Maine residents on Tuesday voted down a public takeover of the state's two largest utility companies.Maine residents on Tuesday voted down an initiative that would have replaced that state’s largest power companies with a nonprofit, consumer-owned utility, The Associated Press projected.
A “yes” vote was in favor of replacing investor-owned companies CMP and Versant with Pine Tree Power Company, a nonprofit, customer-owned utility. A “no” vote was for keeping the status quo.among utilities nationwide for customer satisfaction. CMP and Versant are subsidiaries of multinational energy corporations Avangrid and ENMAX, respectively, and account for 97% of Maine’s electricity distribution.
“The Pine Tree Power scheme to seize Maine’s electric grid by eminent domain would create a government-controlled utility—and we would all be on the hook for the cost,” Maine Affordable Energy, a coalition that opposed the takeover,on its website. “The debt that comes with taking over the utilities—an estimated $13.5 billion—is more than twice the entire state budget. It could put us at risk for higher taxes or cuts to critical services we rely on.