Most Versant Power customers to see lower bills in 2024
Tuesday, January 2, 2024
Bangor and Presque Isle, Maine — Because of falling standard offer supply rates, most residential customers will see an overall decrease in their bills effective Jan. 1.
As announced by the Maine Public Utilities Commission in November, customers in the Bangor Hydro District and the Maine Public District who choose the standard offer will see supply prices fall about 30 percent.
Maine customers have a choice of who provides their electricity supply. If you don't choose a competitive electricity supplier, you will automatically receive Standard Offer service. Standard offer prices may go up and down depending on market conditions and bids received. Versant Power does not generate or supply electricity, and does not control or benefit from changes in supply prices, but we bill on behalf of those who do.
As announced last summer, additional changes to the distribution rate and the stranded cost rate will take effect on Jan. 1. Bangor Hydro District customers also will see an increase in transmission rates. However, customers will still see a decrease in their overall bill.
A typical residential customer in the Bangor Hydro District using 500 kilowatt-hours per month and paying $151.43 for delivery and Standard Offer supply will now pay $136.29, a $15.14 decrease. If that customer uses 750 kilowatt-hours per month, they will see a $22.71 decrease, and if they use 1,000 kilowatt-hours per month, they will see a decrease of $30.28 per month.
A typical residential customer in the Maine Public District using 500 kilowatt-hours per month and paying $135.59 for delivery and Standard Offer supply will now pay $124.88, a $10.71 decrease. If that customer uses 750 kilowatt-hours per month, they will see a $16.07 decrease and if they use 1,000 kilowatt-hours per month, they will see a $21.45 decrease.
Versant Power is a regulated electricity delivery company and must seek permission from the Maine Public Utilities Commission or the Federal Regulatory Commission for any change to transmission or distribution rates, which represent the cost to bring electricity from where it is made to your home or business.
Later this year, Versant Power plans to request a change in distribution rates that would take effect in 2025. Before the request is considered by regulators, all customers will receive a letter formally notifying them of the specific request and offering information about how they can learn more.
If you are experiencing financial hardship and have trouble paying your electricity bill, please call us to learn about potential resources. Local Community Action Programs offer applications for assistance programs including the Home Energy Assistance Program, the Low-Income Assistance Program and the Arrearage Management Program, and have partnered with Versant Power for the Power Match program offering electricity assistance to those who might not otherwise qualify for assistance. Customers also may be eligible for assistance through Efficiency Maine. To learn more, visit versantpower.com, call our Customer Contact Center at 1-855-363-7211 or 207-973-2000, or email [email protected]. You can also follow us on Twitter (@versantpower), Instagram (versantpower) or LinkedIn.
Versant Power is committed to delivering safe, reliable electric service. As the state's second-largest electric utility, the company delivers electricity to more than 164,000 residential, commercial and industrial customers across 10,400 square miles in five counties in eastern and northern Maine.