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April 1, 2015

Maine Natural Gas seeks rate hike to raise $10M

Maine Natural Gas is seeking a rate hike to increase its revenue by $10 million over the next three years to make safety and infrastructure upgrades.

The Portland Press Herald reported that the natural gas company, which serves areas around Augusta, Bath-Brunswick and Windham-Gorham, is asking the Maine Public Utilities Commission to approve the rate hike by Dec. 1. Maine Natural Gas said that would enable it to expand customer services and increase earnings to industry standards.

The rate hike would impact the cost of distributing gas, raising that portion of the monthly bill for an average customer from around $59 to $130 in 2018. Maine Natural Gas is seeking the rate hike as the company continues to grow, but has struggled with earnings over the years, having made a negative return on equity last year, the newspaper said.

Source: Portland Press Herald

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