Maine Electricity Customers Paid $77 Million More Than They Needed To

AUGUSTA, Maine (AP) — A new state report finds that Maine electricity customers paid $77 million more than they needed to on power for several years.

The Bangor Daily News reports the Maine Public Utilities Commission found residents would have saved $77 million if they stuck with the state-regulated power price instead of buying from retail sellers from 2012 to 2016.

A 2016 Bangor Daily News investigation found retail supplier Electricity Maine lured many customers with prices lower than the state-regulated price. The supplier than raised its average price and took in about $58 million more than if rates had matched the standard state price.

Lawmakers passed a law last year to limit rate increases and prevent companies from automatically re-enrolling customers into new contracts.

(Information from: Bangor Daily News, http://www.bangordailynews.com)