SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):January 27, 1995
CENTRAL MAINE POWER COMPANY
(Exact name of registrant as specified in its charter)
Maine 1-5139 01-0042740
(State of Incorporation) (Commission (IRS Employer
File Number) Identification Number)
83 Edison Drive, Augusta, Maine 04336
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code:(207) 623-3521<PAGE>
Item 1. through Item 4. Not applicable.
Item 5. Other Events.
As previously reported, on December 20, 1994, the Maine Public
Utilities Commission ( MPUC ) voted unanimously to adopt a
stipulated five-year alternative rate plan ( ARP ) applicable to
the Company, effective January 1, 1995. On January 10, 1995, the
MPUC issued its Detailed Opinion and Subsidiary Findings
formally adopting the ARP.
The ARP contains an inflation-indexed price cap, an offset to
reflect productivity gains, provisions for pricing flexibility
for the Company within the price cap to assist in meeting
competition for segments of its customer base, mechanisms for
sharing risks and savings between ratepayers and the Company, and
other terms that had been negotiated by the parties to the MPUC
ARP proceeding. The terms of the ARP also require the Company to
take certain charges to 1994 earnings.
On January 27, 1995, the Company announced its financial
results for 1994. As a result of the charges to earnings
required by the ARP, the Company reported a loss of $33.8 million
($1.04 per share) for the year. The charges to earnings total
$100.4 million, before income taxes, and representing write-offs
of: (1) the unrecovered balance of the Company s deferred fuel
and purchased-power costs as of December 31, 1994, in the amount
of $58.6 million; (2) the unrecovered balance of deferred demand-
side management costs for 1993 and 1994 in the amount of $14.9
million; (3) the unrecovered balance of deferred Electric Revenue
Adjustment Mechanism (ERAM) revenues as of December 31, 1994, in
the amount of $24.3 million; and (4) the unrecovered balance of
deferred costs related to the possible extension of the operating
life of one of the Company s generating stations, in the amount
of $2.6 million.
The Company s electric operating revenues for 1994 totaled
$904.9 million, up from $893.6 million in 1993. Total service-
area electricity sales for the Company in 1994 were 9.17 billion
kilowatt-hours ( kwh ), down 0.5 percent from 1993. Residential
sales decreased by 0.9 percent to 2.86 billion kwh, commercial
sales increased by 2.2 percent to 2.44 billion kwh, and
industrial sales decreased by 1.9 percent to 3.72 billion kwh.
Non-territorial sales rose substantially from the 1993 level to
1.21 billion kwh.
Although the ARP was broadly supported in the MPUC proceeding,
the ARP remains subject to the possibility of appeal.
Item 6. through Item 8. Not applicable.<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
CENTRAL MAINE POWER COMPANY
By
R. S. Howe, Comptroller
Dated: January 27, 1995 <PAGE>
