AUGUSTA (AP) – Electric bills will soon be going down for Bangor Hydro-Electric Co.’s large business customers.

The Public Utilities Commission on Friday approved a 40 percent decrease in the electricity portion of bills for Bangor Hydro’s large business customers that use the default “standard offer.” The price will fall from 13.3 cents per kilowatt hour to an average of about 8.1 cents – the lowest price in three years.

Electricity costs account for about 60 percent of monthly bills, with transmission and distribution rates accounting for the other 40 percent.

Electricity rates are going down for nearly all residential and business customers in Maine come March 1. PUC Chairman Sharon Reishus says the lower rates reflect falling prices for natural gas, the dominant fuel for power generators serving Maine.