Maine PUC approves rate hikes for electricity, natural gas utilities - Maine Public
Maine PUC approves rate hikes for electricity, natural gas utilities | Maine Public
Maine PUC approves rate hikes for electricity, natural gas utilities
The Maine Public Utilities Commission today approved rate increases for customers of Central Maine Power and Versant, and Summit Natural Gas.
The electricity rate increases are for so-called stranded costs, which include those associated with the controversial net energy billing program that supports solar projects.
Starting July 1, the rate increases will be about $6 per month for CMP customers, and from $5.50 to nearly $9 for Versant customers. These increases come atop those recently approved by the commission, which will cost about $5 per month over the next two years for CMP customers, and about $10 per month for Versant customers.
PUC chair Phil Bartlett noted that the numbers are adding up.
"The timing of this increase is understandably challenging for customers as they face high electricity supply costs," Bartlett said, "as well as higher costs in other areas of the economy."
The commission also approved a 33% distribution-rate increase for customers of Summit Natural Gas.
Related Knowledge Center: ENERGY BASICS: electricity
Electricity is a secondary energy source: it is generated through the conversion of primary energy sources such as natural gas, coal, solar, hydropower, and wind. Electricity’s versatility is not cost-free: a substantial amount of energy is lost in its generation and the cost of storage is high, compared with fuels such as coal, oil and natural gas. The economics of battery technology hold the key to expanded use of renewable sources to generate electricity.