This is correct. If PTP were created it would essentially be an elected board overseeing the utility assets and operations, and they’d have to hire a management company. When Long Island Power Authority — the only example of a consumer takeover, rather than a utility that was founded as consumer owned from the outset — was created, they contracted first with National Grid, then fired them after mismanagement led to a dismal response to Hurricane Sandy (among other issues, including continuously mounting debt) and then with Public Service Enterprise Group (PSEG), the largest utility in neighboring New Jersey. It did not go well. So, the “operator” contracted isn’t likely to be a Maine company, because there will be no more Maine IOUs to bid for such a contract. Maybe another utility operating in New England would bid, like Eversource or Liberty or National Grid or PPL, but that probably depends on whether they’d be able to profit sufficiently and whether working for the elected board seemed like a sound business move.

While PTP says all CMP and Versant’s existing employees (other than management) would be allowed to stay on, the IBEW has pointed out that there’s no way to guarantee that and there’s a very good chance if they were they wouldn’t be allowed to organize, so this is potentially the biggest anti-union proposal Maine will ever consider.

Also I’m undecided on the referendum—I like the concept but am curious whether these issues that were raised when it was in the legislature have or will be addressed. Another issue for another post is why the elected board would have two seats per county — that’s flagrant rural gerrymandering! The 17k people who live in Piscataquis County would have the same number of board seats as the 305k people in Cumberland County.