Understanding the Maine energy markets is crucial for business owners. There are many types of energy available, including electricity and natural gas. Knowledge of energy sources will help a person decide which is right for his or her business. It will also give the person better negotiating power. There are several benefits to learning about Maine energy markets. The following are just a few of them. Read on to learn more. And remember that if you are an individual looking to make a change, educating yourself on your energy options is essential.
Renewable energy
The state of Maine recently passed a bipartisan bill called the Renewable Portfolio Standard (RPS) that requires utilities to use at least 80% renewable energy by 2030, and to 100% by 2040. Senator Eloise Vitelli sponsored the bill. Under the Renewable Portfolio Standard, utilities are required to acquire long-term contracts with developers of new clean energy generation. These contracts may include advanced energy storage. In addition, the Thermal Portfolio Standard requires utilities to install efficient heating and cooling systems. Cost containment mechanisms include a cap of $50 per alternative compliance payment. Renewable energy policy studies must be done in conjunction with other planning efforts.
Electricity
As electricity prices continue to rise in Maine, consumers feel the pinch. With the recent increase in energy costs, it can seem like the companies are winning at the expense of consumers. But the good news is that you can learn how to navigate the complicated energy markets in Maine. With some strategic thinking, expert advice and creative thinking, you can make your energy costs as low as possible. Here are some tips to get started. Read on to learn more about navigating Maine energy markets.
Natural gas
With a competitive energy market, utilities are increasingly competing with one another for Maine’s electricity customers. But it is not easy to navigate Maine’s energy markets for natural gas. Because it must be shipped via pipeline, natural gas is only available to large commercial and industrial customers. In addition, utilities are facing financial challenges as they expand their reach to the general population. To combat this, the Maine legislature passed LD 1187, An Act To Create Maine Energy Cost Reduction Authority, authorizing the creation of a new state entity with bonding authority and the ability to enter into long-term natural gas contracts.
NEPOOL
NEPOOL is a group of over 500 companies and organizations, including entities that own bulk power facilities and public interest groups. These members are aligned with one of the six sectors of the energy market. NEPOOL provides quality feedback to the industry through an ongoing process that is comprised of education and position definitions. Through this process, the organization helps to identify areas of agreement and differences. The result is a consensus that helps all companies and organizations navigate the complex energy markets of New England.
Energy brokers
Trying to navigate Maine’s energy market can be a daunting task. Fortunately, you can simplify it by asking the right questions and relying on the expertise of a broker. You don’t have to suffer at the hands of big energy companies or fluctuating markets; you can take advantage of deregulation and benefit from expert advice. Listed below are some reasons why you should use an energy broker:
RECs
The Maine Renewable Portfolio Standard Act requires competitive electricity suppliers to purchase RECs from renewable sources in an amount equal to a certain percentage of retail electric sales. This percentage increases in a graduated manner each year, starting at 2.5% in 2020, and rising to 40% in 2030. Thermal resources include steam, hot water, and heat that meet certain energy performance standards. A supplier must purchase enough RECs to meet the required amount.
Power bill savings
The state of Maine has made it very difficult for residents and businesses to save money on their power bills. Most small businesses and households in Maine were forced to pay a large increase in their electricity bills in January, and these increases are expected to continue well into 2023. Even worse, there is uncertainty surrounding lingering effects of the Russian invasion of Ukraine. In the meantime, it is imperative for Mainers to navigate Maine’s energy markets to save money on their power bills.
NEPOOL GIS system
APX, a leading provider of renewable energy information and systems, is the administrator of NEPOOL GIS. The company offers a complete set of solutions for REC market transactions and offers 24/7 support for all renewable energy markets in North America, including the Western States (WREGIS), New York (NYGATS), North Carolina (NC-RETS), and Michigan (MIRECS). NEPOOL GIS has evolved to support the latest generation and transmission technologies in the region and is now a nationwide system.
NEPOOL’s role in Maine
While the role of NEPOOL in Maine’s energy market is largely unclear, its members are a vital part of that market. As a member of ISO-NE, Maine can participate in the organization’s stakeholder engagement processes. Its Participants Committee, for example, acts as the primary governing body for the group and is an important source of advice on rule proposals made by ISO-NE. The group can also vote on rule proposals as part of its role in the region.
Knowledge is power
It may seem daunting to learn about the intricacies of the energy markets in Maine. But with the right questions and expert advice, this task can be made much easier. With deregulation, you no longer have to be at the mercy of the big energy companies that control the prices for energy. Instead, you can use this knowledge to your advantage and choose the energy source that suits your specific needs. Knowledge is power when navigating Maine energy markets.