It looks like Central Maine Power customers will save even more in 2024 than we initially thought.

A few weeks ago, the Maine Public Utilities Commission announced that they had approved the cost of electricity in CMP’s standard offer.  For the first time in several years, that amount had dropped.  In fact, it dropped significantly.  The new rate is about 35% less than it is in 2023.

It is important to remember that the reduction is only in the cost of the electricity itself.  It does not take into account the fee for the delivery of the electricity to your home.

The reason for the drop was a reduction in the cost of natural gas.  Apparently, much of CMP’s electricity is created through the burning of natural gas.

Now, we are hearing that the rate will drop even more.

Thomas Kelley / Unsplash
Thomas Kelley / Unsplash

Maine Biz is reporting that the delivery cost of Central Maine Power electricity will drop by about 4% in 2024.

The article explains that means the average CMP customer will save about $35 per month.  That’s a savings of $420 over the course of the next year.  That's enough of a savings each month to get your morning coffee every day.  Alternatively, you could take the whole family out for a fast food dinner or get a tank of gas for your car!

Central Maine Power is one of the state’s largest electric utilities.  The company serves about 650,000 customers in 346 Maine municipalities.  The company operates about 23,500 miles of distribution lines and has a bout 2,900 miles of transmission lines.

In addition to keeping the lights on, the company is also dedicated to helping the people of Maine.  Central Maine Power is a big supporter of the Travis Mills Foundation, the Maine Veterans Project Partnership, Full Plates Full Potential, and other organizations making a difference in Maine.

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