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bangor hydro federal credit union

Changing Seasons Credit Union was established over 40 years ago as Bangor Hydro Federal Credit Union to serve the needs of the employees of Bangor. Bangor Hydro Credit Union · Blue Cross And Blue Shield Of Me Credit Union Kennebunk Savings Bank, Aroostook Federal Savings And Loan Assoc. Bangor Tire Company Bangor Travel Bar Harbor Banking. Parts Buckle Up for Safety Ashmore Brothers Inc. Katahdin Federal Credit Union Katahdin Trust Co.
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bangor hydro federal credit union
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Bangor hydro federal credit union -

Content Management & Workflow Solutions

Changing Season Credit Union

Changing Seasons Credit Union was established over 40 years ago as Bangor Hydro Federal Credit Union to serve the needs of the employees of Bangor Hydro Electric Company. In 2007 the credit union built their first office and became known as Changing Seasons Federal Credit Union, adding services to include the local area towns.

Until 2013, Changing Seasons FCU was very much a paper-based business. Employee records, loan documents and other supporting documents were filed into traditional file cabinets lined in rows in various places around their offices. This "transaction-based" filing system was how things had been done for many years. Technology had certainly provided important workplace improvements in previous decades, including software designed specifically for credit unions, but in this competitive and highly-regulated industry, nothing was addressing the fact that they were dependent on excessive amounts of hardcopy paperwork.

Regulations require that credit unions retain member account-related information for seven years. At Changing Seasons FCU, all currently-active files were then kept in file cabinets in their primary office space, while older files were stored in less-handy locations in the same building, typically in plastic file boxes rather than metal file cabinets. The files were organized by member number, with no easy way to cross reference files using other criteria.

The CEO of Changing Seasons FCU, Sue Cross, is uniformly thrilled at the performance of the three main components of the solution.  Sue commented, "We have actually been able to back scan about 70% of our loan docs as of now.  And we are almost 100% on our new consumer loan docs (in conjunction with DocuSign). We are working on back scanning all of our membership docs as
well.  Within a couple of months, we will be getting rid of about 15 filing cabinets!!!!  Now that everyone has been scanning for a while, everyone loves it!"

The Challenge

Endeavoring to transform a company to significantly different business processes comes with high risks – hopefully the rewards outweigh the risks.  Changing Seasons FCU was not one of the early adopters of electronic document management (EDM) systems – these types of solutions had been available for years – so fortunately they could use the experience from those folks to help them make lower-risk decisions on how to roll out such a system. The key challenges facing the technical team at Changing Seasons FCU as they planned the transition to an EDM system were:

  • getting users of the system rapidly proficient at using it
  • achieving clear and immediate improvements
  • long-term viability of system
  • seamless integration into the existing environment
  • minimizing the need for new equipment purchases

For Changing Seasons FCU, it was clear that paperwork was still a necessary evil of their industry. A wide variety of paperwork still needs to be conducted between credit unions and their members, and in many cases, the paperwork needs to be reproducible for many years after. The key was to minimize the presence of the hardcopy paperwork, without losing anything in the process. To do this, the first step was to get an incoming document immediately into a digital format easily reproducible on either paper or a computer screen.

The other half of the challenge was in addressing the demand for better disaster recovery systems and procedures. Paper files are susceptible to a wide variety of malicious, accidental, and naturally-caused attacks. Another key aspect of the evolution away from paper would ideally minimize the chances of such an attack from having any serious impact on Changing Season's ability to keep its operations running smoothly.

Solution

Changing Seasons FCU chose to integrate three products to help them minimize the impact of hardcopy paper on their business:

EasyFile™ with DocBuild Plus™ Paperless Workflow
DocBuild Plus seamlessly integrates with the EasyFile CMS software, automatically notifying key personnel that newly-scanned documents have arrived and are ready to be added to the EDM (i.e. EasyFile). Before being stored in EasyFile, "indexing" information must be associated with each document. This data describes the key traits of the document, and is used subsequently
for accessing it and organizing it with others.  Once stored in EasyFile's repository, the paper is no longer needed – all that's necessary is a computer on Changing Seasons FCU network with the appropriate privileges.

Easy File Document ManagementDocBuil Plus


DocBuild Plus™ for DocuSign®: eSign & Authenticate
DocBuild Plus integrates with your DocuSign account to provide complete creation-to- completion paperless workflow. With a single click... your document automatically uploads and launches in your DocuSign Console... saving you time and completing transactions faster.

Using DocuSign's world-class digital transaction management, documents can have templates
'automatch' or selected and applied, then routed, reviewed, completed and signed by your
recipients, and automatically returned back to you for further action or archival.

DocBuil PlusDocuSign


Kodak™ SCANMATE i940
These reliable and user friendly scanners allow Changing Seasons FCU to scan/capture the documents into EasyFile with a single press of a button. Their compact size allows them to fit into any workspace needed.


Kodak ALaris


Results

Sue Cross went on the share "All of our staff has been using it for quite some time and everyone really likes it. Although it does take getting used to, in the end it is really worth it."

Sue pointed to a number of other key improvements that the system brought to the business:

  • Much faster access to current and non-current documents
  • Streamlined workflow including seamless interface to DocuSign within 2-3 steps.
  • No misplaced or otherwise lost files
  • Better and more effective disaster recovery
  • Simultaneous access to a document by multiple users at multiple sites
  • Having secure remote access to files (over the internet) when needed
  • Better security against natural disaster, malicious attack, and mishandling
  • More stringent safeguards against member privacy/confidentiality

Changing Seasons FCU has seen huge economic benefits by using EasyFile and DocBuild Plus.
The care and attention ScanPoint provides to its' clients from end to end is second to none.

About ScanPoint®

ScanPoint® is a leader in paperless workflow technology, now fueled by eSignature®. Our EasyFile™, DocBuild Plus™, and Virtual TWAIN™ products are used by 1,000's of individuals and companies from all verticals including, insurance, finance, healthcare, government, technology, legal and others. Fortune 50-1,000, SMB's and all sizes of government and organizations achieve the benefits of our solutions within their workflow.

Источник: https://www.scanpointusa.com/success-credit-union/
Changing Seasons Credit Union

Changing Seasons Credit Union was established over 40 years ago as Bangor Hydro Federal Credit Union to serve the needs of the employees of Bangor Hydro Electric Company. In 2007 the credit union built their first office and became known as Changing Seasons Federal Credit Union, adding services to include the local area towns.

Until 2013, Changing Seasons FCU was very much a paper-based business. Employee records, loan documents and other supporting documents were filed into traditional file cabinets lined in rows in various places around their offices. This "transaction-based" filing system was how things had been done for many years. Technology had certainly provided important workplace improvements in previous decades, including software designed specifically for credit unions, but in this competitive and highly-regulated industry, nothing was addressing the fact that they were dependent on excessive amounts of hardcopy paperwork.

Regulations require that credit unions retain member account-related information for seven years. At Changing Seasons FCU, all currently-active files were then kept in file cabinets in their primary office space, while older files were stored in less-handy locations in the same building, typically in plastic file boxes rather than metal file cabinets. The files were organized by member number, with no easy way to cross reference files using other criteria.

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Источник: https://www.ecmconnection.com/doc/credit-union-minimizes-the-impact-of-hardcopy-paper-on-their-organization-0001

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FORM 10-K


SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal year ended DECEMBER 31, 1997 Commission File No. 0-505
----------------- -----


BANGOR HYDRO-ELECTRIC COMPANY
------------------------------------------------------------------------

(Exact Name of Registrant as specified in its charter)


MAINE 01-0024370
----------------------- -----------------------
(State of Incorporation) (I.R.S. Employer ID No.)


33 STATE STREET, BANGOR, MAINE 04401
-------------------------------------- ---------
(Address of principal executive offices) (Zip Code)


Registrant's telephone number, including area code 207-945-5621
------------


Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of exchange on which registered

COMMON STOCK, $5 PAR VALUE NEW YORK STOCK EXCHANGE
- -------------------------- -----------------------

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $5 Par value
(7,363,424 shares outstanding at March 20, 1998)
-----------------------------------------------

7% Preferred Stock, $100 Par Value
----------------------------------

4 1/4% Preferred Stock, $100 Par Value
--------------------------------------

4% Preferred Stock Series A, $100 Par Value
-------------------------------------------

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
------ ------

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K. [X]

The aggregate market value on March 20, 1998 of the voting stock held by
non-affiliates of the registrant was $66.1 million.

The information required by Part III Items 10, 11, 12 and 13 is
incorporated by reference from the registrant's proxy statement which will be
filed with the Securities and Exchange Commission within 120 days of the
close of the registrant's fiscal year ended December 31, 1997.

FORM 10-K

FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997

PAGE
----

Cover Page 1

Index 2

PART I:

Items 1 through 2 - Business; Properties 5

- General 5
- Certain Issues Facing the Company 7
- Construction Program 7
- Rates and Regulation 7
- Seabrook 11
- Joint Ventures 11
- Employees 13
- Power Supply Sources 13
- Company-owned Generation 13
- Power Purchase Contracts 14
- Maine Yankee 16
- Environmental Matters 22
- Executive Officers of the Company 23

Item 3: Legal Proceedings 24

Item 4: Submission of Matters to a Vote of Security Holders 24

PART II:

Item 5: Market for Registrant's Common Equity and Related
Stockholder Matters 24

Item 6: Selected Financial Data 26

Item 7: Management's Discussion and Analysis of Results of
Operations and Financial Condition 28

Item 8: Financial Statements & Supplementary Data 43

- Consolidated Statements of Income 43
- Consolidated Balance Sheets 44
- Consolidated Statements of Capitalization 46
- Consolidated Statements of Cash Flows 47
- Consolidated Statements of Common Stock Investment 48
- Notes to Consolidated Financial Statements 49
1) Nature of Operations and Summary of Significant
Accounting Policies 49
2) Income Taxes 51
3) Common and Preferred Stock 53
4) Lending Agreements and Monetization of Power
Sale Contract 54
5) Postretirement Benefits 56
6) Jointly Owned Facilities and Power Supply
Commitments 59
7) Recovery of Seabrook Investment and Sale of
Seabrook Interest 65
8) Unaudited Quarterly Financial Data 66
9) Contingencies 66
10) Fair Value of Financial Instruments 67
11) Industry Restructuring and Rate Regulation 67
12) Derivative Financial Instruments 70
13) Subsequent Events 71
14) New Accounting Pronouncements 72

Report of Independent Accountants 73

Item 9: Changes in and Disagreements with Audit Firms on
Financial Disclosures 74

PART III:

Item 10: Directors and Executive Officers of the Registrant 74

Item 11: Executive Compensation 74

Item 12: Security Ownership of Certain Beneficial Owners
and Management 74

Item 13: Certain Relationships and Related Transactions 74


PART IV:

Item 14: Exhibits, Financial Statement Schedules, and
Reports on Form 8-K 75

Signatures 76

Report of Independent Accountants 77

Schedule VIII - Reserves for Doubtful Accounts and Insurance 78

EXHIBIT INDEX:

Exhibits Filed Herewith 79

Exhibits Incorporated Herein by Reference 80


FORWARD LOOKING INFORMATION - In addition to the historical information
contained herein, this report contains a number of statements that are
"forward-looking" as defined in the Private Securities Litigation Reform Act
of 1995. These statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those anticipated in the
forward-looking statements. Readers should not place undue reliance on
forward-looking statements, which reflect management s view only as of the
date hereof. The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or circumstances.
Factors that might cause such differences include, but are not limited to,
future economic conditions, relationship with lenders, earnings retention and
dividend payout policies, electric utility restructuring, developments in the
legislative, regulatory and competitive environments in which the Company
operates, and other circumstances that could affect revenues and costs.

PART I
- --------

ITEMS 1 THROUGH 2 BUSINESS; PROPERTIES
- --------------------------------------------------------------

GENERAL
--------

The Company is a public utility engaged in the generation, purchase,
transmission, distribution and sale of electric energy, with a service area
of approximately 5,275 square miles having a population of approximately
191,000 people. The Company serves approximately 105,000 customers in
portions of the counties of Penobscot, Hancock, Washington, Waldo,
Piscataquis and Aroostook. The Company also sells energy to other utilities
for resale. The Company has three material wholly-owned subsidiaries.
Penobscot Hydro Co., Inc. ("PHC") was incorporated in 1986 to own the
Company's 50% interest in a joint venture, Bangor-Pacific Hydro Associates
("Bangor-Pacific"), which redeveloped the West Enfield hydroelectric project
(the "West Enfield Project"). Bangor Var Co., Inc. ("Bangor Var Co.") was
incorporated in 1990 to hold the Company's 50% interest in a partnership
which owns certain facilities used in the Hydro-Quebec Phase II transmission
project ("HQ-II") in which the Company is a participant. For a further
discussion of Penobscot Hydro Co. and Bangor Var Co., see "Joint Ventures."
Finally, Bangor Energy Resale, Inc. was formed in 1997 as a special purpose
vehicle to permit Bangor Hydro's use of a power sales agreement as collateral
for a bank loan. For a further discussion of this transaction, see Item 7,
"Management's Discussion and Analysis of Results of Operations and Financial
Condition - Recent Events Affecting The Electric Utility Industry And The
Company - Existing Lending Agreements and Monetization of Power Sale
Contract".

In 1997, 30.5% of the Company's kilowatt hour ("KWH") sales were to
residential customers, 29.5% were to commercial customers, 39.3% were to
industrial customers and 0.7% were to other customers. For additional
information concerning the Company's sales, see Item 6, "Selected Financial
Data", below.

The Company's KWH sales are generally higher during the winter months,
with the winter peak electric demand usually 15% higher than the summer peak.
The maximum peak electric demand that the Company's system experienced during
the 1997-1998 winter, as of March 20, 1998, was approximately 277.06
megawatts ("MW") on December 15, 1997. At that time the Company had
approximately 338.44 MW of generating capacity and firm purchased power,
comprised of 104 MW from Company-owned generating units, 9.6 MW from Hydro
Quebec, 54.8 MW from non-utility power producers, and 170.0 MW from short
term economy purchases.

