Maine PUC Spins Off Electricity Purchases Amid Price Volatility Fears

The Maine Public Utilities Commission (PUC) has decided to split up the purchase of electricity for the state due to concerns about price volatility.

This year, the PUC will buy half of the upcoming year's supply this month and then procure the remaining amount in the fall. The decision was made amidst pricing uncertainty, with PUC chair Phil Bartlett citing the ongoing war in Iran as a potential catalyst for higher costs later this year.

Bartlett noted that price volatility related to the war in Iran has already had an impact on New England's power grid, which relies heavily on liquefied natural gas. He expressed concerns about the uncertainty surrounding the Strait of Hormuz and its potential effects on prices by November.