Bangor Hydro-Electric Plans US$6.4 million in Cuts

Briefly Noted

Bangor (Maine) Hydro-Electric Co. is preparing to cut costs by 20 percent, laying off an unspecified number of workers, after being criticized by the state utilities board for consistently seeking rate increases. The US$6.4 million in cuts, along with a planned freeze in electricity rates for up to six years, may help the company avoid a potential audit by the Maine Public Utilities (MPUC) Commission. The utility has been granted rate increases in each of the past five years, prompting the MPUC to consider auditing the company after receiving numerous customer complaints about the rate hikes. The audit is on hold for 90 days while Bangor Hydro seeks a new plan.
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