The Company owns 7% of the common stock of Maine Yankee Atomic Power
Company, which owns and, prior to its permanent closure in 1997, operated an
880 MW nuclear generating plant in Wiscasset, Maine. Maine Yankee, which had
commenced commercial operation on January 1, 1973, is the only nuclear
facility in which the Company has an ownership interest. The Company s equity
ownership in the plant had entitled the Company to about 7% of the output
pursuant to a cost-based power contract. Pursuant to a contract with Maine
Yankee, the Company is obligated to pay its pro rata share of Maine Yankee's
operating expenses, including decommissioning costs. In addition, under a
Capital Funds Agreement entered into by the Company and the other sponsor
utilities, the Company may be required to make its pro rata share of future
capital contributions to Maine Yankee if needed to finance capital
expenditures. See "Maine Yankee" and Item 7, "Management's Discussion and
Analysis of Results of Operations and Financial Condition - Recent Events
Affecting The Electric Utility Industry And The Company - Maine Yankee".

The Company, along with the major investor-owned utilities of New
England, has been a party to the New England Power Pool Agreement ("NEPOOL")
since 1971. NEPOOL provides for joint planning and operation of generating
and transmission facilities in New England, and governs generating capacity
reserve obligations and provisions regarding the use of major transmission
lines. The Company, as a member of NEPOOL, has a capability responsibility
which involves carrying an allocated share of a New England capacity
requirement which is determined for each period based on certain regional
reliability criteria. On December 1, 1996, the members of NEPOOL, including
the Company, entered into the 33rd Amendment to the NEPOOL Agreement which
provided for a substantial restructuring of NEPOOL. This revised agreement,
together with NEPOOL's Open Access Transmission Tariff were filed with the
Federal Energy Regulatory Commission on December 31, 1996 and were
subsequently approved. Pursuant to this restructuring, effective July 1,
1997 an independent system operator, ISO-New England, assumed oversight of
the operations and integration of the NEPOOL transmission and generation with
respect to reliability and market operations. The intent of these changes in
NEPOOL is to increase competition in the market for electric generation.

The Company is subject to the regulatory authority of the Maine Public
Utilities Commission ("MPUC") as to retail rates, accounting, service
standards, territory served, the issuance of securities and various other
matters. The Company is also subject to the jurisdiction of the Federal
Energy Regulatory Commission ("FERC") as to certain matters, including
licensing of its hydroelectric stations and rates for wholesale purchases and
sales of energy and capacity and transmission services. Maine Yankee is
subject to extensive regulation by the Nuclear Regulatory Commission ("NRC").
See "Rates and Regulation."

The principal executive offices of the Company are located at 33 State
Street, Bangor, Maine 04401; telephone (207) 945-5621.


CERTAIN ISSUES FACING THE COMPANY
---------------------------------

CHANGES IN THE ELECTRIC UTILITY INDUSTRY AND IN REGULATION - See Item 7,
"Management's Discussion and Analysis of Results of Operations and Financial
Condition - Recent Events Affecting The Electric Utility Industry And The
Company" for a discussion of the effect of competition and related events on
future sales, earnings and dividend policy. That discussion includes a
description of the legislation enacted by the State of Maine to restructure
the electric industry within the state to implement retail competition.

SIGNIFICANT CUSTOMER - Pursuant to a special rate contract approved by the
MPUC, the rate for service provided by the Company to HoltraChem
Manufacturing Company, L.L.C. ("HMC"), a significant customer, is based in
part on a "revenue sharing" arrangement whereby the revenues for service vary
depending on the price and volume of product sold by HMC to its customers.
During 1995, 1996 and 1997, revenue sharing payments from HMC totaled
approximately $4.1 million, $3.5 million and $0.4 million, respectively.
HMC's principal business is selling chlorine and caustic soda, primarily to
the paper industry in the State of Maine. The Company is unable to predict
future market conditions for HMC s products.

OTHER ISSUES - See Item 7, "Management's Discussion and Analysis of Results
of Operations and Financial Condition - Recent Events Affecting The Electric
Utility Industry And The Company" for a discussion of the effect of other
significant issues and events on the Company.

CONSTRUCTION PROGRAM
--------------------

The Company's construction program consists of extensions and
improvements of its transmission and distribution facilities, construction of
new generating stations or capital improvements to existing generating
stations, capital improvements to the Company's internal computer and
information systems and other general projects within the Company's service
area. The Company projects that capital expenditures will aggregate
approximately $45-55 million in the period 1998 through 2000, the majority of
which are expected to be related to extensions and improvements of
transmission and distribution facilities.

RATES AND REGULATION
--------------------

RATE MATTERS - On March 3, 1997, the Company notified the MPUC of its intent
to file for a general increase in rates. Under Maine law, a utility must
ordinarily notify the MPUC two months in advance of the filing of a request
for a general increase in rates and the MPUC then has nine months to
investigate that request. However, under certain circumstances, the MPUC may
allow a utility to implement a requested increase in rates on a temporary
basis pending the conclusion of its investigation of the utility s request
for a general increase in rates.

On April 1, 1997, the Company filed with the MPUC a Petition for
Temporary Rates to increase its rates by an amount that would increase its
annual revenues by $10 million effective June 1, 1997. In doing so, the
Company cited the continuing impact on the Company s financial condition and
cash flow of the ongoing outage at the Maine Yankee nuclear power plant. The
Company also cited potential noncompliance with financial covenants contained
in its bank credit agreement (including the fixed charge coverage ratio,
discussed below) and the need to maintain adequate borrowing capacity for
working capital purposes, including mandatory debt repayments.

On June 26, 1997, the MPUC issued an order authorizing the Company to
change rates temporarily to increase its annual revenues by approximately
$5.1 million effective July 1, 1997. In doing so, however, the MPUC also
required the Company to accelerate the amortization of the deferred
regulatory asset associated with the 1993 buyout of one of its high-priced
non-utility generator contracts. As a result, revenue produced by the rate
increase did not increase earnings, but it did increase cash flow. Effective
December 12, 1997, the MPUC authorized the Company to revert to the original
amortization schedule of that deferred regulatory asset, thereby permitting
the temporary rate increase previously authorized to impact the Company s
earnings positively from that date on.

On February 9, 1998, the MPUC issued its final order on the Company s
request to increase its rates that it filed in March of 1997. Of the
approximately $22 million increase in annual revenue ultimately requested by
the Company, the MPUC authorized an increase of approximately $13.2 million
(which includes the $5.1 million temporary rate increase discussed above)
annually. While there are many factors that explain the difference between
the MPUC allowance and the Company s requested increase, much of that
difference is attributable to the proposed accounting treatment of various
costs and the deferral of other costs for future consideration, including the
deferral of certain costs associated with Maine Yankee. While those
accounting recommendations will affect the timing of receipt of revenues by
the Company and will require the Company to finance the payment of the
associated costs, they should not significantly affect the Company s earnings
during the period that the new rates are effective.

The MPUC order is based upon a determination that the Company should be
allowed to earn an annual return of 12.75% on common equity. It also includes
a rate plan under which the Company s rates will be subject to certain
reconciliations based upon actual expenditures by the Company and an annual
adjustment beginning on May 1, 1999 to account for inflation with an offset
for assumed increase in productivity. Other than those adjustments, the
Company will not change its rates unless its return on equity exceeds or
falls short of the allowed return by more than 350 basis points. If the
Company's return on equity falls outside of that bandwidth, 50% of the excess
or shortfall will be adjusted for in the Company's rates.

OTHER REGULATION - The MPUC regulates numerous other matters affecting the
Company, including financing, construction of generation and transmission
facilities, credit, collection, conservation and demand side management
programs, low income rate subsidies and purchases from non-utility power
producers.

Maine Yankee is subject to extensive regulation by the NRC. Under its
continuing jurisdiction, the NRC may, after appropriate proceedings, require
modification of nuclear power generating units for which operating or
nonoperating licenses have already been issued, or impose new conditions on
such permits or licenses.

The FERC regulates rates for sales of electricity to other utilities.
In addition, all the Company's hydroelectric projects are licensed by the
FERC. Under the Federal Power Act, upon not less than two years' notice the
United States is empowered to take over and thereafter to maintain and
operate a licensed hydroelectric project at or following the time a license
expires. If the United States elects this option, it must pay the licensee
its net investment in the project, not to exceed fair market value. If the
United States does not elect this option, the FERC may issue a new license to
the existing licensee upon such terms and conditions as are authorized or
required under the then-existing laws and regulations. It may also,
alternatively, issue a new license to a new licensee that has filed a
competing license application. In choosing between competing license
applications, the FERC must issue a license to the applicant whose proposal
is best adapted to serve the public interest.

The following table sets forth certain information with regard to such
licenses.
LICENSED ISSUE DATE OF CURRENT EXPIRATION
PROJECT CAPACITY ORIGINAL LICENSE DATE
------- --------- ---------------- -------------------

Ellsworth 8,900 KW April 12, 1977 December 31, 2018

Howland 1,875 KW September 12, 1980 September 30, 2000

Medway 3,400 KW March 29, 1979 March 31, 1999

Milford 6,400 KW December 31, 1969 Original license
expired
December 31, 1990
currently operating
on year-to-year
license.

Orono 2,332 KW November 10, 1977 Original license
expired
September 25, 1985
currently operating
on year-to-year
license.

Stillwater 1,950 KW August 10, 1978 Original license
expired
December 31, 1993
currently operating
on year-to-year
license.

Veazie 8,400 KW February 18, 1965 Original license
expired
September 25, 1985
currently operating
on year-to-year
license.

West Enfield* 13,000 KW February 3, 1970 June 26, 2024



- ------------------
* Through PHC, the Company has a 50% ownership interest in
Bangor-Pacific, which owns and operates the West Enfield Project.

The Company is actively pursuing the relicensing of the
projects listed above which are operating on year-to-year
licenses. Some of those relicensing proceedings had been delayed
pending completion by the FERC of an Environmental Impact
Statement ("EIS") of sections of the Penobscot River that was
being prepared in connection with the Company's licensing of the
Basin Mills project. That EIS was completed during 1997,
however, the FERC has not yet issued its final order with respect
to those projects. The Company has not received notice that the
United States will exercise its rights to take over any of the
Company's hydroelectric projects, nor have any competing
applications been filed. Under a Federal statute enacted by
Congress in 1986, participation in relicensing proceedings by
governmental agencies and other parties was allowed to increase
significantly. That increased participation may result in more
burdensome and costly conditions imposed upon licensees of
hydroelectric projects. The Company is unable to predict what
terms and conditions, if any, might be included in new licenses
or license renewals granted pursuant to the Company's licensing
applications, or what impact any such terms and conditions might
have on the Company's ability to operate and maintain the
projects economically.


SEABROOK
--------

GENERAL - The Company was a participant in Seabrook from 1978 to
1986, with an ownership interest of 2.17%, or 25 MW, in each of
the two 1150 MW units. Unit 2 was effectively canceled in 1984.
In late 1984, following a lengthy MPUC investigation, the
conclusion of which cast doubt on the wisdom of the Maine
utilities' continued participation in Seabrook, the Company began
efforts to sell its interest in the project. An agreement for
the sale of Seabrook to EUA Power Corp. was reached in mid-1985
and was consummated in November 1986.

In 1985, the MPUC approved an agreement among the Company,
the MPUC Staff and the Public Advocate addressing the recovery
through rates of the Company's investment in Seabrook ("Seabrook
Stipulation"). Although implementation of the Seabrook
Stipulation significantly improved the Company's financial
condition, substantial write-offs were required.

In August 1989, a comprehensive settlement agreement entered
into by current and former joint owners of Seabrook became
effective. Under the agreement, the signatories, representing
virtually all of the ownership interests in Seabrook,
relinquished claims against the lead owner, Public Service
Company of New Hampshire, arising out of Seabrook. As a part of
the settlement, former joint owners, including the Company, were
relieved of certain contingent liabilities.

JOINT VENTURES
--------------

WEST ENFIELD - In 1986, the Company formed PHC, a wholly-owned
subsidiary, which owns the Company's 50% ownership interest in
Bangor-Pacific, a joint venture with a development subsidiary of
Pacific Lighting Corporation. Bangor-Pacific undertook the
redevelopment of an old 3.8 MW hydroelectric plant which the
Company owned on the Penobscot River in Enfield and Howland,
Maine, into a 13 MW facility, the West Enfield Project, and now
operates the facility. Construction costs were shared equally by
the Company and the other joint venturer until Bangor-Pacific
completed its financing and took over ownership of the project,
which occurred in January 1987. Commercial operation of the
redeveloped West Enfield Project began in April 1988.

Bangor-Pacific financed the cost of the redevelopment
through the private placement of $40 million of 9.45% and 10.26%
fixed rate amortizing term notes due 1996 and 2008, respectively,
and $5 million of floating rate amortizing term notes due 1996
(collectively, the "Notes"). The Notes are secured by a mortgage
on the West Enfield Project and a security interest in a 50-year
power contract between the Company and Bangor-Pacific. The
holders of the Notes are without recourse to the joint venture
partners or their parent companies except that each partner has
agreed to make payments in an amount equal to 50% of any amounts
due and unpaid on the Notes but not exceeding distributions
received from Bangor-Pacific in the preceding twelve-month
period.

Under the power contract between the Company and
Bangor-Pacific, if the West Enfield Project operates as
anticipated, payments by the Company to Bangor-Pacific are
estimated at $7.5 million annually (without consideration of any
distributions by the joint venture to the partners). In 1997,
the Company paid approximately $7.1 million to Bangor-Pacific
under this power contract. The Company would be required to make
payments under the contract, regardless of whether any power were
delivered, of approximately $4 million per year. However, the
Company has the right to terminate the contract upon thirty-days'
written notice if the failure to deliver power continues for a
period of 12 consecutive months.

