AUGUSTA – Central Maine Power Co. has cut its rates for residential and small business customers by 3 percent.

The company says the reduction in its price to deliver electricity should save a customer who uses 550 kilowatt-hours of power monthly $1.08 per billing period or about $13 annually.

“We made a long-term commitment to keep electric delivery rates low for customers,” said CMP President Sara Burns in announcing the price cut. “With this new rate, our prices are down almost 33 percent since January of 2000.”

CMP delivers electricity to more than 580,000 homes and businesses. The rate reduction doesn’t affect the actual price of electricity, which is generated by other companies. CMP is a conduit, delivering the power and then collecting payment for both delivery as well as electricity.

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