Maine voters rejected a plan to consolidate two of the state's largest electricity providers that may have cost taxpayers $13.5 billion during Tuesday's referendum election.
Voters ultimately said "no" to Question 3, which would have established the Pine Tree Power Company, a consumer-owned utility, through a forced buyout of Central Maine Power and Versant Power, two private investor-owned utilities that provide around 97% of the state’s electricity.
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Our Power, the group advocating Question 3, put the cost of the takeover at $9.9 billion, but opponents to the question said the cost would be $13.5 billion.
Question 3 was unique in that it was tied to another referendum before voters, Question 1. Question 1 served to force a cap on the spending on Question 3's consolidation plan. Question 1, which passed, now requires voter approval in a general election for certain state utility entities, municipal electric districts, and other consumer-owned utilities to incur a debt that exceeds $1 billion.
No Blank Checks and Maine Affordable Energy led the campaign for Question 1 and opposition to Question 3. The two groups collectively reported $39.9 million in contributions and $37.6 million in expenditures, according to Maine campaign finance records. On the other side, Our Power reported $1.2 million in contributions and $1.16 million in expenditures.
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Since 2021, there have been a series of attempts over the years to create a consumer-owned utility, but state legislators and Gov. Janet Mills (D-ME) have vetoed the initiative. Mills asked Maine residents to vote “no” on Question 3, stating that the creation of Pine Tree Power through a “hostile takeover” is a “gamble” on Maine’s future and the high-interest payments were the “last thing we need.”
"I strongly believe that Maine consumers deserve high quality, reliable and competent service. ... [Question 3 is] a hostile take-over that will cost billions of dollars to Maine ratepayers and inject partisanship into the delivery of our power," Mills said at the time to Bangor Daily News.