CMP wants to raise your rates once again

by | Jun 4, 2022

Friends,

In case you missed the news, CMP is asking state utility regulators to approve a three-year “reliability and grid upgrade plan” that would raise the electric bill for the average customer by as much as $10 a month by 2026.

The upgrades, if approved by the Maine Public Utilities Commission, would require a distribution rate hike that would increase the average electric bill by about $5 a month in 2023, going up $2.50 a month for each of the following two years. This is on top of the plan implemented earlier this year to increase supply rates by 83%, increasing the average monthly bill by $30.

Of course, these upgrades always come at our expense, as for-profit utilities are guaranteed a profit on distribution expenditures. The Portland Press Herald acknowledges this, saying “The company also is seeking a return on equity of between 10 and 10.5%, which it says reflects current market conditions. Return on equity is a measure of profitability and financial performance that’s important to investors.”

We cannot let energy costs keep going up and up! Mainers cannot afford it!
While there are a lot of upgrades that need to be done to our electric grid to make it more resistant to climate change and extreme weather and to make it able to handle the higher loads of an electrified future, these improvements would be much cheaper to finance under a
consumer-owned utility that doesn’t have to return a profit for investors and has access to lower-interest financing. We need public power to replace CMP and Versant and we need it now!

Join the fight for cheaper, more reliable, greener power for Maine. RSVP HERE for Maine Public Power’s monthly new-member meeting where you can ask questions and better understand how this process would work. It’s a great way to learn about consumer-owned power if you would like to join us in collecting signatures on Primary Day on Tuesday, June 14. JOIN US on Primary Day and let’s get public power on the ballot in 2023. 

Whether or not you can collect on primary day, RSVP HERE for upcoming door-knocking canvasses where you can work with experienced canvassers and learn how to best approach people to get their signature.

In solidarity,
Dan