Maine industrial electricity rates

Analyst note

The Maine industrial price sat above the U.S. average in 10 of 10 years; the gap was +2.14 ¢ in 2015 and +4.33 ¢ in 2024. In the 2024 ranking Maine sits between New Hampshire (16.21 ¢) one place above and New Jersey (11.93 ¢) one place below; the top of the list is 21.67 ¢ away and the bottom 7.03 ¢. Maine was 10th in 2015 with 9.05 ¢ and is 8th now; a rise in the table. Maine industrial prices rose in 6 of 9 years. The largest rise was +15.5% in 2022, and the largest fall -3.9% in 2020. The Maine price peaked at 12.46 ¢ in 2024 and bottomed at 8.86 ¢ in 2020; 2024 is the peak and +40.6% from the low. Compounded, that is +3.62% a year in Maine, +1.79 points against the U.S. Maine buys 0.22% of all U.S. industrial electricity with 0.17% of the accounts, so the average Maine account uses 1.30 times the national average.

A top-ten price: 12.46 ¢/kWh for Maine industrial accounts, rank 8 of 51, +53.3% against the U.S. Maine: +37.7% over nine years, or +3.6% a year, beating the national +17.7% by 20.0 points; 2022 was the biggest single move (+15.5%) and 2024 the high.

Last year's change in Maine was +1.3% and still rising. Against the residential price of 24.29 ¢ the gap is 11.83 ¢. Industrial sales are 20.5% of Maine electricity sold, and an average Maine account used 100,525 kWh a month, an implied bill near $12,525.

Counting revenue instead of kWh, Maine industrial accounts bring in 13.0% of Maine sector revenue on 20.5% of the kWh, a discount of 7.5 points that comes from the price level: 12.46 ¢ here against 24.29 ¢ for residential and 18.22 ¢ for commercial accounts. The average Maine industrial account uses 100,525 kWh a month, 28 of 51 among states on that measure; a residential account uses 0.01 times as much and a commercial account 0.03 times. Industrial accounts are 0.22% of the 855,558 accounts in Maine.