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Central Maine Power, Versant, their parent companies and allies say a lot these days. After all, they want to protect their $187 million in annual profits. For CMP, profits were more than all their workers made, combined!
One of these falsehoods is that they may not invest during a transition to Pine Tree Power, delaying needed grid modernization. Hogwash. If you ever sold a home, didn’t you clean it up first to get a better price? It works the same way when a utility is acquired.
When Emera Maine sold to Versant Power recently, Emera got back about $1.50 for every $1 they’d invested. That’s a great return — and a reason to accelerate before a sale, not slow down.
There have been three studies done of Question 3. All three assume CMP and Versant will get back $1.50 or more for every $1 they invest during the transition. And two — the studies CMP’s its parent company didn’t pay for — said the switch will take just three to five years.
Question 3 also provides more resources to the Maine Public Utilities Commission to oversee the shift. It requires the PUC to “take all necessary actions to ensure that [CMP and Versant] cooperate fully, promptly and cost-effectively,” and keep requiring that they “plan, construct, operate and maintain facilities and … cooperate with customers, generators and other stakeholders…”
Want more facts — not fear and falsehoods? Visit the nonpartisan Citizen’s Guide to the Referendum Election, published at maine.gov/sos. Question 3 is summarized on pages 31-36.
Seth Berry
Volunteer
Pine Tree Power
Bowdoinham