Question 3 - An Act to Create the Pine Tree Power Company, a Nonprofit, Customer-owned Utility

Summary

This initiated bill creates the Pine Tree Power Company, a privately operated, nonprofit, consumer-owned utility controlled by a board the majority of the members of which are elected. The company's purposes are to provide for its customer-owners in this State reliable, affordable electric transmission and distribution services and to help the State meet its climate, energy and connectivity goals in the most rapid and affordable manner possible. The Pine Tree Power Company is not permitted to use general obligation bonds or tax dollars of the State. The company finances itself by issuing debt against its future revenues to purchase the facilities of investor-owned electric transmission and distribution utilities in the State. The fair market value of the acquisition is either negotiated or determined by a refereed process. The Pine Tree Power Company Board contracts a nongovernmental team to operate the facilities, and the operations team is required to retain all workers of the purchased utilities. The company is subject to property taxation and must pay property tax in the same manner as an investor-owned transmission and distribution utility. The company is subject to ratemaking and other oversight by the Public Utilities Commission and is required to administer programs for net energy billing, non wires alternatives, supply procurement and low-income assistance programs. 32 The company is governed by a board of 13 members, 7 of whom are each elected to represent 5 State Senate districts, as well as 6 designated expert members. The board is subject to freedom of access laws and to laws preventing conflicts of interest. The initiated bill also directs the Public Utilities Commission beginning January 1, 2025 to find a transmission and distribution utility unfit to serve and to direct the sale of the utility if the utility meets certain criteria.

A "YES" vote is to enact the initiated legislation.

A "NO" vote opposes the initiated legislation.

Arguments

"Drawn out legal battles, political agendas and lack of investments could cause significant harm to the future of our electric grid. We could see significant delays in implementing Maine's aggressive climate plan, a halt to upgrades and new investments, and the loss of billions in funds for modernization." - Maine Affordable Energy Coalition, in opposition to Question 3 (Learn more)

"With Pine Tree Power, Mainers can establish a utility responsible to the public, not far-off investors. A win in Maine would allow for a quicker, more just expansion of the state's electric grid, all while saving ratepayers billions of dollars and advancing the state's commendable climate and economic justice goals." - Sierra Club Maine, in support of Question 3 (Learn more)

"I have much more faith in Maine citizens being elected to a board of directors for a newly created Pine Tree Power nonprofit utility company than I do in the present for-profit system with its board of directors being appointed by utility investors in Spain, Norway and the Middle East. I believe that Maine citizens will do a far better job of looking out for the interest of all ratepayers in Maine than the foreign investors." - Charles Ipcar, in support of Question 3 (Learn more)

"Question 3 requires us ratepayers to assume responsibility for all of Pine Tree Power's costs. Every dollar Pine Tree Power spends will be rolled into our electric bills. A Maine Public Utilities Commission report indicated we should expect our electric rates to increase over the first ten years." - Maine Affordable Energy Coalition, in opposition to Question 3 (Learn more)

Measure Details