This public power issue is so complex. I’m still undecided and trying to wrap my head around all the arguments. No one knows the outcome of future negotiations so we have little facts to go on.
However, we do know two facts for sure. One, CMP and Versant made $1.1 billion in net income from Mainers in 2022.
Two, if we buy out these utilities, it will create a debt for Mainers.
Let’s assume we buy the utilities and keep electricity rates at the same level as they are today. The $1.1 billion would be available to pay off the debt.
If the debt is $13.5 billion, as opponents say, then the debt would be paid off in 12 years. If the debt is $7.5 billion, as a local lawyer estimates, then the debt would be paid off in seven years.
After the debt is paid off, that $1.1 billion could and should be used to reduce future electricity rates.
Even though there are countless factors to consider, and both sides are striving to make the issue more complex, I’m leaning toward the conclusion that buying out the utilities is a pretty good deal for the future of Maine.
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Dennis Maddi
Winthrop
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