FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: April, 1999
MAINE PUBLIC SERVICE COMPANY
(Exact name of registrant as
specified in its charter)
Maine 1-3429 01-0113635
(State, or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
209 State Street, Presque Isle, Maine 04769
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code 207-768-5811
Current Report, Form 8-K for Date of Report
Maine Public Service Company April, 1999
Item 5(a) Other Material Events - Sale of Generating Assets
Reference is made to the Company's Form 8-K, Item 5(a) of April 9,
1999, where the Maine Public Utilities Commission (MPUC) Order in
Docket No. 97-670 dated April 5, 1999, approving the sale of
the Company's generating assets to WPS Power Development, Inc.
(WPS-PDI) for $37.4 million is discussed. In addition, a Stipulation
among the parties in the Docket resolving certain market power issues
in northern Maine is also discussed.
The basis for this Stipulation is a Products and Service Agreement
reached in principal between The New Brunswick Power Corporation (NB
Power), on the one hand, and the Company, Houlton Water Company,
Eastern Maine Electric Cooperative, Inc. and the Van Buren Light and
Power District (collectively, "the northern Maine utilities"), on the
other (the "P&SA"). Under this Agreement, NB Power agrees to
supply: (i) tie-line interruption service, on a firm or non-firm
basis, to any northern Maine utility requiring it; (ii) ancillary
services to any northern Maine utility; (iii) transmission
services through the Province of New Brunswick, Canada (NB) to any
northern Maine utility at a fixed rate that can be increased only by
authorization of the proper NB regulatory authority; and (iv) bona
fide offers of energy and capacity and other electric products and
service to any customer of any northern Maine utility. It is
understood that northern Maine utilities will transfer these services
at cost to competitive electricity providers. In the April 9, 1999
Form 8-K, the Company reported a misunderstanding on some terms
of the P&SA. That misunderstanding has now been resolved and all of
the parties have executed the P&SA.
In an April 14, 1999 Order, the Federal Energy Regulatory Commission
(FERC) authorized the sale of the Company's generating assets
concluding that "the proposed transaction is consistent with the
public interest." The Company has therefore received all of the major
regulatory approvals necessary to permit the transfer of its
generating assets to WPS-PDI.
MAINE PUBLIC SERVICE COMPANY
Registrant
Dated: April 28, 1999 /s/ Larry E. LaPlante
Larry E. LaPlante, Vice President,
Finance, Administration and Treasurer
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