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): SEPTEMBER 6, 2000
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BANGOR HYDRO-ELECTRIC COMPANY
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(Exact name of registrant as specified in its charter)
MAINE 0-505 01-0024370
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(State of Incorporation) (Commission File No.) (IRS Employer ID No.)
33 STATE STREET, BANGOR, MAINE 04401
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 207-945-5621
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Current Report, Form 8-K Date of Report
BANGOR HYDRO-ELECTRIC COMPANY SEPTEMBER 6, 2000
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ITEM 5. OTHER EVENTS
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On August 22, 2000, HoltraChem Manufacturing Company ("HoltraChem")
announced that it will cease production at its Orrington, Maine manufacturing
facility on September 15, 2000 and will close the facility by mid-October of
2000. HoltraChem, a manufacturer of caustic soda and chlorine, has been a
major user of the Company's transmission and distribution services, and
before the restructuring of the electric utility industry in Maine earlier
this year, was a major purchaser of energy from the Company.
For the 12 months ended June 30, 2000, the Company earned approximately
$1.6 million pre-tax associated with the provision of transmission and
distribution services to HoltraChem, or approximately 7% of the Company's
total pre-tax income during that period. The Company has no current plans to
seek authorization for any rate adjustments from the Maine Public Utilities
Commission ("MPUC") to account for the loss of revenues from HoltraChem. The
Company has, however, already announced its intention to file a comprehensive
rate plan with the MPUC following completion of its pending merger with
Emera, Inc. Such a rate plan would address the loss of revenues from
HoltraChem.
BANGOR HYDRO-ELECTRIC COMPANY
by /s/ Frederick S. Samp
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Frederick S. Samp
Chief Financial Officer
Dated: September 6, 2000
