Versant Power Customers to See Rate Changes
Starting July 1, Versant Power customers will see changes in electricity delivery rates. Versant Power's rates are based on the cost to provide safe, reliable service throughout northern and eastern Maine, and we're continually working to improve reliability and customer service in a cost-effective way.
A typical residential customer in the Bangor Hydro District using 500 kilowatt-hours per month and paying $85.20 for delivery and Standard Offer supply will now pay $88.34, a $3.14 increase. A typical residential customer in the Maine Public District using 500 kilowatt-hours per month and paying $71.18 for delivery and Standard Offer supply will now pay $79.79, an $8.61 increase.
Customers will see changes to three rates on their bills: transmission, stranded costs and conservation. Versant Power's distribution rates will not change, and have remained unchanged since July 1, 2018.
Because of significantly lower Standard Offer supply prices procured by the Maine Public Utilities Commission for 2020, residential customers' electricity bills will remain lower than they were one year ago.
July 1 rate changes are not associated with Versant Power's change in name or ownership. Distribution rates will not increase before October 2021, and Versant Power customers will not be responsible for the costs associated with changing the company's name.
Versant Power is working with the Maine Public Utilities Commission and the Office of the Public Advocate to distribute more than $13 million in rate credits to customers, one of the customer benefits provided by ENMAX's acquisition of Versant Power. A proposal has been filed with the MPUC to distribute $8.1 million to all Versant Power customers as well as customers of adjacent consumer-owned utilities. A separate proposal seeks to distribute $5 million to low-income customers of Versant Power and adjacent consumer-owned utilities. We know this rate relief is important during these difficult economic times.
New rates for all customers will be posted at versantpower.com as of July 1, 2020.