1) It will lower customer’s utility rates and make our energy more affordable for ALL Mainers.
Yes, it’s true, your bills from Pine Tree Power will be 10 – 15% less than your current bills - from the start. In fact, Maine’s current consumer-owned utility customers (like Eastern Maine Electric Cooperative) pay 50% less than CMP & Versant customers.
How is that possible? Pine Tree Power will be a non-profit company, unlike for-profit investor-owned utilities, CMP & Versant. The $188 million in profit that CMP & Versant made last year could go toward lowering our rates, improving our service, and providing needed maintenance for our grid.
Also – As a non-profit, Pine Tree Power can borrow money using low interest revenue bonds at 3%. CMP & Versant have to borrow private capital at 8 – 10% interest, and they pass those high interest rates on their debt on to customers. As a result, over the next 30 years, Mainers will save $9 billion dollars on their utility costs.