OdeToJoy » 26 Sep 2023, 8:59 am » wrote: ↑
This batt!e is going on in Maine. Maine has two monopoly for profit energy companies that are entirely owned by foreign investors. There is a referendum on the ballot in November to buy back these companies and convert them to non profits. Maine's energy companies were listed dead last in the country for reliability and price.
25% of our power companies are member owned. These utilities are consistently cheaper and more reliable than for profit companies.
The two foreign owned energy companies in Maine have spent $27 million to campaign against the "scary" new idea of a non profit energy company owned by the people of Maine.
https://ourpowermaine.org/a-maine-power ... practical/
Our two primary electric transmission and distribution companies, CMP and Versant, are IOUs.
CMP is owned by Avangrid, which is owned by Iberdrola, a Spanish global conglomerate. Two of Iberdrola’s largest shareholders are the sovereign wealth funds of Qatar and Norway.
We pay Qatar and Norway U.S. dollars for oil and they buy assets here in Maine that pay guaranteed rates of return. It is a great financial recycling operation.
The other monopoly provider in Maine, Versant, is also foreign owned by ENMAX from Calgary, Canada.
ENMAX is the privatized former city of Calgary electric company. It is 100 percent owned by the city of Calgary and pays a yearly dividend of approximately $40 million to Calgary. CMP and Versant produce large profits. Our ratepayers’ hard-earned dollars generate wealth for Iberdrola’s shareholders and the citizens of Calgary.