Judge rejects attempt to throw out ballot proposal that could thwart CMP, Versant takeover

PORTLAND PRESS HERALD • March 7, 2023

A Superior Court judge rejected on Tuesday a lawsuit against a citizens referendum designed to scuttle the goal of another ballot initiative – the public buyout of Maine’s two investor-owned electric utility companies. The buyout proposal would replace Central Maine Power Co. and Versant Power with a consumer-owned utility to be dubbed Pine Tree Power Co. But opponents of that measure last fall mounted a referendum drive of their own to require voter approval of any state borrowing over $1 billion. That measure might derail the creation of Pine Tree Power, as the opponents claim it would take $13.5 billion to buy out the two current utilities.