When we became a public company in 1947, we did so with the belief that this would provide a significant impetus for the growth of our business, while providing value for our shareholders. Our mission was to become a profitable, socially, and fiscally responsible company. Our dedication to this mission is unwavering.

The last few years have seen increasingly positive valuation being placed on utility companies, as a direct result of improving industry fundamentals. Industry-wide prices for generation services have demonstrated resilience in the face of increasing gas prices, an indication that utility fundamentals such as capacity, ancillary service, and load shaping are driving demand. 

We are excited by new opportunities for transmission within and outside the service territory, and for renewable generation sources within the service territory. Our geographic location provides access to the rapidly expanding Canadian and New England markets, as we are uniquely positioned by being a United States utility that is connected to Canada. On March 1, 2007, the Company entered into a memorandum of understanding with Central Maine Power Company, a subsidiary of Energy East, to pursue the development of a large-scale transmission project that has the potential to produce additional returns and connect MPS to the New England gird.

Plans to construct a 345 kV power line from central Maine to northern Aroostook County were announced on July 1, 2008, when a petition for a certificate of public convenience and necessity was filed with the Maine Public Utilities Commission.  The joint project, named the Maine Power Connection (MPC), will connect northern Maine to the CMP and New England electrical grids to provide MPS customers with access to competitive power markets and support development of 1,250 MW of proposed wind generation in Aroostook County.  Presently, MPS does not have a connection to the New England electrical grid or adequate capacity to handle burgeoning requests for transmission connections from wind developers.  The Maine Power Connection transmission line project will create access to renewable resources and provide tremendous economic and environmental benefits to northern Maine.