Yet again, Mainers are facing a relatively hot topic on this year’s ballot. Here’s what you need to know about Question 3 regarding power in the state.
“An Act to Create the Pine Tree Power Company, a Nonprofit, Customer-owned Utility. Do you want to create a new power company governed by an elected board to acquire and operate existing for-profit electricity transmission and distribution facilities in Maine?”
This initiative would bring a quasi-municipal electric utility company to Maine. Currently, there are two main power companies – Central Maine Power (Owned by Iberdola of Spain) and Versant (Canadian) – which provide 97% of Maine’s power. The remaining 3% is supplied by smaller utilities, such as Kennebunk Light and Power, serving Kennebunk and Arundel.
“The plan calls for Pine Tree Power to buy the assets – the network of lines, wires, trucks, facilities and other possessions – of the two companies” (Source).
Pine Tree Power Company would have a 13 member board (7 of which would be elected to represent the state senate districts) instead of investors.
“The purchase is anticipated to be financed through the issuance of bonds and the debt service costs of those bonds and the costs of operation will be funded through utility rates charged to the consumers.” (Source). This is similar to common bond proposals we’ve seen on past ballots, like the one to expand high speed internet across Maine.
As stated by the Portland Press Herald on the topic of the possibility of the lowering of electric bills: The monthly electricity bill is divided into two parts for the supply and delivery of power. This move would only affect the delivery of electricity to the consumer.