DAILY BULLDOG • January 9, 2024
The major argument behind CMP’s bullying barrage to kill public power was that if that proposal passed, the new utility would have had to take on excessive debt to pay for the electric companies’ land, buildings and equipment. CMP repeatedly claimed it would cost $13.5 billion. Even the most ardent supporters of private utilities didn’t believe that figure. In 2022, the Maine Public Utilities Commission estimated CMP and Versant had assets worth $5.4 billion. That’s the property value on which the companies pay taxes. But the consultant CMP hired to dream up its extravagant buyout number decided the utilities would be worth a lot more by the time the sale was completed. If the utilities’ real value is $13.5 billion, they should be paying property taxes based on that amount. But they’re not. Last year, CMP and Versant coughed up about $85 million to municipalities where they have facilities. If we take the higher figure as gospel, then the tax bill should be something approaching $250 million per year. ~ Al Diamon