Maine Voters Reject State Takeover Of Private Utilities Companies

Maine voters yesterday overwhelmingly rejected a ballot measure, Question 3, proposing a state takeover of its two investor-owned utilities, Central Maine Power and Versant. Public power advocates proposed a new state entity, Pine Tree Power, that would be authorized to issue debt for this utility takeover.

Cost estimates for this plan cited in the local press varied from $8-13 billion and could take a decade to implement. The plan essentially would use the principles of eminent domain to establish a fair value for utility assets and then prosecute.…