It is time that the Maine Public Utilities Commission slows down the exploitation practices of Bangor Hydro Electric Co. Since the great ice storm of 1998, Bangor Hydro has had several rate increases to cover the storm losses. The federal government has given Bangor Hydro millions of dollars to cover the storm losses. That is double-dipping.
With deregulation, Bangor Hydro has established high rates for transmission and distribution to ensure large profits knowing that future rate increases for supply would not be blamed on them.
The financial success of Bangor Hydro’s frequent rate increases is evidenced by the value of their stock, climbing from $9 to $25 per share with lucrative dividends since the ice storm. The current cost of 15.5 cents per kilowatt-hour is about the highest in the nation (except for California). Where was the PUC when Bangor Hydro was continually increasing its rates and gouging its customers?
John S. Kennedy