Versant Power customers See Rate Changes Starting October 1st
Versant Power customers are experiencing new electricity rates effective October 1st, stemming from adjustments to stranded costs and the public policy charge. These changes are a direct result of two recently enacted Maine state laws: LD 1792, focused on the fair recovery of post-restructuring stranded costs, and LD 1777, aimed at reducing costs and enhancing customer protections within the state’s net energy billing programs.
The impact of these changes varies depending on the customer’s district and energy usage. Customers in the Bangor Hydro District who typically use 500 kilowatt-hours per month and currently pay $154.27 for delivery and standard offer supply can anticipate a 12-cent increase to their bill. Those using 1,000 kilowatt-hours monthly will see an increase of 99 cents.
Conversely, customers in the Maine Public District using 500 kilowatt-hours per month and paying $148.17 for delivery and standard offer supply will experience a $2.77 decrease. A customer in that district using 1,000 kilowatt-hours per month will see a $3.79 reduction.
Versant Power explains that stranded costs represent a volumetric charge covering remaining expenses from the 2000 electric industry restructuring, including power purchase agreements and the costs associated with the retired Maine Yankee power plant. The public policy charge is a fixed fee used to fund state-mandated programs like net energy billing and low-income assistance.
These adjustments follow a previous rate increase in April, linked to changes in Versant’s distribution rate, which resulted in approximately an 8% increase to the average residential customer’s bill for 500 kilowatt-hour usage.
