AUGUSTA (AP) – Maine regulators have approved a sharp decrease in the electricity portion of bills for many Central Maine Power and Bangor Hydro-Electric business customers who use the default “standard offer.”

The new rates going into effect March 1 reflect a 43 percent drop for CMP’s medium-sized business customers and a 33 percent drop for large businesses customers. Bangor Hydro’s medium business customers will see their rates go down by 44 percent.

The rate cuts reflect a drop in the electricity supply costs, which account for about 60 percent of monthly bills. Transmission and distribution rates, which account for the other 40 percent, will be announced later this winter.

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