FOR IMMEDIATE RELEASE
October 26, 2022
Competitive Electricity Transmission Bidding Process Saves Maine Consumers Over $1 Billion
WASHINGTON – The Maine Public Utilities Commission today unveiled two new electricity transmission projects that will make significant investments in renewable energy while saving consumers over one billion dollars – thanks to a competitive bidding process that allows companies who want to build transmission projects but are not local monopoly electric utilities to compete.
The Commission announced the selection of two projects to promote renewable energy development in Northern Maine, and according to the release, the competitive process saved $1.08 billion for Maine ratepayers.
In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition said, “The results of the competitive bidding processes in Maine clearly demonstrate the significant cost-avoidance benefits of electricity transmission competition.”
“Consumers in Maine will save billions of dollars because competition drives downs costs and competitive bidders bring innovation and new technologies to the table. What happened in these states stands in conflict with FERC’s proposed national transmission policy that steps away from competition and is inconsistent with the President Biden’s Executive Order ‘Promoting Competition in the American Economy,’” Cicio said.
In the most recent CPI release, electricity price inflation increased 15.5% on an annualized basis. If the competitive bidding process like the one in Maine were replicated at the national level, electricity transmission competition could save American businesses and households many more billions of dollars while helping the United States to meet its energy needs and achieve carbon emissions reduction goals.
About the Electricity Transmission Competition Coalition
The Electricity Transmission Competition Coalition (ETCC) is a broad-based, nation-wide coalition committed to increasing competition in America’s electricity transmission infrastructure. We advocate for common-sense policies and solutions that result in competitively priced transmission projects, which reduce energy costs for all ratepayers – from large manufacturers to residential consumers. The ETCC represents a diverse group of more than 70 companies and organizations from all 50 states, including manufacturing groups, retail electric consumers, state consumer advocates, public power representatives, think tanks, and non-incumbent transmission developers.
For more information, visit: www.electricitytransmissioncompetitioncoalition.org.