October 28, 2016
CMP: Phasing out old contracts could save customers $56M
Customers of Central Maine Power could soon see reductions of around $3 to their monthly bills as the utility company looks to phase out select long-term expenses.
Maine Public reported that those expenses are known as stranded costs and assets, which include power contracts that might cost more than the current market rates and the potential sale of another long-term contract with Hydro-Quebec, which CMP said it could resell for a profit.
“What we’re seeing now is that some of the larger negative contracts, some of the ones that have been very expensive from going back decades, those are finally ending, so the continual losses on that [have] stopped,” John Carroll, CMP’s spokesman, told Maine Public.
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