August 18, 2022
On August 16, Avangrid, Central Maine Power’s (CMP) parent company, announced CMP’s quarterly financial report. CMP is the major electricity company in the state of Maine. According to Avangrid, CMP made $40,459,000 in profits over the past three months (April, May, June 2022), up 23 percent from the same period in 2021.
In response, Our Power Executive Director Andrew Blunt issued the following statement: “Our utilities are making money hand over fist while Maine people are struggling to make ends meet. Everyday, CMP is sending $444,604 to make Avangrid shareholders and executives richer and richer. In the midst of the inflation crisis we’re in, it’s unconscionable.”
“Customers of Maine’s nine customer-owned utilities are paying literally half as much for their electricity than CMP and Versant customers,” Blunt continued. “Our business model needs to change.”
Versant last received a delivery rate hike of 17.5% in November of 2021, and has recently requested an additional 28%. CMP last received a hike of 11.5% in August 2021. Supply costs have also increased dramatically, especially for Versant and CMP.
Our Power is a group of Maine ratepayers, business leaders, energy experts, conservationists, and others committed to putting the Pine Tree State’s energy future in the hands of Mainers.