Maine is unusual in how our electric bills work.
By law, you have one to three companies that supply the electricity you consume, and you have another company that simply delivers that electricity to your home or business. But you get one consolidated bill.
You may have noticed your electric bill has gone up this year. That increase has nothing to do with CMP or Versant, because they just deliver your power and delivery rates did not go up in January.
It’s the cost of supply that has gone up, an average of 83% compared to 2021 prices.
Who supplies your electricity is based on who you choose. If you don’t remember choosing a company to supply your electricity, you probably have the default “standard offer.” (Most of us do). But it’s a deregulated, competitive marketplace, so check your bill to see who supplies your electricity. To see a list of available electricity suppliers in Maine, see this page on the Maine Public Advocate’s website.
The Standard Offer is the default rate Maine electric customers pay for their electricity supply. It is determined each year by a bidding process managed by the Maine Public Utilities Commission.
Beginning January 1, 2022, the Standard Offer went up dramatically, from 6.4 cents/kWh to 11.2 cents/kWh, meaning a residential supply bill for 623 kWh of usage went from $40 to $74.
Who delivers your electricity is based on where you live. Because there is only one option, delivery rates are heavily regulated.