Central Maine Power customers can expect a double digit rate increase starting next month.
Maine’s Public Utilities Commission on Wednesday said it approved a rate increase which will go into effect on August 1st.
The PUC says the typical residential ratepayer will see an 11.5% increase, or $9.90, on their monthly bill.
The increased cost is due to new transmission rates set by a formula and approved by the Federal Energy Regulatory Commission.
PUC Chair Phil Bartlett says a more significant increase to also help cover the costs from major storms will be delayed, and that those costs will recovered in future years.
βIn light of the extremely large transmission rate increase, which we cannot control, we were faced with no good options. Our decision strives to balance the immediate cost concerns with the longer-term price impacts that come with pushing expenses too far into the future.β