Electricity Rates in Maine Will Drop Sharply in 2024

Over the last few years, we have all been dealing with the stress brought on by a crazy level of inflation.  The price of everything, from food to energy, has gone through the roof.  With the exception of the wealthy, this has affected us all in some way.

Finally, we are getting some great news.  The price of electricity is expected to nosedive in 2024.

According to an article in the KJ, the Maine Public Utilities Commission has approved the 2024 standard offer rate.

For Central Maine Power customers, that will be of 10.84 cents per kilowatt hour.  That is a decrease of 35%.

The article breaks down how much that will save the average CMP customer.  Assuming the average customer spends about $90 per month on power, they will now pay about $60 per month.  Of course, this is just the price customers are paying for the electricity itself, and does not factor in any other delivery fees from CMP.

Still, though, a price drop is a price drop.

When it comes to Versant Power, the PUC has approved a standard offer of  11.29 cents per kilowatt hour.  That is about 24% less than current prices.

The price drop comes as a result of a drop in the price of natural gas.  According to the article, a large portion of New England power is generated through the burning of natural gas.  Because of that, the price of natural gas affects the price of electricity.

After the last two years of skyrocketing energy prices, this is definitely a nice change.