MPS Customers to See Decrease in Electric Bill
Maine Public Service Company customers will see a reduction in electric rates . . .
Presque Isle, ME— Maine Public Service Company customers will see a reduction in electric rates effective January 1, 2012, as a result of a decrease in its stranded cost rates.
The stranded cost rate change will affect residential, commercial and industrial customers. The change will amount to about a 13 percent decrease in delivery costs or about $10.80 for the residential customer with an average monthly delivery bill of $83.80. The rate change will vary for commercial, industrial and transmission-level customers with all customers seeing a decrease.
Stranded costs are regulated by the Maine Public Utilities Commission and represent about 13 percent of the delivery portion of the average residential and small business customer bill. Stranded costs are related to past power generation and power supply obligations. MPS has not generated or supplied electricity since deregulation in 2000. The reduction in stranded cost rates reflects the lower remaining balance of the Company’s stranded cost. These costs will eventually be eliminated as they are paid off.
Once implemented, the new rates will be posted at www.mainepublicservice.com.
Maine Public Service Company is an electric utility wholly-owned by Emera Inc. Maine Public Service serves approximately 36,000 customers in an area encompassing 3,600 square mile in northern Maine. Visit us at www.mainepublicservice.com.
Emera Inc. is a growing energy and services company with $6.8 billion in assets and revenues of $1.6 billion. The company invests in electricity generation, transmission and distribution as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera operates throughout northeastern North America, in three Caribbean countries and in California. More than 80 per cent of the company's earnings come from regulated investments. To learn more about Emera, visit their website www.emera.com.