were set in November though a competitive bid process conducted by the Commission, as required by Maine law. The supply rates included certain out-of-market costs related to regional fuel security initiatives and the Commission anticipated a true-up at about the six-month mark of the Standard Offer term. Given the complexity and volatility of market conditions at the time, these costs were difficult to forecast; but upon review of actual costs, the Commission has ordered a downward adjustment of rates to cover those costs.

"This news comes at a great time as customers are seeing an increase in other components of their electric bill," Chair Philip L. Bartlett II said. This decrease will offset a portion of those increases.

About the Commission The Maine Public Utilities Commission regulates electric, telephone, water, and gas utilities to ensure that Maine citizens have access to safe and reliable utility service at rates that are just and reasonable for all ratepayers, while also helping achieve reductions in state greenhouse gas emissions. Commission programs include Maine Enhanced 911 Service, gas safety and Dig Safe. Philip L. Bartlett, II serves as Chair, Patrick Scully and Carolyn Gilbert serve as Commissioners.

Learn more about the Commission at https://www.maine.gov/mpuc/

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CONTACT: Harry Lanphear, Administrative Director CELL: 207-557-3704