3 Mar 2023

PRESS RELEASE: Maine Bankers Association Supports Maine Affordable Energy Coalition

FOR IMMEDIATE RELEASE
Contact: Jim Roche
jroche@mainebankers.com
(207) 791-8401

NEWS RELEASE

Maine Bankers Association Supports Maine Affordable Energy Coalition

The Maine Bankers Association today announced its support for the Maine Affordable Energy Coalition, an alliance of businesses and labor groups opposed to the forced takeover of Central Maine Power (CMP) and Versant Power, the state’s largest, publicly regulated energy delivery companies.

“The forced takeover of these two companies by Pine Tree Power (PTP) Company will add an estimated $13.5 billion to the monthly electricity bills of utility customers,” said Maine Bankers President Jim Roche “It’s an unnecessary and misdirected burden on ratepayers.”

Both utilities are being targeted for takeover by Pine Tree Power through a proposed referendum. CMP and Versant are highly regulated public utilities whose work is already closely monitored by the Maine Public Utilities Commission (PUC). PUC members are nominated by the governor and confirmed by the state Senate. Their role is to protect consumers’ interests. CMP and Versant do not generate electricity; they deliver electricity generated by other companies to homes and businesses in their respective service territories in Maine.

“Opponents should direct their angst about rising energy prices at New England-region supply constraints that add to the cost of electricity. While CMP and Versant are not perfect operators, they don’t generate electricity, they deliver it. Pine Tree Power’s proposed new ownership structure will simply add more debt and create higher electricity bills for customers,” Roche added.

In addition to the Maine Bankers Association, other members of the Maine Affordable Energy Coalition include the Maine State Chamber of Commerce and the Portland Regional Chamber of Commerce, as well as labor unions like the AFL-CIO, the International Brotherhood of Electrical Workers, and with thousands of Maine residents.

Maine Bankers Association (MBA) represents Maine’s banking industry and its 9,000 employees statewide. Maine’s 29 retail banks operate 454 offices in nearly every community throughout the state. MBA member banks assist Maine’s citizens and businesses with financial decisions that strengthen the state’s economy and improves the quality of life for everyone.

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