Pine Tree Power

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Question 3
Date	November 7, 2023 (2023-11-07)
Results by county Against   80–90%   70–80%   60–70%   50–60%

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Pine Tree Power is a proposed initiative in the state of Maine, USA, that has garnered significant attention and debate among residents and stakeholders. The initiative aims to transform the state's privately-owned utility companies, Central Maine Power (CMP) and Versant Power, into a nonprofit, co-op utility known as Pine Tree Power Company (PTP).

Background

Maine, like many other regions, has been grappling with issues related to energy utilities, including high electric bills, power outages, and concerns about climate change. CMP and Versant, the two major utilities serving the state, have faced criticism for their high rates and perceived lack of responsiveness to ratepayer concerns. In response to these challenges, proponents of Pine Tree Power have initiated a significant effort to create a quasi-governmental utility that they argue would better serve the interests of Maine residents.

LD 1708

On June 15, 2021, The Maine House of Representatives voted 76-62 to pass LD 1708, "An Act to Create the Pine Tree Power Company". The bill was sponsored by Seth Berry (D-Bowdoinham) and Rick Bennett (R-Oxford). The Maine State Senate passed the bill 19-16 on June 16, 2021. On July 13, 2021, Maine governor Janet Mills vetoed LD 1708.

Petition effort

Maine Secretary of State Shenna Bellows certified 69,735 signatures which were gathered by supporters of Pine Tree Power for a referendum.

Proposal Overview

Ballot Referendum

The Pine Tree Power initiative is set to be presented to Maine residents as Ballot Question 3 on Election Day, which is scheduled for November 7, 2023. If approved by the voters, the initiative would take effect on January 1, 2025. The ballot question will ask: "Do you want to create a new power company governed by an elected board to acquire and operate existing for-profit electricity transmission and distribution facilities in Maine?"

Objectives

The primary objective of the Pine Tree Power initiative is to create a new power company, Pine Tree Power Company (PTP), governed by an elected board, which would acquire and operate the existing for-profit electricity transmission and distribution facilities in Maine. This acquisition would involve taking over the assets of CMP and Versant.

Governance Structure

PTP would be governed by a board consisting of 13 voting members, seven of whom would be elected in statewide public elections. The remaining six members would be appointed by the elected members, and all board members would serve staggered terms of six years.

Competitive Solicitation

PTP would be required to conduct a competitive solicitation to contract with one or more private companies to operate the utility. These third-party operators hired by PTP would also be required to hire most non-executive employees from CMP and Versant and offer retention bonuses to incentivize employees to stay with the new operator.

Financing

PTP would have the authority to issue debt, which may be secured by a mortgage on its property. However, it is essential to note that the debt incurred by PTP would not be an obligation of, or guaranteed by, the State of Maine. Instead, the debt would be repaid through rates.

Tax Benefits

One significant aspect of the proposal is its impact on taxes. PTP, as a quasi-governmental utility, would be exempt from federal and state corporate income taxes, which CMP and Versant currently pay. Additionally, PTP's tax-exempt status would affect the accumulated deferred income taxes (ADIT) and investment tax credits (ITC) currently held by CMP and Versant.

Political Context and Opposition

The Pine Tree Power initiative has sparked a fierce political battle in Maine. Private utility companies, including CMP and Versant, have strongly opposed the takeover, investing substantial resources in campaigning against it. They have been criticized for forming front groups and hiring political consultants to influence public opinion. Proponents of Pine Tree Power argue that cooperative ownership of utilities can address climate change and benefit Maine residents by reducing electricity rates and supporting renewable energy. They have received support from figures like Bernie Sanders.

References

This article "Pine Tree Power" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Pine Tree Power. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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