NEPOOL/HYDRO-QUEBEC - The NEPOOL member utilities and
Hydro-Quebec, a utility operating within the province of Quebec,
Canada ("Hydro-Quebec"), have constructed facilities required to
interconnect the electric systems in New England with the
electric system of Hydro-Quebec. The initial stage of the
interconnection consists of a completed and operational 450
kilovolt ("KV") transmission line from the Hydro-Quebec system to
a terminal having an approximate rating of 690 MW at the
Comerford Generating Station ("Comerford") on the Connecticut
River in New Hampshire. The subsequent stage, HQ-II, completed
in 1990, increased the interconnection transfer capability to
approximately 2000 MW by means of a transmission line from
Comerford to a terminal facility at the Sandy Pond Substation in
Massachusetts.

In 1990, the Company formed Bangor Var Co., a wholly owned
corporate subsidiary, the sole function of which is to own a 50%
interest in Chester SVC Partnership ("Chester"), a general
partnership which owns the static var compensator ("SVC"),
electrical equipment which supports the HQ-II transmission line.
A wholly-owned subsidiary of Central Maine Power Company ("CMP")
owns the other 50% interest in Chester. Chester has financed the
acquisition and construction of the SVC through the issuance of
$33 million in principal amount of 10.48% senior notes due 2020,
and up to $3.2 million principal amount of additional notes due
2020 (collectively, the "SVC Notes"). The holders of the SVC
Notes are without recourse to the partners or their parent
companies and may only look to Chester and to the collateral for
payment. Bangor Var Co. accounts for its investment in Chester
under the equity method. Bangor Var Co.'s financial results are
included in the Company's consolidated financial statements.

The New England utilities which participate in HQ-II have
agreed under a FERC-approved contract to bear the cost of
Chester, on a cost-of-service basis, which includes a return on
and of all capital costs.


EMPLOYEES
---------

At December 31, 1997, the Company had 421 full time
employees approximately 53% of whom were represented by a local
union affiliated with the International Brotherhood of Electrical
Workers (AFL-CIO). Union membership is divided into two
bargaining units, 177 employees engaged in electrical, line and
meter related functions and 48 employees engaged in customer
service and credit related functions. The present contract with
electrical, line and meter related workers expires December 31,
1998. The present contract with customer service and credit
related workers expires December 31, 1999. The Company believes
that its relations with its employees are satisfactory.


POWER SUPPLY SOURCES
--------------------

GENERAL - In order to meet its load growth and reserve
obligations under NEPOOL, the Company, in addition to utilizing
its own generating capacity, acquires capacity and energy through
contracts with other utilities and independent generation
facilities and through joint ownership of generating facilities.
The Company estimates that it has, or can acquire, sufficient
generating capacity, through a combination of wholly-owned and
jointly-owned generating facilities and purchased power
contracts, to meet its anticipated load growth through the
1990's.

The Company's sources of generation for electric sales to its
customers (net of off-system sales to other utilities) for 1997,
1996 and 1995 by type of fuel is shown below.

SOURCE 1997 1996 1995
------ ---- ---- ----
Hydroelectric (Company*)....... 13% 17% 14%

Nuclear Generation (Maine Yankee) 0% 19% 1%

Oil (Company)................... 4% 2% 3%

Biomass/Refuse (purchased)...... 6% 6% 6%

NEPOOL/other purchases.......... 77% 56% 76%
---- ---- ----

Total....................... 100% 100% 100%
---- ---- ----


- ---------------
* Includes purchases from the West Enfield Project, in which the
Company has a 50% ownership interest.

COMPANY-OWNED GENERATION
------------------------

The Company, as a tenant in common with other utilities,
owns 8.33%, or approximately 50 MW, of William F. Wyman Unit No.
4 ("Wyman 4"), a 600 MW oil-fired generating unit in Yarmouth,
Maine, constructed and operated by CMP as the lead owner. The
Company is entitled to 8.33% of the energy produced by Wyman 4
and pays the same percentage of the unit's operating expenses.

The Company owns two oil-fired generating units located at
its Graham Station in Veazie, Maine ("Graham"), currently in
deactivated reserve status, having a total capacity of 47 MW, as
well as eleven internal combustion generation units located at
three stations having a total capacity of 21 MW. The Company
also owns seven hydroelectric stations having a total capacity of
about 30 MW (excluding PHC's ownership interest in the West
Enfield Project). All of the Company's hydroelectric stations
are licensed under the Federal Power Act. See "Rates and
Regulation."

On February 9, 1998, the Company filed its plan for
divesting its generation-related assets with the MPUC in
accordance with the electric utility industry restructuring
provisions signed into law last year. This plan could result in
the identification of proposed purchasers by mid-summer 1998.
Further regulatory approvals will then be required to actually
complete the sale. The Company is offering a total of 166 MW of
generation assets, including both Company-owned facilities and
the resale of certain purchase power contracts that extend beyond
March 1, 2000, the scheduled implementation date for retail
electric competition within the State of Maine.

In addition, the Company owns approximately 600 miles of
transmission lines and approximately 3,600 miles of distribution
lines to serve its customers. Other properties consist of
office, garage and warehouse facilities at various locations in
its service area.


POWER PURCHASE CONTRACTS
------------------------

The following chart sets forth information concerning the
Company's major power purchase contracts exclusive of Maine
Yankee.


CONTRACTED QUANTITY OF
SELLER TERM OF CONTRACT CAPACITY OR ENERGY
- ---------- ---------------------- ------------------------

Bangor-Pacific* August 21, 1986 through Total output of energy
(Hydroelectric) May 31, 2024, at which from facility with name
time Company can either plate rating of not more
purchase the facility than 16 MW
at its fair market value
or extend the contract
for an additional 15
years (if the West
Enfield Project's FERC
license is also
extended)

Penobscot Energy January 21, 1984 through Total output of firm
Recovery Company February 28, 2018 energy; minimum annual
("PERC")(Refuse) delivery of 105,000,000
KWH up to a maximum of
166,440,000 KWH per
calendar year

Great Northern No Fixed Term Approximately 20 MW
Paper Co.
(Cogeneration)

New England November 1, 1994 through 30 MW and associated energy
Power Company October 31, 1999 from two designated nuclear
units

New England January 1, 1996 through 25 MW and associated energy
Power Company October 31, 1998 from a designated system
contract

New Brunswick April 1, 1996 through 10 MW system purchase of
Power October 31, 1998 capacity and energy (months
of April-October only)

New Brunswick June 8, 1997 through 60 MW system purchase of
Power December 31, 1999 capacity and energy

Great Bay Power January 1,1996 through 10 MW and associated energy
Corporation March 31, 1998 from a designated nuclear
(through PECO unit (November-March only)
Energy Company)




- -----------------
* Through PHC, the Company has a 50% ownership interest in
Bangor-Pacific, which owns and operates the West Enfield Project.


For further details with respect to certain of these
contracts, see Note 6 of the Notes to Consolidated Financial
Statements.

The Company purchases energy from, and sells energy to, New
Brunswick Electric Power Commission utilizing the transmission
facilities of Maine Electric Power Company, Inc. ("MEPCO"), in
which the Company owns a 14.2% equity interest. MEPCO owns and
operates a 345 KV transmission line running from Wiscasset, Maine
to the Maine/New Brunswick border. The Company interconnects
with this line in Orrington, Maine.

The Company also purchases energy on a short-term basis from
time to time when it is economical to do so to displace higher
cost energy from other sources.


MAINE YANKEE
------------

General - The Company owns 7% of the common stock of Maine
Yankee, which owns and, prior to its permanent closure in 1997,
operated an 880 MW nuclear generating plant in Wiscasset, Maine.
Maine Yankee, which had commenced commercial operation on January
1, 1973, is the only nuclear facility in which the Company has an
ownership interest. The Company s equity ownership in the plant
had entitled the Company to about 7% of the output pursuant to a
cost-based power contract. Pursuant to a contract with Maine
Yankee, the Company is obligated to pay its pro rata share of
Maine Yankee's operating expenses, including decommissioning
costs. In addition, under a Capital Funds Agreement entered into
by the Company and the other sponsor utilities, the Company may
be required to make its pro rata share of future capital
contributions to Maine Yankee if needed to finance capital
expenditures.

PERMANENT SHUTDOWN OF THE MAINE YANKEE PLANT - On August 6, 1997,
the Board of Directors of Maine Yankee voted to permanently cease
power operations at its nuclear generating plant at Wiscasset,
Maine (the "Plant") and to begin decommissioning the Plant. As
reported in detail in the Company's Annual Report on Form 10-K
for the year ended December 31, 1996, its Quarterly Reports on
Form 10-Q for the quarters ended March 31, 1997, June 30, 1997
and September 30, 1997 and its Reports on Form 8-K dated May 27,
1997 and February 19, 1997, and reported in more condensed form
below, the Plant experienced a number of operational and
regulatory problems and has been shut down since December 6,
1996. The decision to close the Plant permanently was based on
an economic analysis of the costs, risks and uncertainties
associated with operating the Plant compared to those associated
with closing and decommissioning it. The Plant's operating
license from the NRC was scheduled to expire on October 21, 2008.

RECENT OPERATING HISTORY - The Plant generally provided reliable
and low-cost power from the time it commenced operations in late
1972 to 1995. Beginning in early 1995, however, Maine Yankee
encountered various operational and regulatory difficulties with
the Plant. In 1995, the Plant was shut down for almost the
entire year to repair a large number of steam generator tubes
that were exhibiting defects. Shortly before the Plant was to go
back on-line in December 1995, a group with a history of opposing
nuclear power released an undated, unsigned, anonymous, letter
alleging that in 1988 Yankee Atomic (then an affiliated
consultant of Maine Yankee) and Maine Yankee had used the results
of a faulty computer code as a basis to apply to the NRC for an
increase in the Plant's power output. In response to the
allegation, on January 3, 1996, the NRC issued a Confirmatory
Order that restricted the Plant to 90 percent of its licensed
thermal operation level, which restriction was still in effect
when the Plant was permanently shut down.

As a result of the controversy associated with the
allegations, the NRC, at the request of the Governor of Maine,
conducted an intensive Independent Safety Assessment ("ISA") of
the Plant in the summer and fall of 1996. On October 7, 1996,
the NRC issued its ISA report, which found that while the Plant
had been operated safely, there were weaknesses that needed to be
addressed, which would require substantial additional spending by
Maine Yankee. On December 10, 1996, Maine Yankee responded to
the ISA report, acknowledge many of the weaknesses, and
committed to revising its operations and procedures to address
the NRC's criticisms.

Another result of the controversy associated with the
allegations was an investigation of Maine Yankee initiated by the
NRC's Office of Investigations ("OI"), which, in turn, referred
certain issues to the United States Department of Justice ("DOJ")
for possible criminal prosecution. Subsequently, on September
27, 1997, the DOJ, through the United States Attorney for Maine,
announced that its review had revealed no grounds for criminal
prosecution. The Company believes that the OI investigation,
however, could ultimately result in the imposition of civil
penalties, including fines, on Maine Yankee.

In 1996 the Plant was generally in operation at the 90-
percent level from late January to early December, except for a
two-month outage from mid-July to mid-September. The Plant was
shut down again on December 6, 1996, to address several concerns,
and has not operated since then. The precipitating event causing
the shutdown was the need to evaluate and resolve cable-
separation compliance issues, and on December 18, 1996, the NRC
issued a Confirmatory Action Letter requiring the Plant to remain
shut down until Maine Yankee's plan for resolving the cable-
separation issues was accepted by the NRC. Subsequently, Maine
Yankee uncovered additional issues, including among others, the
possibility of having to replace defective fuel assemblies,
address additional cable-separation issues, and determine the
condition of the Plant's steam generators, all of which
contributed to further operational uncertainty. On January 29,
1997, the Plant was placed on the NRC's Watch List, and on
January 30, 1997, the NRC issued a supplemental Confirmatory
Action Letter requiring the resolution of additional concerns
before the Plant could be restarted.

In December 1996 Maine Yankee requested proposals from
several utilities with large and successful nuclear programs to
provide a management team, and ultimately contracted with Entergy
Nuclear, Inc., effective February 13, 1997, for management
services that included providing a new president and regulatory
compliance officer. The Entergy-provided management team made
progress in addressing technical issues, but a number of
operational and regulatory uncertainties remained. On May 27,
1997, the Board of Directors of Maine Yankee voted to minimize
spending while preserving the options of restarting the Plant or
conveying ownership interests to a third party. After
unsuccessful negotiations with one prospective purchaser, Maine
Yankee found no other interest in purchasing the Plant and, based
on its economic analysis, closed the Plant permanently.

As required by the NRC, on August 7, 1997, Maine Yankee
certified to the NRC that Maine Yankee had permanently ceased
operations and that all fuel assemblies had been permanently
removed from the Plant's reactor vessel. On August 27, 1997,
Maine Yankee filed the required Post-Shutdown Activities Report
with the NRC, describing its planned post-shutdown activities and
a proposed schedule.

MANAGEMENT AUDIT - On September 2, 1997, the MPUC released the
report of a consultant it had retained to perform a management
audit of Maine Yankee for the period January 1, 1994, to June 30,
1997. The report contained both positive and negative
conclusions, the latter including: that Maine Yankee's decision
in December 1996 to proceed with the steps necessary to restart
the Plant was "imprudent", that Maine Yankee's May 27, 1997
decision to reduce restart expenses while exploring a possible
sale of the Plant was "inappropriate", based on the consultant's
finding that a more objective and comprehensive competitive
analysis at that time "might have indicated a benefit for
restarting" the Plant; and that those decisions resulted in Maine
Yankee incurring $95.9 million in "unreasonable" costs. On
October 24, 1997, the MPUC issued a Notice of Investigation
initiating an investigation of the shutdown decision and of the
operation of the Plant prior to shutdown, and announced that it
had directed its consultant to extend its review to include those
areas. The Company believes the report's negative conclusions
are unfounded and may be contradictory. The Company has been
charging its share of the Maine Yankee expenses against income,
and believes it would have substantial constitutional and
jurisdictional grounds to challenge any effort in an MPUC
proceeding to alter wholesale Maine Yankee rates made effective
by the FERC. On November 7, 1997, Maine Yankee initiated a legal
challenge to the MPUC investigation in the Maine Supreme Judicial
Court alleging that such an investigation falls exclusively
within the jurisdiction of the FERC and that the MPUC
investigation is therefore barred on constitutional grounds. The
Company filed a similar legal challenge on the same day. The
MPUC subsequently stayed its investigation pending the outcome of
Maine Yankee's FERC rate case, in which the MPUC is
participating, while indicating that its consultant would
continue its extended review.

