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November 8, 2012

Standard-offer electricity rates to drop

Standard-offer electricity rates are set to decrease by as much as 8% for some small commercial and residential customers starting next spring.

The Associated Press reported that standard-offer prices will fall about 8% for Central Maine Power customers and by more than 6% for Bangor Hydro Electric customers.

Customers will see bills for supply and distribution fall about 4% through CMP and about 3% through Bangor Hydro as a result, the AP reported.

Over the last year, at least five companies have begun or announced plans to sell wholesale electricity in the state. Recently, prices for wholesale electricity have opened new opportunities for power providers, with wholesale electricity prices falling faster than standard-offer rates.

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