Despite having excellent workers, Central Maine Power is a mismanaged failure. It is an impediment to a reliable, clean energy future at reasonable cost.
The private-sector cure for such abysmal performance is to change management, fix the business model and implement a better strategy. How is Pine Tree Power, the proposed customer-owned utility, going to do this? Should we fear a big change for something as vital as electricity?
It’s really simple. We’re going to do what makes business and common sense. You and I, as voting customers, are going to approve the formation of Pine Tree Power, a private nonprofit entity with a public purpose. After doing so, we are going to directly elect board members who will be responsive to its stated purposes, reflecting our priorities.
Pine Tree Power is then going to purchase CMP’s assets for fair value, and bring in experienced utility executives aligned with Maine values and customer priorities. This will provide CMP’s established workforce with the competent leadership it desperately needs. Pine Tree Power will establish a utility working partner dedicated to an innovative clean energy system rather than shareholder profits. And it will provide access to much less expensive capital (tax-exempt debt), resulting in savings for all electricity ratepayers.
You and I will ensure this future by periodically electing the majority of the board. Maine directors accountable to us will replace bankers and investors from Spain, Norway, Qatar and Canada. Local control means local benefits.
Steve Weems
Brunswick
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