October 19, 2023
For immediate release
Contact: Willy Ritch 207-841-8400|[email protected]
Former Congressman Mike Michaud issued the following statement today, saying he would be voting against the Pine Tree Power referendum:
Throughout my career in public service, I’ve considered what may amount to thousands of proposals that have the potential to impact my town, our state and our country. In determining which to support, I look for public policy that provides sound, meaningful benefits to as many people as possible. I cannot say that about Pine Tree Power.
This is a very expensive proposal with estimates running in the billions of dollars. Most of the estimates are as large as the state’s entire annual budget. Interest payments will add hundreds of millions more every year to an already huge debt. And these are just the initial costs associated with buying up the assets of two private utility companies.
Of course, the burden of paying back all this money will fall squarely onto the shoulders of hardworking Maine people. As far as I can tell, we’re guaranteed nothing in return – neither lower electric rates nor better reliability. In fact, the Maine Public Utilities Commission and Public Advocate both expect rates will increase in the first ten years.
Given Pine Tree Power’s extraordinary costs and lack of sound or meaningful benefits, I will be voting no on Question 3.