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Business and Economy

CMP Shareholders Ordered To Foot Cost Of Independent Audit

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JOEL PAGE
/
AP

Central Maine Power shareholders, not ratepayers, are going to foot the $580,000 cost of an audit that found problems with the way the utility handled customer service issues with its new billing system.

The Maine Public Utilities Commission voted Thursday to hold shareholders accountable for the full cost of the audit by Liberty Consulting Group of Pennsylvania. Under Maine law, ratepayers typically pay the full cost of a management audit but there's an exception if an investor-owned public utility like CMP results in a finding of "imprudence."

A company spokesperson says the utility has no plan to appeal the decision.