Maine Public Utilities Commission Opens Formal Investigation into Versant Power Company Management Practices

Hallowell, Maine-The Maine Public Utilities Commission (Commission) announced today that it will open a formal investigation into the management practices of Versant Power Company, following concerns raised in a recent independent audit of the company's operations.

In May 2024, the Commission initiated an audit of Versants operations and management

practices. The audit, conducted by Overland Consulting, examined the utilitys management structure, customer service and collections practices, operations, and the reliability of its electric distribution system.

"Based on findings in the report, which raised a number of questions regarding the judgment of Versants management, we directed staff to initiate a formal investigation to consider the findings and recommendations in the audit report," said Commission Chair Philip Bartlett. Through this investigation we will review any other relevant evidence to determine whether there are any deficiencies and, if so, what action should be taken to address them. We are committed to holding utilities accountable for meeting their statutory obligations to their customers.

The investigation will evaluate Versants compliance with past Commission orders and performance metrics, as well as broader issues related to the companys management and service delivery.

Versant Power, the states second-largest investor-owned electric transmission and distribution utility, serves approximately 165,000 customers in northern and central Maine.

For more information regarding the audit please visit https://mpuc-cms.maine.gov/CQM.Public.WebUI/Common/CaseMaster.aspx?CaseNumber=2024-00111

About the Commission The Maine Public Utilities Commission regulates electric, telephone, water and gas utilities to ensure that Maine citizens have access to safe and reliable utility service at rates that are just and reasonable for ratepayers and utilities, while also helping achieve reductions in state greenhouse gas emissions. Commission programs include Maine Enhanced 911 Service and gas safety. Philip L. Bartlett II serves as Chair, Patrick Scully and Carolyn Gilbert serve as Commissioners.

Learn more about the Commission at www.maine.gov/mpuc