April brings price cuts for EMEC members

by Staff Pioneer Times
15 years ago

    Eastern Maine Electric Cooperative (EMEC) has good economic news for its members in eastern and northern Maine. The cost of electricity supply will drop on all electricity used beginning April 1 when a new standard offer supply contract begins. 
    The first year of the new three-year contract, awarded to New Brunswick Power of Fredericton, N.B., will lower the cost of electricity supply for its customers from the existing rate of 9.15 cents per kilowatt hour to 7.354 cents per kilowatt-hour. The decrease means a savings of 1.796 cents per kilowatt-hour on electricity used beginning April 1, 2010.
    The new rate will result in a decrease of approximately 10 percent in the total residential electric bill and a 19 percent decrease in the standard offer supply portion of the bill.  
    For example, according to the cooperative, a family using an average of 600 kilowatt-hours per month, will save  $10.78 per month or $129.36 per year. And, a business using an average 2,000 kilowatt-hours per month will save $35.92 per month or $431.04 per year.    
    There will be a slight increase in the standard offer supply rate in years two and three. In year two of the contract, the price per kilowatt-hour for supply will go to 7.637 cents, and in year three, the price increases to 7.859 cents.
    “We are very glad that our members will see a rate decrease,” said Co-op CEO Scott Hallowell. “A reduction in costs to individuals and businesses should be helpful, particularly during the current economic times.”
    One advantage of the three-year contract is that Co-op members will be better able to predict their electric costs for three years instead of just one. “In these days of fluctuating oil and fuel prices, we’re striving to provide as much rate stability as possible,” Hallowell said.
    Eastern Maine Electric Cooperative is a not-for-profit consumer-owned utility serving approximately 12,600 customers in a 3,000 square mile area in rural Washington, Penobscot and Aroostook counties.