AUGUSTA – The Maine Public Utilities Commission has begun seeking new standard offer contracts for residential customers of Central Maine Power and Bangor Hydro-Electric Co.

The commission on Monday released requests for proposals from electricity suppliers seeking to provide “standard offer service” when the current two-year contracts expire next February.

Currently, 99 percent of residential and small commercial customers use standard service in the CMP and Bangor Hydro service areas.

But the goal of electric deregulation is for competition from other suppliers who might provide even lower rates for consumers.

The new contract requests from the commission are for proposals for one, two or three years. Concurrently, CMP and Bangor Hydro also are seeking proposals for wholesale standard offer service.

Residential customers currently pay 4.1 cents per kilowatt hour under the standard service contract in CMP’s service area and about 6.1 cents in the Bangor Hydro area. The new rates are expected to go into effect next March.