Thanks to deregulated energy in Maine, residents and business owners now enjoy lower rates for their power, as well as green energy being used to supply homes. Before Maine introduced energy deregulation, the vast majority of power was from fossil fuels, with residents paying a premium price for electricity.
In 2000, after The Restructuring Act was implemented, utilities were required to sell their generation assets, giving independent distributors the chance to compete for customers in the state. Residents were now able to choose who supplied their power, with lower prices of energy becoming a new benefit for consumers.
Later on, renewable power sources were becoming more and more popular in the state, with wind turbines located all across Maine. Tidal power was also used as another source of renewable energy.
Maine ranks sixth in the United States in the share of its electricity generated from wind and in 2019, wind accounted for 24% of Maine’s in-state net generation.
The Restructuring Act has completely changed how Maine saw energy. From being heavily reliant on fossil fuels, the state is now recognised as one of the biggest storehouses of renewable energy and it is much needed, as we all know about the long cold winters that residents endure.
Not only do customers have cheaper prices, but there have been other fantastic implementations from the state. The Restructuring Act has turned the state around. In Maine, utility companies are required by the state to sell up to 30 per cent of their energy from renewable resources.
In Maine, electricity utilities do not generate electricity. Their job is to focus on the delivery of power. The New England wholesale market is what dictates the price of power in the state and suppliers are required to obtained licenses from the Maine PUC.
There are now more than 800,000 people in Maine that have made the switch to alternative electric suppliers, and currently, around 60 per cent of the population in Maine live in energy deregulated areas, so they can take advantage of its benefits.
Some residents in the state have reduced their energy bills by as much as 32 per cent each year, all by simply switching suppliers. This is one of the biggest benefits of deregulated energy.
For residents in Maine, the electric utility companies handle the maintenance work and they are also responsible for getting your energy to you. If there is a power outage, your utility company will be the ones who help. The Maine electric utility companies are:
Central Maine Power – (800) 750-4000
Versant Power – (855) 363-7211
There is a standard offer service for customers who have not switched. They will be placed on a default tariff with one of the electric utility companies.
To get the full benefit of a competitive supply rate, customers have to actively go out and find an alternative licensed supplier. This can be done by using a comparison website or speaking with independent suppliers individually.
In September 2021, September 2021 the average commercial electricity rate was 12.45 ¢/kWh in Maine, 7% higher than the national average. The residential electricity rate was 16.38 ¢/kWh which is 17% higher than the national average.