MAINE YANKEE DEBT RESTRUCTURING AND FERC RATE PROCEEDING - Maine
Yankee entered into agreements in August 1997 with the holders of
its outstanding First Mortgage Bonds and its lender banks (the
"Standstill Agreements") under which the bondholders and banks
agreed that they would not assert that the August 1997 voluntary
permanent shutdown of the Plant constituted a covenant violation
under Maine Yankee's First Mortgage Indenture or its two bank
credit agreements. The parties also agreed in the Standstill
Agreements to maintain Maine Yankee's bank borrowing at a level
below that of the prior aggregate bank commitments, which level
Maine Yankee considered adequate for its foreseeable needs. The
Standstill Agreements, as extended in October 1997, were to
terminate on January 15, 1998, by which date Maine Yankee was to
have reached agreement on restructured debt arrangements
reflecting its decommissioning status. On November 6, 1997,
Maine Yankee filed a rate proceeding with the FERC reflecting the
Plant's decommissioning status and requesting an effective date
of January 15, 1998, for the amendments to Maine Yankee's Power
Contracts and Additional Power Contracts, which revise Maine
Yankee's wholesale rates and clarify and confirm the obligations
of Maine Yankee's sponsors to continue to pay their shares of
Maine Yankee's costs during the decommissioning period.

On January 14, 1998, the FERC issued an "Order Accepting for
Filing and Suspending Power Sales Contract Amendment, and
Establishing Hearing Procedures" (the "FERC Order") in which the
FERC accepted for filing the rates associated with the amended
Power Contracts and made them effective January 15, 1998, subject
to refund. The FERC also granted intervention requests,
including among others, those of the MPUC, Maine Yankee's largest
bondholder, and two of its lender banks, denied the request of an
intervenor group to summarily dismiss part of the filing, and
ordered that a public hearing be held concerning the prudence of
Maine Yankee's decision to shut down the Plant and on the
justness and reasonableness of Maine Yankee's proposed rate
amendments. The Company expects the prudence issue to be pursued
vigorously by several intervenors, including among others the
MPUC, which stayed its own prudence investigation pending the
outcome of the FERC proceeding after the jurisdictional challenge
by Maine Yankee and the Company discussed above. The Company
cannot predict the outcome of the FERC proceeding.

On January 15, 1998, Maine Yankee, its bondholders and
lender banks revised the Standstill Agreements and extended their
term to April 15, 1998, subject to satisfying certain milestone
obligations during the term of the extension. One such
obligation was that Maine Yankee must have accepted, by February
12, 1998, an underwritten commitment to refinance its bonds and
bank debt, subject only to closing conditions reasonably capable
of being satisfied by April 15, 1998, and reasonably satisfactory
to the bondholders and banks. Maine Yankee accepted such a
commitment prior to the deadline, received regulatory approval of
the refinancing on March 9, 1998, and is negotiating final loan
documentation and preparing for a closing before April 15.

OTHER MAINE YANKEE SHAREHOLDERS - Higher nuclear-related costs
are also affecting other stockholders of Maine Yankee in varying
degrees. Central Maine Power Company, the largest individual
stockholder in Maine Yankee with a 38% ownership interest,
reported in February, 1998 that it expected to require an
additional retail rate increase under its MPUC-approved
Alternative Rate Plan due to its poor financial performance
resulting from increased Maine Yankee-related obligations. Under
that Alternative Rate Plan, Central Maine is permitted to recover
through a retail rate increase only one half of the difference
between the low end of return on equity bandwidth of 7.05% and
its reported 1997 earnings of 1.04%. Maine Public Service
Company, a 5% stockholder, cited problems in satisfying financial
covenants in loan documents, reduced its common stock dividend
substantially in early March 1997 and obtained rate relief.
Northeast Utilities (20% stockholder through three subsidiaries),
which is also adversely affected by the substantial additional
costs associated with the three shut-down Millstone nuclear units
and the permanently shut-down Connecticut Yankee unit, as well as
significant regulatory issues in Connecticut and New Hampshire,
has implemented an indefinite suspension of its quarterly common
stock dividends. Largely as a result of nuclear-related costs,
Northeast Utilities reported a loss of $135 million for 1997 and
continues to experience difficulty in satisfying loan covenants.
A default by a Maine Yankee stockholder in making payments under
its Power Contract or Capital Funds Agreement could have a
material adverse effect on Maine Yankee, depending on the
magnitude of the default, and would constitute a default under
Maine Yankee's bond indenture and its two major credit agreements
unless cured within applicable grace periods by the defaulting
stockholder or other stockholders. The Company cannot predict,
however, what effect, if any, the financial difficulties being
experienced by some Maine Yankee stockholders will have on Maine
Yankee or the Company.

NUCLEAR FUEL STORAGE - Federal legislation enacted in 1987
directed the DOE to proceed with the studies necessary to develop
and operate a permanent high-level waste (spent fuel) disposal
site a Yucca Mountain, Nevada. The legislation also provided for
the possible development of a Monitored Retrievable Storage
("MRS") facility and abandoned plans to identify and select a
second permanent disposal site. An MRS facility would provide
temporary storage for high-level waste prior to eventual
permanent disposal. The DOE has indicated that the permanent
disposal site is not expected to open before 2010, although
originally scheduled to open in 1998.

On April 15, 1997, the United States Senate approved
the"Nuclear Waste Policy Act of 1997", (S. 104), which would
reform the federal policy for managing spent nuclear fuel and
instruct the DOE to develop an integrated management system,
including a central storage facility, for such fuel. The bill
would require the DOE to accept such nuclear fuel from commercial
nuclear power plants and would establish a licensing process that
would result in the storage of such fuel at a central federal
facility beginning no later than June 30, 2003, if all the
necessary approvals are obtained. The DOE would also be required
to continue site characterization work at Yucca Mountain as a
permanent disposal site. On October 30, 1997, the House of
Representatives approved a bill (H.R. 1270) with generally
similar objectives. Action to resolve the differences in the two
bills was deferred to 1998.

In June 1994, several nuclear utilities other than Maine
Yankee filed suit against the DOE. The utilities sought a
declaration from the United States Court of Appeals for the
District of Columbia that the Nuclear Waste Policy Act of 1982
required the DOE to take responsibility for spent nuclear fuel in
1998. On July 23, 1996, the court held that the DOE is obligated
"to start disposing of [spent nuclear fuel] no later than January
31, 1998." The DOE did not appeal the decision, but announced in
December 1996 that it anticipated it would be unable to start
accepting spent nuclear fuel for disposal by January 31, 1998. A
large number of nuclear utilities and state regulators filed a
new lawsuit against the DOE in January 1997 seeking to force the
DOE to honor its obligation to store spent nuclear fuel and
seeking other appropriate relief. On November 14, 1997, the U.S.
Court of Appeals for the District of Columbia Circuit confirmed
the DOE's obligation. On February 19, 1998, Maine Yankee filed a
petition in the same court seeking to compel the DOE to take
Maine Yankee's spent fuel from the Plant site "as soon as
physically possible," alleging that removing the spent fuel on
the DOE's indicated schedule would delay the decommissioning of
the Maine Yankee Plant indefinitely. The Company cannot predict
the ultimate results of the lawsuits.

NUCLEAR INSURANCE - In accordance with the Price-Anderson Act,
the limit of liability for a nuclear-related accident is
approximately $8.9 billion. The primary layer of insurance for
the liability is $200 million of coverage provided by the
commercial insurance market. The secondary coverage is
approximately $8.7 billion, based on 110 licensed reactors. The
secondary layer is based on a retrospective premium assessment of
$79.275 million per nuclear accident per licensed reactor,
payable at a rate not exceeding $10 million per year per
accident. In addition, the retrospective premium is subject to
inflation-based indexing at five-year intervals and, if the sum
of all public liability claims and legal costs arising from any
nuclear accident exceeds the maximum amount of financial
protection, each licensee can be assessed an additional 5 percent
($3.775 million) of the maximum retrospective assessment.

In addition to the insurance required by the Price-Anderson
Act, Maine Yankee carries all-risk nuclear property damage
insurance in the amount of $500 million plus additional excess
nuclear property insurance. Maine Yankee, in recognition of the
reduced risk posed by the shutdown and defueled nuclear reactor,
reduced the amount of excess nuclear property damage insurance
purchased from the nuclear electric utility insurance company,
effective September 15, 1997, from $2.25 billion to $560 million.
This reduced the total amount of nuclear property damage coverage
to $1.06 billion, the minimum amount of nuclear property damage
insurance then required by regulation. The all-risk nuclear
property damage insurance of $500 million is obtained from the
commercial insurance market and is not subject to retrospective
premium assessments. The excess insurance of $560 million is
provided by a nuclear electric utility industry insurance company
through a combination of current premiums, retrospective premium
assessments and reinsurance. Each participating utility may be
assessed a retrospective premium of up to 5 times its premium
with respect to industry losses in any policy year.

LOW-LEVEL WASTE DISPOSAL - The federal Low-Level Radioactive
Waste Policy Amendments Act (the "Waste Act"), enacted in 1986,
required operating disposal facilities to accept low-level
nuclear waste from other states until December 31, 1992. Maine
did not satisfy its milestone obligation under the Waste Act
requiring submission of a site license application by the end of
1991, and therefore, became subject to surcharges on its waste
and did not have access to regulated disposal facilities after
the end of 1992. Maine Yankee then began storing all low-level
waste generated at an on-site storage facility. On July 1, 1995,
however, the State of South Carolina restored access to its
facility and Maine Yankee has been shipping its low-level waste
to the South Carolina facility for disposal.

The states of Maine, Texas and Vermont have been pursuing
the implementation of a compact for the disposal of low-level
waste at a site in Texas. The compact provides for Texas to take
Maine's low-level waste over a 30-year period for disposal at a
planned facility in west Texas. In return, Maine would be
required to pay $25 million, assessed to Maine Yankee by the
State of Maine, payable in two equal installments, the first
after ratification by Congress and the second upon commencement
of operation of the Texas facility. In addition, the company
would be assessed a total of $2.5 million for the benefit of the
Texas county in which the facility would be located and would
also be responsible for its pro-rata share of the Texas governing
commission's operating expenses. The Maine Low-Level Radioactive
Waste Authority suspended its search for a suitable disposal site
in Maine and ceased operations in 1994.

The compact is before the Congress for ratification and was
approved by the House Of Representatives in October 1997. The
Senate has deferred action on the bill until 1998. Since the
Plant has permanently stopped operating, the compact is less
beneficial to Maine Yankee than it would have been if the Plant
had remained in operation, due to the new schedule for Maine
Yankee's shipments and the anticipated schedule for opening the
Texas facility. Maine Yankee cannot predict whether the final
required ratification of the Texas compact or other regulatory
approvals will be obtained, but Maine Yankee intends to utilize
its on-site storage facility as well as dispose of low-level
waste at the South Carolina site or other available sites in the
interim and continue to cooperate with the State of Maine in
pursuing all appropriate options.

HAZARDOUS SUBSTANCE SITE - Maine Yankee has been notified by the
Maine Department of Environmental Protection ("DEP") that it is
one of many potentially responsible parties under the Maine
Uncontrolled Hazardous Substance Sites law for having arranged
for the transport of hazardous substances to sites owned by the
Portland Bangor Waste Oil Company that have been designated
uncontrolled hazardous substance sites by the DEP. Under the
Maine law, each responsible party is jointly and severally liable
for costs associated with the abatement, cleanup or mitigation of
the hazards at such a site. Since the investigations by the DEP
and Maine Yankee are in their early stages and a large number of
potentially responsible parties is involved, The Company cannot
now predict the amount of costs that Maine Yankee will ultimately
be required to assume. Environmental costs that are unrelated to
the decommissioning and dismantlement of the Plant site could
generally be considered to be operation and maintenance costs to
be recovered through Maine Yankee's billing process.

Site characterization work at the Plant site, an initial
part of the decommissioning process, and related activities could
give rise to additional environmental issues.

ENVIRONMENTAL MATTERS
---------------------

The Company is regulated by the United States Environmental
Protection Agency ("EPA") as to compliance with the Federal Water
Pollution Control Act, the Clean Air Act, and several federal
statutes governing the treatment and disposal of hazardous
wastes. The Company is also regulated by the Maine Department of
Environmental Protection ("MDEP") under various Maine
environmental statutes. Although the Company is actively engaged
in complying with these federal and state acts and statutes, the
costs of which are significant, it has not, to date, encountered
material difficulties in connection with such compliance.

In 1992, the Company received notice from the MDEP that it
was investigating the cleanup of several sites in Maine that were
used in the past for the disposal of waste oil and other
hazardous substances, and that the Company, as a generator of
waste oil that was disposed at those sites, may be liable for
certain cleanup costs. The Company learned in October 1995 that
the EPA placed one of the sites on the National Priorities List
("NPL") under the Comprehensive Environmental Response,
Compensation, and Liability Act.

With respect to the NPL site, the Company was one of 15 PRPs
to receive a Special Notice from the EPA in May 1997, requiring
reimbursement of past costs, amounting to $5,639,780, as well as
future costs at the site. The Special Notice also urged the PRPs
to enter into an Administrative Order on Consent to conduct or
finance response actions at the site. In response to the Special
Notice, a group of PRPs, including Bangor Hydro, is close to
signing an agreement with the EPA to fund ongoing monitoring at
the site. The Company's share of this effort is expected to be
approximately $20,000. According to the EPA's volumetric
ranking, the Company's ranks 13th with a total contribution to
the site of 1.10781 percent.

