FERC Approves Transmission Rate Incentives Requested for Maine Power Connection
November 19 2008 - 10:00AM
Marketwired
Officials at Maine Public Service Company (MPS), a subsidiary of
Maine & Maritimes Corporation (AMEX: MAM) (NYSE Alternext U.S.:
MAM), confirm that the Federal Energy Regulatory Commission (FERC)
has conditionally approved transmission rate incentives for the
Maine Power Connection Project (MPC Project) sponsored by MPS and
Central Maine Power Company. The companies requested a 1.5 percent
incentive rate equity adder and recovery of prudently incurred
costs if the project is abandoned as a result of factors beyond
their control.
FERC authorized the requested incentives on the condition that
the project is included in ISO-New England's Regional System Plan
as a Market Efficiency Transmission Upgrade.
View the Order as filed at FERC's e-library:
http://elibrary.FERC.gov/idmws/file_list.asp?accession_num=20081117-3037
About Maine Public Service Company:
Maine Public Service Company, a subsidiary of Maine &
Maritimes Corporation (NYSE Alternext U.S.: MAM), is a regulated
electric transmission and distribution utility serving
approximately 36,000 electricity customer accounts in northern
Maine. MAM is also the parent company of MAM Utility Services
Group, an unregulated wholly-owned US subsidiary which focuses on
such areas as transmission infrastructure to support wind
generation, utility asset maintenance contracts, and other
utility-related services. Corporate headquarters are located in
Presque Isle, Maine, and the corporate website is
www.maineandmaritimes.com.
Cautionary Statement Regarding Forward-Looking Information:
Except for historical information, all other information
provided in this news release consists of "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1935. Although Maine & Maritimes Corporation
believes that such statements are based on reasonable assumptions,
any such statements involve uncertainties and risks that may cause
actual results to differ materially from those projected,
anticipated, or implied. MAM cautions that there are certain
factors that can cause actual results to differ materially from
forward-looking information that has been provided, including,
without limitation, potential changes in applicable laws and
regulations, potential changes in Management, its ability to raise
necessary operating and growth capital, increased interest costs,
its ability to execute its business plans in a timely and efficient
manner, the loss of customers and other factors that are more
detailed in MAM's filings with the Securities and Exchange
Commission.
MAM-G = General Release
For More Information Contact: Virginia R. Joles Director
Economic and Community Development Tel: 207-760-2418
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