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2 clusters · 5 sources · 4 days · First seen 17 days ago · Last updated 14 days ago

Central Maine Power rate hike request

Overview

Central Maine Power (CMP) has requested a temporary rate hike for approximately 670,000 customers in southern and central Maine. The utility is seeking a $69.3 million increase to fund critical grid investments and reliability projects while the Maine Public Utilities Commission deliberates on a larger $189 million rate case.

If approved, the temporary increase could raise monthly distribution costs by an average of $7 per household as early as this fall. A final decision regarding a larger rate hike, which could increase monthly bills by $18, is expected next spring. The request follows a downgrade of CMP’s financial outlook to ‘negative’ by S&P Global Ratings, citing a $100 million cash flow deficit and stagnant revenue.

Entities

Central Maine Power · Maine Public Utilities Commission · S&P Global Ratings · Clearway Energy LLC · Avangrid, Inc.

Timeline

14 days ago

[BUSINESS] 3 sources
Central Maine Power seeks temporary rate hike for Maine customers
Central Maine Power seeks a temporary rate hike that could increase monthly bills by $7 for 670,000 customers this fall to fund grid investments.
17 days ago

[BUSINESS] 3 sources
Maine regulators select CMP and Clearway Energy for renewable projects
Maine regulators have selected Central Maine Power for a new transmission line and Clearway Energy for an 800-megawatt wind project to connect northern Maine to the New England power grid.

Sources

bangordailynews.com · centralmaine.com · fiddleheadfocus.com · pressherald.com · wbur.org