As to the other site, which has been listed by the MDEP as
an Uncontrolled Hazardous Substance Site, the Company is
considered a de minimis generator.

The Company estimates that during 1998 it will spend
approximately $370,000 in operations expenses and $75,000 in
capital expenditures to comply with environmental standards for
air, water and hazardous materials.

EXECUTIVE OFFICERS OF THE COMPANY
---------------------------------

The following are the present executive officers of the
Company with all positions and offices held. There are no family
relationships between any of them nor are there any arrangements
pursuant to which any were selected as officers.

Name Age Office and Year First
Elected
- ----- --- ---------------------

Robert S. Briggs 54 President & Chief
Executive
Officer since
January 1991

Carroll R. Lee 48 Senior Vice
President and
Chief Operating Officer
since
December, 1996

Frederick S. Samp 47 Vice President-Finance &
Law since 1995; Treasurer
since
1995; Chief Financial
Officer
since 1995

Paul A. LeBlanc 50 Vice President - Human
Resources
& Information Services
since
November, 1996

Each of the executive officers has for more than the last
five years been an officer or employee of the Company. Mr.
Briggs was Vice President and General Counsel from 1979 until
1987, Vice President-Law and Public Affairs from 1987 until 1988,
Executive Vice President & Chief Operating Officer from 1988
until 1989 and President and Chief Operating Officer from 1989
until 1991. From 1983 through 1984, Mr. Lee was Vice
President-Power Supply and Planning and he served as Vice
President-Engineering and Operations from 1985 until 1987, Vice
President-Planning & Development from 1987 until 1990 and Vice
President-Operations from 1990 until 1996. Mr. Samp was
Corporate Counsel, Corporate Secretary and Clerk from 1985 until
1988 and General Counsel, Corporate Secretary and Clerk from 1988
until 1995. Mr. LeBlanc was Vice President-Administration from
1978 until 1987, Vice President-Customer Services from 1987 until
1988 and Assistant to the President from 1988 until 1996.


ITEM 3 LEGAL PROCEEDINGS
- ------ -----------------

See Note 9 to the Company's Financial Statements for a
discussion of potential liabilities under the Comprehensive
Environmental Response, Compensation, and Liability Act.


ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- ------ ---------------------------------------------------

Not applicable.


PART II
- -------

ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
- ------ -------------------------------------------------
STOCKHOLDER MATTERS
-------------------

As of December 31, 1997, there were 6,868 holders of record
of the Company's common stock.

The Company's common stock is traded on the New York Stock
Exchange ("NYSE") under the symbol "BGR".

The following table sets forth the high and low prices for
the Common Stock as reported by the NYSE. The prices shown do
not include commissions.


DIVIDENDS
DECLARED
FISCAL PERIOD HIGH LOW PER SHARE
- ------------- ---- --- ---------

1996
- ----
First Quarter................ $12 1/2 $10 1/4 $.18
Second Quarter............... 11 10 .18
Third Quarter................ 10 3/ 9 7/8 .18
Fourth Quarter............... 10 3/8 9 1/4 .18

1997
- ----
First Quarter................ $9 1/2 $6 $.00
Second Quarter............... 6 1/4 4 7/8 .00
Third Quarter................ 6 3/8 5 1/4 .00
Fourth Quarter............... 6 11/16 5 1/16 .00

1998
- ----
First Quarter
(through March 20, 1998).. $8 1/2 $6 1/4 $.00

In June of 1995, the Board reduced the quarterly dividend on common stock
by $.15 from $.33 per share to $.18 per share, resulting in a reduction in
the indicated annual rate from $1.32 to $.72. At its March 19, 1997 meeting,
the Board of Directors determined that the payment of common stock dividends
should be suspended, and to date, no additional common stock dividend has
been declared.

The Company's credit agreements with its lending banks and the Finance
Authority of Maine contain a number of covenants keyed to the Company's
financial condition and performance. One such covenant prohibits the Company
from paying out in dividends on its common stock more than 50% of its
earnings applicable to common stock in any calendar year.

ITEM 6
- ------
SELECTED FINANCIAL DATA
- -----------------------



SIX YEAR STATISTICAL SUMMARY
Bangor Hydro-Electric Company


1997 1996 1995 1994 1993 1992
- --------------------------------------------------------------------------------------------------------------------------

MEGAWATT HOURS (MWH) GENERATED AND PURCHASED

Hydro Generation (Company) 262,377 321,532 275,810 271,616 275,694 305,011
Nuclear Generation (Maine Yankee) - 348,719 13,606 456,871 395,665 368,641
Oil (Company) 69,580 26,912 50,706 35,759 47,115 80,770
Biomass/Refuse 159,990 163,279 177,558 190,218 281,260 307,451
NEPOOL/Other Purchases 1,583,093 1,359,116 1,540,530 958,363 937,431 767,306
- --------------------------------------------------------------------------------------------------------------------------
Total Generated & Purchased 2,075,040 2,219,558 2,058,210 1,912,827 1,937,165 1,829,179
Less Line Losses and Company Use 141,426 140,128 136,908 135,561 131,764
- --------------------------------------------------------------------------------------------------------------------------
Remainder - MWH sold 2,075,040 2,078,132 1,918,082 1,775,919 1,801,604 1,697,415
==========================================================================================================================
CLASSIFICATION OF SALES - MWH
Residential 533,161 536,490 513,076 516,470 515,242 521,889
Commercial 523,043 512,433 511,720 507,285 500,488 490,861
Industrial 680,226 647,985 686,386 611,876 615,314 563,734
Lighting 8,780 8,945 9,547 9,416 9,590 9,876
Wholesale 3,841 4,486 10,961 11,705 10,311 10,462
- --------------------------------------------------------------------------------------------------------------------------
Total MWH Billed to Customers 1,749,051 1,710,339 1,731,690 1,656,752 1,650,945 1,596,822
Unbilled Sales - Net Increase (Decrease) 33,011 2,998 4,658 6,366 2,001 (11,832)
- --------------------------------------------------------------------------------------------------------------------------
Total Delivered Sales (MWH) 1,782,062 1,713,337 1,736,348 1,663,118 1,652,946 1,584,990
(Less) Interruptible Sales 265,438 237,553 295,818 231,128 254,359 208,066
- --------------------------------------------------------------------------------------------------------------------------
Total Firm Delivered Sales (MWH) 1,516,624 1,475,784 1,440,530 1,431,990 1,398,587 1,376,924
Off-System Sales 145,680 364,795 181,734 112,801 148,658 112,425
- --------------------------------------------------------------------------------------------------------------------------
Total Energy Sales (MWH) 1,927,742 2,078,132 1,918,082 1,775,919 1,801,604 1,697,415
==========================================================================================================================

ELECTRIC OPERATING REVENUES AND EXPENSES (000'S)

OPERATING REVENUES
Residential 67,532 $ 66,805 $ 66,061 $ 64,008 $ 64,244 $ 66,429
Commercial 55,965 54,168 55,030 53,410 53,599 53,806
Industrial 41,356 38,947 39,929 37,040 39,508 39,340
Lighting 2,065 2,032 2,051 2,010 1,915 1,933
Wholesale 310 314 859 937 903 895
- --------------------------------------------------------------------------------------------------------------------------
Total Revenue From Customers 167,228 $ 162,266 $ 163,930 $ 157,405 $ 160,169 $ 162,403
Unbilled Sales-Net Increase (Decrease) 2,375 408 210 1,450 (237) (964)
- --------------------------------------------------------------------------------------------------------------------------
Total Revenue 169,603 $ 162,674 $ 164,140 $ 158,855 $ 159,932 $ 161,439
(Less) Interruptible Revenue 11,215 9,537 11,149 8,450 8,876 8,331
- --------------------------------------------------------------------------------------------------------------------------
Total Firm Revenue 158,388 $ 153,137 $ 152,991 $ 150,405 $ 151,056 $ 153,108
Off-System Revenue 13,615 18,384 14,098 12,750 15,326 13,857
- --------------------------------------------------------------------------------------------------------------------------
Total Operating Revenues 183,218 $ 181,058 $ 178,238 $ 171,605 $ 175,258 $ 175,296
==========================================================================================================================

OPERATING EXPENSES
Fuel Used in Generation 92,792 $ 78,477 $ 98,684 $ 104,132 $ 116,386 $ 114,943
Operating and Maintenance Expense 32,471 32,441 35,711 33,498 29,474 27,042
Depreciation and Amortization 35,104 29,965 20,544 10,333 6,447 6,789
Taxes 3,168 10,249 6,306 8,803 8,866 9,499
- --------------------------------------------------------------------------------------------------------------------------
Total Operating Expenses 163,535 $ 151,132 $ 161,245 $ 156,766 $ 161,173 $ 158,273
==========================================================================================================================

SUMMARY OF OPERATIONS (000'S)

Operating Revenue 187,324 $ 187,374 $ 184,914 $ 174,098 $ 177,972 $ 176,789
Operating Expenses 163,535 151,132 161,245 156,766 161,173 158,273
Other Income (including equity AFDC) 1,292 1,466 760 1,308 (2,657)* 1,690
Interest Expense (net of borrowed AFDC) 25,467 26,425 20,092 11,183 8,805 9,952
- --------------------------------------------------------------------------------------------------------------------------
Net Income (386) $ 11,283 $ 4,337 $ 7,457 $ 5,337 * $ 10,254
Less Preferred Dividends 1,376 1,537 1,702 1,652 1,646 1,613
- --------------------------------------------------------------------------------------------------------------------------
Earnings on Common Stock (1,762) $ 9,746 $ 2,635 $ 5,805 $ 3,691 * $ 8,641
==========================================================================================================================


SELECTED FINANCIAL DATA
Total Assets (000's) 600,583 $ 556,629 $ 566,076 $ 381,250 $ 373,521 $ 288,867

ELECTRIC PLANT (000'S)
Total Electric Plant 358,878 $ 341,526 $ 323,664 $ 303,637 $ 281,606 $ 255,601
Depreciation Reserve 96,595 87,736 81,934 75,667 71,184 67,645
- --------------------------------------------------------------------------------------------------------------------------
Net Electric Plant 262,283 $ 253,790 $ 241,730 $ 227,970 $ 210,422 $ 187,956
==========================================================================================================================

CAPITALIZATION (000'S)
Short-Term Debt 34,000 $ 32,500 $ 35,000 $ 27,000 $ 36,000 $ 15,000
Long-Term Debt 243,643 274,221 288,075 116,367 119,126 100,685
Redeemable Preferred Stock 9,137 10,670 12,070 13,740 15,168 15,102
Preferred Stock 4,734 4,734 4,734 4,734 4,734 4,734
Common Equity 106,558 108,321 103,192 105,658 93,944 82,230
- --------------------------------------------------------------------------------------------------------------------------
Total 398,072 $ 430,446 $ 443,071 $ 267,499 $ 268,972 $ 217,751
==========================================================================================================================
CAPITAL STRUCTURE RATIOS (%)
Short-Term Debt 8.5% 7.5% 7.9% 10.1% 13.4% 6.9%
Long-Term Debt 61.2% 63.7% 65.0% 43.5% 44.3% 46.2%
Preferred Stock 3.5% 3.6% 3.8% 6.9% 7.4% 9.1%
Common Stock 26.8% 25.2% 23.3% 39.5% 34.9% 37.8%
- --------------------------------------------------------------------------------------------------------------------------
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
==========================================================================================================================

MISCELLANEOUS STATISTICS
Shares Outstanding (Average) 7,363,424 7,336,174 7,264,360 6,947,746 5,862,411 5,393,306
Shares Outstanding (Year End) 7,363,424 7,363,424 7,301,557 7,185,143 6,225,394 5,420,955
Number of Stockholders (Year End) 6,868 7,734 8,250 7,705 7,511 7,325
Earnings per Common Share -0.24 $ 1.33 $ 0.36 $ 0.84 $ 0.63 * $ 1.60
Dividends Declared per Common Share - $ 0.72 $ 0.87 $ 1.32 $ 1.32 $ 1.32
Book Value per Common Share 14.47 $ 14.71 $ 14.13 $ 14.71 $ 15.09 $ 15.17

Return on Common Equity -1.64% 9.09% 2.51% 5.55% 3.99%* 10.60%
Ratio of AFDC to Common Stock Earnings -48% 12% 48% 45% 143%* 28%
Ratio of Earnings to Fixed Charges 0.86 1.50 1.14 1.49 1.04 * 1.96
Payout Ratio - 54% 242% 157% 210%* 82.5
Percentage of Construction Expenditures
Funded Internally 100% 100% 100% 86% 72% 70%
==========================================================================================================================

RESIDENTIAL CUSTOMER DATA
Average Number of Customers 90,433 89,769 86,194 85,041 84,211 83,305
Kilowatt-Hours per Customer 5,896 5,976 5,953 6,073 6,118 6,265
Revenue per Customer 746.76 $ 744.19 $ 766.42 $ 752.67 $ 762.89 $ 797.42
Revenue per Kilowatt-Hour in cents 12.67 12.45 12.88 12.39 12.47 12.73
==========================================================================================================================

MISCELLANEOUS SYSTEM DATA
Net System Capability at Time of Peak
(MW) Firm 344.44 373.04 330.01 340.45 341.17 342.39
System Peak Demand (MW) (Winter Peak) 277.06 274.32 267.98 275.84 267.42 253.27
Reserve Margin at Time of Peak 24.0% 36.0% 23.2% 23.4% 27.6% 35.2%
System Load Factor 79.0% 77.0% 79.9% 73.5% 76.4% 77.2%
==========================================================================================================================


* Includes the reserve established on certain licensing activites in 1993 ($5.6 million after taxes or $.95 per common
share). (See note 6).




