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The Natural Resources Council of Maine has endorsed the effort to establish a consumer-owned utility to replace the investor-owned utilities of Versant and Central Maine Power. Their conclusion seems to me to be well thought out. They acknowledge that there are unknowns on the path of acquiring these companies.
On the other hand, I think we know exactly what we’ll get if we maintain the status quo: Foreign-owned, for-profit companies who I think will continue to favor shareholders over utility customers. And we’ll continue to experience some of the worst reliability and affordability in the nation.
We need a new path forward for a climate-challenged future. CMP and Versant have failed to demonstrate a firm commitment to that future.
There’s a reason why the foreign-owned parent companies of CMP and Versant have outspent the Pine Tree Power effort by vast sums, and why I think they’re likely exaggerating the costs of acquiring the companies. They’re likely very pleased with the profits they’re making for their shareholders. But there’s a natural tension between keeping shareholders happy and meeting the needs of customers.
A consumer-owned utility is our best shot at creating a more reliable, affordable, resilient electric delivery system. Maine is blessed with highly skilled and knowledgeable professionals ready to take on this challenge. We can do this!
Mary Ann Larson
Bangor