Maine’s voters will decide Tuesday whether to take a rare step: a hostile takeover of their biggest electric companies.
A measure on the ballot there would create a consumer-owned replacement called “Pine Tree Power” by buying out two investor-owned companies that currently serve nearly all Mainers. Proponents, which include some environmental groups, politicians and a nursing union, say wresting control from the for-profit companies will eventually lead to lower bills, better customer service and a speedier shift to renewable power. Utilities and Maine’s governor say takeover would saddle the state with debt.
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