ITEM 7
- ------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION


RECENT EVENTS AFFECTING THE ELECTRIC UTILITY INDUSTRY AND THE COMPANY

RESTRUCTURING THE INDUSTRY - Over the last several years, there have
been a number of legislative and regulatory initiatives throughout the
United States designed to restructure the traditional vertically
integrated electric utility industry. These initiatives typically
encourage or require the disaggregation of existing electric utility
functions into transmission and distribution activities on the one hand
and electrical generation and marketing activities on the other. They
are intended to introduce competition into markets for the production
and supply of electric energy while maintaining transmission and
distribution systems owned and maintained by more traditionally
regulated utilities. This industry restructuring poses a number of
logistical and policy questions including 1) the most efficient way to
spin-off electric generation and related assets from existing electric
utilities, 2) the extent to which existing utilities can or should be
permitted to participate in the competitive markets, 3) the extent to
which the remaining transmission and distribution utilities should be
allowed to recover through rates charged to their customers costs that
have been incurred in order to meet their historical public service
obligations but become "stranded" by the introduction of competition
into traditionally regulated markets, 4) the mechanisms through which
those stranded costs can best be recovered and 5) the uninterrupted
supply of electric energy for those consumers who do not or cannot
arrange independently for the purchase of electric energy.

In 1995, the Maine Legislature initiated a process for the development
of electric utility restructuring that culminated in "An Act to
Restructure the State's Electric Industry", which the Governor signed
into law on May 29, 1997. The principal provisions of the new law are
as follows:

1) Beginning on March 1, 2000, all consumers of electricity shall have
the right to purchase generation services directly from competitive
electricity suppliers who will not be subject to rate regulation.

2) By March 1, 2000, the Company must divest of all generation related
assets and business functions except for:

a) contracts with "qualifying facilities" (generally, those non -
utility generators from whom the Company was required to purchase what
turned out to be high - cost power generated by renewable resources
pursuant to the Public Utilities Regulatory Policies Act of 1978
(PURPA)) and conservation providers;

b) nuclear assets, namely, the Company's investment in the Maine Yankee
Atomic Power Company nuclear generating plant (Maine Yankee);

c) assets that the Maine Public Utilities Commission (MPUC) determines
necessary for the operation of the transmission and distribution
services.

The MPUC may grant an extension of the divestiture deadline if the
extension will improve the selling price. For assets not divested, the
utilities are required to sell the rights to the energy and capacity
from these assets. The Company must submit to the MPUC its divestiture
plan no later than January 1, 1999. The Company's plan has already been
submitted.

3) Billing and metering services will be subject to competition
beginning March 1, 2002, but the legislation permits the MPUC to
establish an earlier date, no sooner than March 1, 2000.

4) The Company, through an unregulated affiliate, may market and sell
electricity both within and outside its current service territory, but
limited to 33% of the load within the Company's service territory. In
addition, such an unregulated affiliate could not, itself, own any
generation assets.

5) The Company will continue to provide transmission and distribution
services which will continue to be subject to regulation by the MPUC.

6) If after March 1, 2000, 10% or more of the stock of a regulated
transmission and distribution utility is purchased by an entity, the
purchasing entity and any related entity may not sell or offer for sale
generation service to any retail customer of electric energy in the
state of Maine. In addition, if the transmission and distribution
utility has a marketing affiliate (see item 4 above), the MPUC might
require divestiture of that affiliate.

7) Maine electric utilities will be permitted a reasonable opportunity
to recover legitimate, verifiable and unmitigable costs that are
otherwise unrecoverable as a result of retail competition in the
electric utility industry (the so-called "stranded costs"). The MPUC
shall determine these stranded costs by considering:

a) the utility's regulatory assets related to generation;
b) the difference between net plant investment in generation assets
compared to the market value for those assets; and
c) the difference between future contract payments and the market value
of the purchased power contracts.

The Company must pursue all reasonable means to reduce its potential
stranded costs and to receive the highest possible value for generation
assets and contracts, including the exploration of all reasonable and
lawful opportunities to reduce the cost to ratepayers of contracts with
qualifying facilities. By July 1, 1999, the MPUC must estimate the
stranded costs for the Company and the manner for the collection of
those costs by the transmission and distribution company. Customers
reducing or eliminating their consumption of electricity by switching
to self-generation, conversion to alternative fuels or using demand-
side management measures cannot be assessed exit or entry fees. The
MPUC must include in the rates charged by the transmission and
distribution utility decommissioning expenses for Maine Yankee. In 2003
and every three years thereafter until the stranded costs are
recovered, the MPUC must review and reevaluate the stranded cost
recovery.

8) All competitive providers of retail electricity must be licensed and
registered with the MPUC and meet certain financial standards, comply
with customer notification requirements, adhere to customer
solicitation requirements and are subject to unfair trade practice
laws. Competitive electricity providers must have at least 30% of the
electricity that they sell at retail in Maine derived from renewable
resources (such as most types of hydroelectric plants and plants that
would be qualifying facilities under PURPA).

9) A standard-offer service will be available for all customers. If the
Company were to have an unregulated affiliate competitive electricity
provider, it would be prohibited from providing more than 20% of the
load within the Company's service territory under the standard - offer
service.

10) An unregulated affiliate of the Company marketing and selling
retail electric power must adhere to specific codes of conduct,
including, among others:

a) employees of the unregulated affiliate providing retail electric
power must be physically separated from the regulated distribution
affiliate and cannot be shared;

b) the regulated transmission and distribution affiliate must provide
equal access to customer information;

c) the regulated transmission and distribution company cannot
participate in joint advertising or marketing programs with the
unregulated affiliate providing retail electric power;

d) the transmission and distribution company and its unregulated
affiliated provider of retail electric power must keep separate books
of accounts and records; and

e) the transmission and distribution company cannot condition or tie
the provision of any regulated service to the provision of any service
provided by the unregulated affiliated provider of electricity.

11) Employees, other than officers, displaced as a result of retail
competition will be entitled to certain severance benefits and
retraining programs. These costs will be recovered through charges
collected by the regulated transmission and distribution company.

12) Other provisions of the new law include provisions for:

a) consumer education;
b) continuation of low-income programs and demand-side management
activities;
c) consumer protection provisions;
d) new enforcement authority for the MPUC to protect consumers.


In view of the Maine restructuring legislation, the Company has been
reviewing and revising its business plans. The Company believes its
basic business will continue to be as a regulated transmission and
distribution utility. The Company will also pursue opportunities in
other regulated or unregulated business activities that are compatible
with the Company's basic business. The Company presently believes that
it will be less likely to engage in activities that would require
isolation from its basic business, such as the approach the
restructuring law has taken governing the relationship between a
regulated transmission and distribution utility and any affiliated
entity intending to engage in marketing and selling electricity. The
Company has made no final determination whether it will establish such
an affiliate in order to continue the marketing and selling of
electricity after March 1, 2000.

MAINE YANKEE - The Company owns 7% of the common stock of Maine Yankee,
which owns and, prior to its permanent closure in 1997, operated an 880
megawatt (MW) nuclear generating plant in Wiscasset, Maine. The
Company's equity ownership in the plant entitled the Company to about
7% of the output pursuant to a cost-based power contract. Since the
plant began operation in 1972, it has provided a source of power for
the Company and its customers at a cost consistently below the cost of
power otherwise available in bulk power markets.

Following a year long shutdown for repairs to the steam generators in
1995, Maine Yankee came under intense regulatory scrutiny in a series
of events beginning in December 1995 with an anonymous letter about an
allegedly faulty computer program. The events evolved into a number of
investigations by Maine Yankee's primary licensing authority, the
United States Nuclear Regulatory Commission (NRC) and by Maine Yankee
itself. Concerns included compliance with NRC regulations, conformance
of the plant to design specifications, adequacy and condition of
components and systems, and management issues. During the evolution of
these events, the NRC itself became subject to public criticism about
the adequacy of its regulatory activities and its relationship with
nuclear plant licensees, and in response, the NRC implemented changes
in its approach to oversight of licensees that had the effect of
amplifying the regulatory scrutiny.

Maine Yankee operated for part of 1996, but under a restriction imposed
by the NRC that limited its operation to 90% of full power capacity
pending the resolution of various issues. In early December 1996 the
plant was shut down to address cable-separation and associated issues.
Subsequently, Maine Yankee also determined that a substantial portion
of the nuclear fuel in the reactor was defective and had to be
replaced, thereby extending the outage into a refueling outage. During
this extended outage, the plant owners analyzed in-depth the viability
of continued operation of the plant. While the plant was shut down, the
Company incurred incremental replacement power costs of approximately
$1 million per month in addition to its 7% share of the costs expended
in the owners' efforts to return the plant to service. On May 27, 1997,
the Board of Directors of Maine Yankee voted to reduce maintenance and
repair spending at the plant and announced that Maine Yankee was
considering permanent closure based on economic concerns and
uncertainty about operation of the plant. On August 6, 1997, the Board
voted to cease power operations at the plant permanently and to begin
the process of decommissioning the plant. The decision to shut down the
plant was based on an economic analysis of the costs, risks and
uncertainties associated with operating the plant compared to those
associated with closing and decommissioning the plant. The decision to
close the plant should mitigate the costs the Company would otherwise
incur through a phasing down of Maine Yankee's operations and
maintenance costs. The need to purchase replacement power will
continue.

Maine Yankee's most recent estimate of the total costs of
decommissioning and plant closure, excluding funds already collected,
is $930 million (undiscounted). The Company's share of this estimated
cost is $65.1 million and was recorded as a regulatory asset and
decommissioning liability at September 30, 1997.

In a related matter, in early September, 1997, the MPUC released the
report of a consultant it had retained to perform a management audit of
Maine Yankee for the period January 1, 1994 to June 30, 1997. The
report contained both positive and negative conclusions, the latter
explaining that: Maine Yankee's decision in December, 1996, to proceed
with the steps necessary to restart its nuclear generating plant at
Wiscasset, Maine, was "imprudent"; that Maine Yankee's May 27, 1997,
decision to reduce restart expenses while exploring a possible sale of
the plant was "inappropriate," based on the consultant's finding that a
more objective and comprehensive competitive analysis at the time
"might have indicated a benefit for restarting" the plant; and that
those decisions resulted in Maine Yankee incurring $95.9 million in
"unreasonable" costs. If any of these costs are determined to have been
imprudently incurred, by FERC or the MPUC, the Company may be required
to write down a portion of its investment in Maine Yankee. On October
24, 1997, the MPUC issued a Notice of Investigation initiating an
investigation of the prudence of the Maine Yankee shutdown decision and
of the operation of Maine Yankee prior to the shutdown, and announced
that it had directed its consultant to extend its review to include
those areas.

On December 2, 1997, the MPUC issued an Order staying the
investigation. The MPUC noted that Maine Yankee had begun a rate
proceeding before the Federal Energy Regulatory Commission (FERC) on
November 6, 1997, which could address the prudence issues raised in the
MPUC's investigation. The MPUC therefore stayed its investigation in
order "to avoid unnecessary duplicative efforts by all parties
involved". The MPUC reserved the right to reopen the investigation
particularly if FERC declines to address the prudence issues of concern
to the Commission "if we feel it necessary to further investigate these
matters after the FERC proceeding ends." The Company cannot therefore
predict whether the MPUC will reopen its investigation once the FERC
proceeding is concluded.

THE COMPANY'S RESPONSE TO PRESSURES CAUSED BY THE CLOSURE OF MAINE
YANKEE - The operational problems that have plagued Maine Yankee since
1995 and its final closure in 1997 have placed a significant strain on
the Company's financial resources and have had a substantially negative
impact on the Company's earnings in 1995, 1996 and 1997. The Maine
Yankee experience aggravated the financial pressure the Company was
already under as a result of its attempt to avoid rate increases,
expand its revenues through marketing efforts, and otherwise deal with
emerging competitive pressures. In response, the Company has reduced
its expenditures for ongoing operation and maintenance and for capital
improvements where it reasonably can. In addition, the Company focused
on three major areas - rate relief, restructuring another high-cost
power contract, and relations with its lenders - each of which is
discussed below.

RATE CASE - On March 3, 1997, the Company notified the MPUC of its
intent to file for a general increase in rates.
Under Maine law, a utility must ordinarily notify the MPUC two months
in advance of the filing of a request for a general increase in rates
and the MPUC then has nine months to investigate that request. However,
under certain circumstances, the MPUC may allow a utility to implement
a requested increase in rates on a temporary basis pending the
conclusion of its investigation of the utility's request for a general
increase in rates.

On April 1, 1997, the Company filed with the MPUC a Petition for
Temporary Rates to increase its rates by an amount that would increase
its annual revenues by $10 million effective June 1, 1997. In doing so,
the Company cited the continuing impact on the Company's financial
condition and cash flow of the ongoing outage at the Maine Yankee
nuclear power plant. The Company also cited potential noncompliance
with financial covenants contained in its bank credit agreement
(including the fixed charge coverage ratio, discussed below) and the
need to maintain adequate borrowing capacity for working capital
purposes, including mandatory debt repayments.

On June 26, 1997, the MPUC issued an order authorizing the Company to
change rates temporarily to increase its annual revenues by
approximately $5.1 million effective July 1, 1997. In doing so,
however, the MPUC also required the Company to accelerate the
amortization of the deferred regulatory asset associated with the 1993
buyout of one of its high-priced non-utility generator contracts. As a
result, revenue produced by the rate increase did not increase
earnings, but it did increase cash flow. Effective December 12, 1997,
the MPUC authorized the Company to revert to the original amortization
schedule of that deferred regulatory asset, thereby permitting the
temporary rate increase previously authorized to impact the Company's
earnings positively from that date on.

On February 9, 1998, the MPUC issued its final order on the Company's
request to increase its rates that it filed in March of 1997. Of the
approximately $22 million increase in annual revenue ultimately
requested by the Company, the MPUC authorized an increase of
approximately $13.2 million (which includes the 5.1 million temporary
rate increase discussed above) annually. While there are many factors
that explain the difference between the MPUC allowance and the
Company's requested increase, much of that difference is attributable
to the proposed accounting treatment of various costs and the deferral
of other costs for future consideration, including the deferral of
certain costs associated with Maine Yankee. While those accounting
recommendations will affect the timing of receipt of revenues by the
Company and will require the Company to finance the payment of the
associated costs, they should not significantly affect the Company's
earnings during the period that the new rates are effective.

