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Energy company Dead River Co. announced on October 4 that it has expanded into Central Maine Power Co.'s territory, where it will broaden its energy portfolio by supplying customers with retail power at the best electricity price available.
The company will soon begin supplying residential and business customers with electricity at a discount rate to the region's utilities. Dead River CEO Bob Moore announced at a press conference on Thursday that the company had received approval from the Public Utilities Commission to sell discounted, off-peak power to select customers.
"Off-peak electricity is the concept of using electricity at night, when the demand, and therefore the costs, are low – roughly the price equivalent of $2.90 a gallon for home heating oil," Moore said.
The electricity will be sold through Dead River's subsidiary DR Power LLC, which the company created in May to take advantage of Maine's energy deregulation laws. These measures were implemented in March 2000, and allow customers to shop around for the best electricity rates. Since the laws went into effect, electricity rates throughout Maine have fallen due to the competitive energy market that has developed.