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Electricity Supply Rate To Drop For EMEC Members - Mar. 18, 2013

Eastern Maine Electric Co-op announced Monday that the supply rate its members pay will decrease by 1.147 cents per kilowatt-hour on electricity used starting April 1, 2013. 

Through a competitive bid process, New Brunswick Power was awarded the new standard offer supply contract with a supply rate of 6.662 cents per kilowatt hour for the 23-month period from April 1, 2013 to February 28, 2015. 

The 6.662-cent rate is a decrease from the present rate of 7.809 cents, representing a 14.7% decrease in the standard offer rate.

It is a 7.0% decrease in the overall residential billing rate, which includes both delivery and supply charges. 

For a family using an average of 600 kwhs per month, the change will bring savings of $6.88 per month, or $82.56 per year.  Similarly, a business using 20,000 kwhs each month would save $229.40 per month or $2,752.80 annually.

The Cooperative stated that the decrease reflects lower prices in the wholesale electricity market.

"We're pleased that Co-op members will see this decrease, particularly since the cost of gasoline and heating oil have remained high," said Co-op CEO Scott Hallowell.

"While the new rate is applicable to the entire contract period," he said,  "there is, nevertheless, a provision for NB Power to pass along increases in the cost of providing service that might result should the independent administrator of the northern Maine market change the application of its market rules."

"There are no planned changes, and it seems very unlikely that the administrator will make such a change," Hallowell continued. "We at Eastern Maine Electric will monitor the situation, and we would vigorously oppose any such development." 

Eastern Maine Electric Co-op is a not-for-profit consumer-owned utility serving 3,000 square miles in rural Washington, Penobscot, and Aroostook Counties.