The MPUC order is based upon a determination that the Company should be
allowed to earn an annual return of 12.75% on common equity. It also
includes a "rate plan" under which the Company's rates will be subject
to certain reconciliations based upon actual expenditures by the
Company and an annual adjustment beginning on May 1, 1999 to account
for inflation with an offset for assumed increases in productivity.
Other than those adjustments, the Company will not change its rates
unless its return on equity exceeds or falls short of the allowed
return by more than 350 basis points. If the Company's return on equity
falls outside of that bandwidth, 50% of the excess or shortfall will be
adjusted for in the Company's rates.

RESTRUCTURING OF POWER PURCHASE CONTRACT - The Company has been working
to restructure a power purchase contract with the Penobscot Energy
Recovery Company (PERC), its last remaining high-priced non-utility
generator contract that offers a potential for substantial savings.
PERC owns a waste-to-energy facility in Orrington, Maine that provides
solid waste disposal services to many communities in central, eastern
and northern Maine. The contract requires the Company to purchase the
electricity output of the plant until 2018 at a price that is presently
above the cost of alternative sources of power, and, in the Company's
opinion, is likely to remain so. The Company has been working with PERC
and the affected municipalities at a restructuring of the power
contract that would result in substantial savings for the Company and
would continue to allow PERC to meet the solid waste disposal needs of
Maine communities. The Company has reached an agreement with PERC and a
committee representing the municipalities that includes the following
major components:

1) The Company would make an up-front payment to PERC of $6 million and
installment payments over the next four years following consummation of
the transaction totalling an additional $4 million. These funds would
be retained by PERC to meet operation and debt service reserve
requirements of the PERC plant.

2) As of December 31, 1997, the PERC plant was financed in part by
tax-exempt municipal revenue bonds in the principal amount of $47.9
million payable pursuant to a sinking fund schedule and finally
maturing in 2004. The credit on those bonds is enhanced by letters of
credit issued by a group of banks. Those bonds would be restructured to
extend the maturity date to 20 years from the date of closing. The
bonds would continue to be tax-exempt and their credit would be
enhanced by the moral obligation of the state of Maine under the
auspices of the Finance Authority of Maine (FAME) pursuant to the State
of Maine's Electric Rate Stabilization Program. The extended maturity
of low-cost bonds would, therefore, provide savings to be shared by the
parties.

3) The Company would continue to purchase power at the rates
established under the existing PERC contract. Payments would be made to
a trust from which disbursements would be made according to the
following priorities:

a) debt service and expense, including all principal and interest;
b) trustee and bond related fees and expenses;
c) all operating and maintenance expenses of the PERC plant;
d) operating and management fees paid to the PERC partners pursuant to
a partnership operating agreement;
e) payment to the PERC owners of any savings in interest expense
resulting from the prepayment of bonds; and
f) except for cash reserve requirements, all remaining cash would be
distributed 1/3 to the Company, 1/3 to the PERC owners and 1/3 to the
participating municipalities.

4) The Company would issue warrants for the purchase of two million
shares of its common stock, one million each to the PERC owners and the
participating municipalities. The warrants would be exercisable within
ten years of their issuance and would entitle the holder to purchase
common stock for $7 per share (subject to adjustment under certain
circumstances). No warrants may be exercised within the first nine
months after their issuance, and they would become exercisable in
500,000 share blocks following the expiration of nine months, 21
months, 33 months and 45 months from the closing date. Upon exercise,
the Company would have the option, instead of providing common stock,
to pay cash equal to the difference between the then market price of
the stock and the exercise price of $7 per share times the number of
shares as to which exercise is made. The MPUC has established a cap on
ratepayers' exposure to the cost of the warrants. Ratepayer costs are
limited to the difference between the higher of $15 per share or the
book value per share at the time the warrants are exercised and the $7
exercise price. The Company would not recover any costs above the cap
from ratepayers.

5) The municipalities would extend their waste disposal contracts
through 2017 and waive their existing rights to an early termination or
the buyout of PERC.

There are a number of events upon which the proposed transaction is
contingent, including approval by the affected municipalities, the
rendering of an opinion by bond counsel that the PERC bonds will remain
tax-exempt and the financing of necessary cash payments by the Company.
The Company and the other parties to the transaction are tentatively
planning a closing in the spring of 1998.

Depending in part on the ultimate cost of the warrants, it is projected
that the restructured PERC contract will result in net cost savings
with a present value of $30 40 million over the remaining life of the
contract. That projection is based upon a number of assumptions about
future events and the markets for electricity.

EXISTING LENDING AGREEMENTS AND MONETIZATION OF POWER SALE CONTRACT -
The Company has been negotiating with interested parties the
monetization of a power sale contract with UNITIL Power Corp. (UNITIL),
a New Hampshire based electric utility. The Company currently provides
power to UNITIL at significantly above-market rates, with the contract
term ending in the year 2003. Based upon current projections of
wholesale electricity markets, it is expected that the rates charged
under the UNITIL contract will remain at above-market levels for the
remainder of the contract term. Therefore, the assignment of the
Company's rights under the contract has a positive present cash value.
The Company is currently proceeding to complete a transaction with a
financial institution pursuant to a letter of intent that would provide
a loan of approximately $25 million in net proceeds secured by the
value of the UNITIL contract. As discussed below, the proceeds of such
a transaction could be used to finance a portion of the contract
restructuring with PERC and to resolve outstanding financial covenant
issues under the Company's credit agreement with its lending banks.

The credit agreement with the Company's lending banks contains a number
of covenants keyed to the Company's financial condition and
performance. One such covenant requires the Company to maintain a
consolidated fixed charge ratio of 1.5 to 1.0 (defined as the ratio of
the sum of the Company's net income, income tax expense and interest
expense to the Company's interest expense, subject to a few minor
adjustments) and is measured quarterly for the prior four quarters.
After the first quarter of 1997, the Company was not in compliance with
the fixed charge ratio covenant. The Company obtained temporary waivers
of the noncompliance through June 6, 1997.

On June 6, 1997 the Company and the lending banks amended the credit
agreement. Under the amendment, compliance with the fixed charge ratio
covenant was permanently waived for the four quarters ending March 31,
1997 and June 30, 1997. The Company was also out of compliance with the
fixed charge ratio covenant for the four quarters ending September 30,
1997 and December 31, 1997 and has received temporary waivers of those
violations until March 31, 1998. On November 20, 1997, the Company and
the lending banks amended the agreement as part of a plan to reduce the
level of the banks' credit commitment and reestablish the financial
covenants to levels that the Company anticipates it can reasonably
achieve. Under the amendment (as subsequently modified), if the Company
monetizes the UNITIL contract as discussed above before March 31, 1998
in an amount that generates the net proceeds contemplated, it will be
permitted to proceed with the restructuring of its power purchase
contract with PERC and to use $6 million of the proceeds of the
monetization to complete the PERC transaction, with the remainder of
the proceeds to be used to reduce permanently the borrowing capacity of
the existing revolving credit facility. On or before December 31, 1998,
the Company must further reduce permanently the borrowing capacity
under the revolving credit facility by that additional $6 million. The
amendment also establishes new financial covenant levels that appear
reasonably achievable under the Company's current financial forecasts,
although there are a number of important variables that could affect
the Company's ability to meet those covenants in the future.

As of this writing, the monetization of the power sale contract with
UNITIL has not occurred, and only temporary waivers have been received
for the covenant violations for the four quarters ending September 30,
1997 and December 31, 1997. Consequently, the Company has classified
its $34 million of medium term notes as current liabilities as of
December 31, 1997. If the UNITIL transaction occurs, permanent waivers
will, pursuant to the credit agreement, become effective, and the
medium term notes will be reclassified as long-term liabilities.

The Company also anticipates that during 1998 or beyond, future cash
needs may exceed the borrowing capacity under the revolving credit
facility after the reductions described above, and accordingly, the
Company may be required to find new sources of financing. The Company
is in the process of exploring the alternatives available for such
additional sources of financing. The Company expects to be able to
obtain funds necessary to meet its obligations as they arise.

COMMON STOCK DIVIDENDS - In June of 1995, the Board reduced the
quarterly dividend on common stock by $.15 from $.33 per share to $.18
per share, resulting in a reduction in the indicated annual rate from
$1.32 to $.72. At its March 19, 1997 meeting, the Board of Directors
determined that the payment of common stock dividends should be
suspended, and to date, no additional common stock dividend has been
declared.

STORM DAMAGE - Beginning on January 5, 1998, much of the state of Maine
experienced weather conditions that included snow, sleet and freezing
rain, culminating in a sleet storm on January 7, 8 and 9. Heavy icing
conditions caused trees to fall into power lines and also caused power
lines to fall from the added weight of the ice. Damage to transmission
and distribution equipment was widespread throughout the Company's
service territory. One of the Company's major transmission lines
serving the eastern part of its service territory was entirely
destroyed for a stretch of approximately eight miles. By January 9, an
estimated 60,000, or roughly 60%, of the Company's customers were
without power at the same time due to damage from the storm. The
Governor of Maine declared a state of emergency, and President Clinton
declared the state of Maine a federal disaster area.

The effort to restore power and repair transmission and distribution
equipment was extensive. Lineworkers and tree crews from throughout the
eastern United States and Canada participated in the effort, and by
January 18, power had been restored to all but a few of the Company's
customers. The cost of the restoration is still being determined but it
is expected to total as much as $5 million or more. The MPUC has issued
an order authorizing the Company to defer incremental storm damage
expenses for future recovery through the rates charged to customers.
The MPUC is expected to investigate the prudence of the costs incurred
and to establish a time frame for the recovery of the prudently
incurred costs. The Company believes its storm damage costs were
prudently incurred and that it should, therefore, be allowed to recover
them in rates.

PROPOSED GAS PROJECT -The Company and Energy Pacific, LLC (Energy
Pacific) have formed a joint-venture company, Bangor Gas Company, LLC,
that is currently seeking approval from the MPUC to build, own and
operate a natural gas distribution system to serve the greater Bangor
area.

Los Angeles-based Energy Pacific is a joint-venture of Pacific
Enterprises and Enova Corporation, which are in the process of a
corporate merger. Pacific Enterprises is the parent company of Southern
California Gas Company, the nation's largest natural gas distribution
company. Enova is the parent of San Diego Gas and Electric Company.
Together, the two companies provide natural gas to approximately six
million customers in California. Pacific Enterprises and the Company
worked together in a partnership to develop the West Enfield Hydro
Project in 1986.

Gas service to Maine will be made economically feasible for the first
time by the Maritimes and Northeast Pipeline Project, slated for
completion in mid-1999. The new pipeline will extend from the Sable
Offshore Energy Project near Sable Island, Nova Scotia, through the
state of Maine and interconnect with the Tennessee Gas Pipeline in
Dracut, Massachusetts. The route, as proposed, comes near the Bangor
area, providing an opportunity for retail gas distribution in the
greater Bangor marketplace.

Company officials estimate the cost to build and implement the new
Bangor Gas system to be approximately $40 million. The Company is not
obligated to make material capital contributions to the joint-venture
in the near term.

DIVESTITURE OF GENERATION ASSETS - On February 9, 1998, the Company
filed its plan for divesting its generation-related assets with the
MPUC in accordance with the electric utility industry restructuring
provisions signed into law last year. This plan could result in the
identification of proposed purchasers by mid-summer 1998. Further
regulatory approvals will then be required to actually complete the
sale. The Company is offering a total of 166 MW of generation assets.

OTHER - Management's discussion and analysis of results of operations
and financial condition contains items that are "forward-looking" as
defined in the Private Securities Litigation Reform Act of 1995. These
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from those anticipated in the
forward-looking statements. Readers should not place undue reliance on
forward-looking statements, which reflect management's view only as of
the date hereof. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect subsequent events or
circumstances. Factors that might cause such differences include, but
are not limited to, future economic conditions, relationship with
lenders, earnings retention and dividend payout policies, electric
utility restructuring, developments in the legislative, regulatory and
competitive environments in which the Company operates, and other
circumstances that could affect revenues and costs.


LIQUIDITY, CAPITAL REQUIREMENTS, AND CAPITAL RESOURCES

The Consolidated Statements of Cash Flows reflect events for the years
ended December 1997, 1996 and 1995 as they affect the Company's
liquidity. Net cash provided by operations was $36.4 million in 1997,
$44.8 million in 1996 and a negative $164.5 million in 1995. The
principal reason for the decrease in cash flows from operations in 1997
was the impact of Maine Yankee. The Company incurred approximately
$10.7 million in additional Maine Yankee operating and replacement
power costs in 1997 as compared to 1996. Also, the Company incurred
$2.7 in Maine Yankee refueling outage costs in 1997. The Company's cash
flows were improved with the 3.8% temporary rate increase effective
July 1, 1997. Positively impacting cash flows in the 1997 period was
the payment of $545,000 in income taxes, as compared to $2.3 million in
income tax payments in 1996. The Company made approximately $2 million
less in interest payments in 1997 as compared to 1996. Also enhancing
cash flows from operations in 1997 was an improvement in accounts
receivable collections for one of the Company's largest customers. In
the third quarter of the 1997, the Company received $2.6 million from a
large customer, who prepaid its electric usage for a one-year period.
Finally, in the 1996 period, the Company expended $1.7 million to
terminate a demand-side management contract.

The principal reason for the increase in cash provided by operations in
1996 as compared to 195 was the $197.7 million spent in 1995 for the
buyout of purchased power contracts ($168.7 million) and related
financing costs ($29 million). Exclusive of the costs of those buyouts,
which were entirely debt financed, cash flows provided by operations
were $33.2 million in 1995. Other factors that contributed to improved
cash flows in 1996 as compared to 1995 were savings in purchased power
costs because of the contract buyouts ($11.2 million), the improved
operation of Maine Yankee in 1996, the necessity in 1995 to record
expenses associated with the resleeving of steam generator tubes at
Maine Yankee and $2.4 million in refueling costs incurred in 1995 (a
net $8.6 million of improved cash flow associated with Maine Yankee in
1996).

