HALLOWELL, Maine (AP) — Most Central Maine Power and Versant Power customers are going to pay lower rates in the coming year.

The Maine Public Utility Commission on Wednesday approved a standard offer for CMP residential customers that reduces cost of electricity by 12%. Overall bills will be reduced by about 5% after taking into account transmission costs.

The standard offer approved for Versant customers the day before amounts to a 10% reduction for electricity, which equates to 3.6% reduction in the total bill after taking into account transmission costs.

Maine consumers bills are divided into two parts, electricity and transmission costs.

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