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The BDN’s Sept. 29 front-page article on the true cost and potential benefits of ballot question 3, on whether to form a consumer-owned utility, was informative, but it omitted an important argument in favor of Question 3, and that is Central Maine Power’s profits and where they go.
According to the Maine Beacon, CMP’s profit for the second quarter of 2022 was $40.5 million. On an annual basis, that would be $162 million and that works out to an average of approximately $248 for every CMP customer. And where does all that money go? Well, CMP is owned by Iberdrola, a Spanish company, and those profits come out of the pockets of Mainers and go into the pockets of Iberdrola’s investors.
With a Pine Tree Power consumer-owned utility that $162 million could stay right here in Maine where it belongs, and that’s why we should all vote yes on Question 3. Let’s keep Maine dollars in Maine!