Over the last three years, capital expenditures have been $17.5 million
in 1997, $18.8 million in 1996 and $19.5 million in 1995. In 1997,
approximately $3.6 million of the capital expenditures was related to
implementing new customer, geographic and financial information
systems, $2.8 million was related to the Company's power production
facilities, $7.1 million was for its distribution system, and $3.3
million was for its transmission system, with the remainder related to
other general property and equipment and costs associated with the
licensing of hydroelectric projects. The Company expects its capital
expenditures to total between $45 million and $55 million over the next
three years, although it may be necessary to adjust the budget for
capital expenditures on a year-to-year basis.

Dividends paid on common stock were lower in 1997 due to the suspension
of the common dividend, beginning with the first quarter of 1997. The
reduction in preferred dividends paid resulted principally from $3
million in sinking fund payments made on the Company's 8.76% mandatory
redeemable preferred stock in 1996.

In 1997 the Company repaid $14 million of principal on its outstanding
medium term notes and made $1.9 million in sinking fund payments on its
12.25% first mortgage bonds. In 1997, the Company also made a sinking
fund payment of $1.5 million on its 8.76% mandatory redeemable
preferred stock. As discussed in more detail in Note 3 to the
Consolidated Financial Statements, the Company also made approximately
$94,000 in payments to the institutional holder of the 8.76% series
preferred stock related to a "make whole provision" under the preferred
stock purchase agreement. In 1996, the Company made a $12 million
payment on its medium term notes, $1.6 million in sinking fund payments
on its 12.25% first mortgage bonds, $3 million in sinking fund payments
on its 8.76% mandatory redeemable preferred stock, and approximately
$188,000 in make whole provision payments.

Capital and operating needs in 1997 and 1996 were met through
internally generated funds and the Company's revolving credit line. The
Company anticipates that during 1998 or beyond, future cash needs may
exceed the borrowing capacity under the revolving credit facility after
the reductions described above (see "Existing Lending Agreements and
Monetization of Power Sale Contract"), and accordingly, the Company may
be required to find new sources of financing. The Company is in the
process of exploring the alternatives available for such additional
sources of financing and expects to be able to obtain amounts necessary
to meet its obligations as they arise.

The purchased power contract buyback in 1995 was financed through the
issuance of $126 million of FAME Revenue Notes and $60 million of
medium term notes, thereby significantly increasing the Company's
indebtedness. Additional short-term borrowings were also made in 1995
under the Company's revolving credit agreement to finance the
transaction. The Company has $132.6 million of first mortgage bond and
other long-term debt sinking fund requirements and maturities in the
period 1998 2002. The Company also has $1.5 million of mandatory annual
sinking fund payments and $94,000 of annual payments under the "make
whole provision" on its redeemable preferred stock.


RESULTS OF OPERATIONS

The Company incurred a loss per common share of $.24 in 1997, as
compared to earnings per common share of $1.33 and $.36 in 1996 and
1995, respectively. Earned return on average common equity was 9.1% in
1996 and 2.5% in 1995. Negatively impacting earnings in 1997 and 1995
were the previously discussed shutdowns of Maine Yankee. Positively
impacting earnings in 1997 and 1996 was the 1995 buyout of two high-
cost power purchase contracts from non-utility generating plants. That
transaction has resulted in incremental savings of approximately $2.4
million or $.32 per common share after income taxes in 1996 as compared
to 1995. In 1996 Maine Yankee also operated relatively well.

Effective January 1, 1997 the Company renegotiated the revenue sharing
portion of a special rate contract with its largest industrial
customer. The rate for this customer is based in part on a revenue
sharing arrangement whereby the revenues for service vary depending on
the price and volume of product sold by the industrial customer to its
customers. Under the revised revenue sharing formula, the revenues from
the revenue sharing were reduced by approximately $3.2 million in 1997.
The Company also entered into a special rate contract with a large pulp
and paper manufacturer, effective April 1, 1997. Annual revenues for
this customer are estimated to be reduced by approximately $1.5 million
due to the reduced rate. It was necessary to reduce rates to this pulp
and paper manufacturer in order to retain the customer, since the
customer was exploring self-generation for its energy needs.

Electric operating revenue for the 1997 period decreased by $49,000 as
compared to 1996. There was a $4.9 million decrease in off-system sales
(sales related to power pool and interconnection agreements and resales
of purchased power) in 1997, and revenue sharing (discussed above)
decreased by $3.2 million in 1997. Electric operating revenue
associated with kilowatt-hour (KWH) sales, excluding off-system sales,
increased by $6.9 million or 4.26% in 1997 as compared to 1996, due to
the impact of the 3.8% temporary rate increase effective July 1, 1997,
and an overall 4.0% increase in total KWH sales in 1997, excluding off-
system sales. These increases were offset by the effect of adjusting
prices downward to some customers in order to retain sales that would
otherwise be lost to competitive pressures. Of the 4.0% total increase
in KWH sales in 1997, approximately 68% was related to increased usage
by the Company's largest special contract customers.

Electric operating revenue increased by $2.5 million, or 1.3%, in 1996
as compared to 1995 due principally to a $4.3 million increase in off-
system sales. This increase was somewhat offset by the impact of a
1.33% decrease in KWH sales in 1996 and the effect of selective price
reductions to meet competitive pressures. The KWH sales decrease was
caused primarily by drastically reduced sales to one of the Company's
largest special contract customers from which the Company receives a
relatively low profit margin. Without the impact of the reduced sales
to this customer, total KWH sales were 1.7% higher in 1996 than in
1995.

Prior to the elimination of the so-called "fuel cost adjustment" method
of recovering fuel and purchased power costs effective January 1, 1995,
the MPUC had authorized the Company to use a deferred fuel accounting
methodology under which fuel revenue essentially matched fuel expense.
Effective with the elimination of the fuel cost adjustment, deferred
fuel accounting was eliminated. This change required the Company to
record, as expense, actual fuel costs incurred. The deferred fuel
revenue balance at December 31, 1994 of $3 million, was amortized over
a three-year period beginning January 1, 1995 as a reduction in fuel
for generation and purchased power expense and was a benefit to
earnings.

The $14.3 million increase in fuel for generation and purchased power
expense in 1997, as compared to 1996, was principally due to the Maine
Yankee shutdown, as previously discussed. The increased expense in 1997
was also attributable to the 4.0% increase in KWH sales in 1997
(excluding off-system sales), a reduction in the Company's
hydroelectric power generation in 1997, as well as an overall increase
in the price of purchased power in 1997 as compared to 1996. Also, the
Company realized greater benefits/cash settlements under its fuel hedge
program (for a more complete discussion of the Company's fuel hedge
program, see Note 11 to the Consolidated Financial Statements) in 1996
as compared to 1997, due principally to the spot price of residual oil
decreasing significantly in 1997 (as compared to 1996), and the
Company's hedge in 1997 was at a higher fixed cost than in 1996.
Finally, in 1997 the Company charged to expense $1.9 million of
previously deferred Maine Yankee refueling costs, as a result of the
Company's most recent rate order (see Rate Case discussion above).
Offsetting these increases was the $4.9 million reduction in off-system
sales in 1997. Also, in connection with the most recent rate order, the
Company was ordered to defer the excess of Maine Yankee related costs
included in the rate order over the actual costs incurred effective
December 12, 1997. The Company deferred approximately $719,000 in such
costs, which prior to the rate order would have otherwise been charged
to expense, for the period from December 12 through December 31, 1997.

The significant decrease in fuel for generation and purchased power
expense in 1996 as compared to 1995 was related principally to the
buyout of the high-cost purchased power contracts in June 1995 ($18
million reduction in expense in 1996) and the improved performance of
Maine Yankee in 1996. The incremental replacement power costs for Maine
Yankee were $4.3 million in 1996, compared to $10.5 million in
replacement power and steam tube resleeving project expenses in 1995.
Offsetting these decreases was a $4.3 million increase in off-system
sales in 1996.

Other operation and maintenance (O&M) expense decreased by $3.3 million
in 1996 from 1995 levels, principally because of the charges for the
1995 early retirement and severance program ($3.9 million charge to
other O&M in 1995). Bad debt expense was $.8 million lower in 1996 due
to the $.7 million increase in the reserve for uncollectible accounts
in 1995 and a reduction in bad debt write-offs in 1996. O&M payroll
expense decreased in 1996 by $.9 million principally as a result of the
early retirement and severance program. These decreases were offset to
some extent by a $.7 million increase in active employee medical
expenses and postretirement pension, medical and life insurance benefit
costs in 1996.

The increases in depreciation and amortization expense in 1997 was
principally caused by the termination, on December 31, 1996, of the
amortization of the remaining balance of the over-accumulated reserve
for depreciation. This amortization, which reduced annual depreciation
expense, amounted to $1.8 million in each of the six years from 1989
through 1996. The depreciation expense increase in 1997, as well as in
1996, were also affected by the growth in the Company's electric plant
in service, including the effect of the implementation of large
information system projects, which have shorter useful lives than
traditional utility equipment.

The Company's expenses over the period 1995 1997 have been
significantly affected by amortizations authorized by the MPUC and
charged annually against earnings. The MPUC has specifically authorized
the inclusion of these expenses in the Company's electric rates. Absent
such regulatory authority, the expenses that gave rise to the
amortizations would have been charged to operations when incurred.
Instead, the recognition of such expenses has been deferred, and appear
on the Consolidated Balance Sheets as assets on the strength of the
regulatory authority to amortize them and collect from customers (thus
the term "regulatory assets"). Although there are a number of such
authorized amortizations, the major ones are the allowable recovery of
the Company's abandoned investment in the Seabrook nuclear project and
the costs associated with the 1993 and 1995 purchased power contract
terminations. The Company's recoverable investment in Seabrook Unit 1
is being amortized at a rate of $1.7 million per year, beginning in
1985, for a period of 30 years.

Effective March 1, 1994, as authorized in the base rate order from the
MPUC, the Company began amortizing the deferred costs associated with
the Beaver Wood purchased power contract termination at a rate of $3.9
million annually over a nine-year period. With the July 1, 1997
temporary rate increase, the MPUC required the Company to accelerate
the amortization of this deferred regulatory asset. This acceleration
resulted in additional amortization of $2.25 million in 1997. Effective
December 12, 1997, the MPUC ordered the amortization of this regulatory
asset be returned to its level prior to the temporary rate order. The
approximately $170 million of costs associated with the 1995 purchased
power contract buyback were deferred and recorded as a regulatory
asset, to be amortized and collected over a ten-year period, beginning
July 1, 1995. Amortization expense related to this contract buyout
amounted to $17 million in 1997 and 1996.

Property and other taxes decreased during 1997, due primarily to funds
received related to a property tax abatement with one of the
municipalities in the Company's service territory and receipts under
the state of Maine's personal property tax reimbursement program,
offset by the effect of increases in property levels and property tax
rates. The 1996 increase as compared to 1995 was due principally to
greater property levels and higher property tax rates.

The decrease in income taxes was primarily a function of the operating
loss in 1997 as compared to earnings in 1996. Income tax expense in
1997 was increased by $184,000 in investment tax credits (ITC) recorded
in 1996 for financial reporting purposes, which were subsequently
unable to be utilized when the 1996 federal income tax return was filed
in 1997. Income tax expense in 1996 was reduced by the utilization of
$947,000 of federal and state ITC. Federal and state income tax expense
increased in 1996 over 1995 due principally to increased earnings,
offset by the utilization of federal and state ITC.

The 1997 decrease in allowance for funds used during construction
(AFDC) was principally a function of lower levels of construction work
in progress. AFDC decreased in 1996 as compared to 1995 due to the
discontinuance of recording AFDC on the Company's hydro relicensing
costs in March of 1995.

The decrease in other income in 1997 was due primarily to the write -
off of start-up costs associated with non-core business ventures by the
Company. The 1996 increase in other income was due principally to $1.4
million of interest income earned on the $21 million capital reserve
fund set aside in connection with the June 30, 1995 purchased power
contracts buyback financing with FAME.

Long-term debt interest expense decreased $1 million in 1997 as
compared to 1996 due to $14 million in principal repayments on the
medium term notes in 1997, as well as $1.9 million in sinking fund
payments on the Company's 12.25% first mortgage bonds. Long-term debt
interest expense increased by $6.1 million in the 1996 period as
compared to 1995 due to the borrowings to finance the purchased power
contract buyouts. The increase was offset to some extent by the impact
of $12 million in debt repayments on the medium term notes in June 1996
and sinking fund payments on the Company's 12.25% first mortgage bonds.

The decrease in other interest expense in 1997 was principally a
function of a $2.4 million reduction in weighted average short-term
borrowings outstanding in 1997 as compared to 1996, offset by an
approximately 1/2% increase in the weighted average short-term debt
interest rate (including fees) in 1997. Other interest expense in 1996
increased primarily due to the amortization of issuance costs incurred
in connection with financing the 1995 purchased power contracts buyout.


CONTINGENCIES

ENVIRONMENTAL MATTERS - On October 10, 1996, the American Institute of
Certified Public Accountants issued Statement of Position 96 1,
"Environmental Remediation Liabilities" (SOP). The principal objective
of the SOP is to improve the manner in which existing authoritative
accounting literature is applied by entities to specific situations of
recognizing, measuring and disclosing environmental remediation
liabilities. The SOP became effective January 1, 1997. This SOP has not
had a material impact on the Company's financial position or results of
operations.

In 1992, the Company received notice from the Maine Department of
Environmental Protection that it was investigating the cleanup of
several sites in Maine that were used in the past for the disposal of
waste oil and other hazardous substances, and that the Company, as a
generator of waste oil that was disposed at those sites, may be liable
for certain cleanup costs. The Company learned in October 1995 that the
United States Environmental Protection Agency placed one of those sites
on the National Priorities List under the Comprehensive Environmental
Response, Compensation, and Liability Act and will pursue potentially
responsible parties. With respect to this site, the Company is one of a
number of waste generators under investigation. As to the only other
site which has been listed by the Department of Environmental
Protection as an Uncontrolled Hazardous Substance Site, the Company was
informed that it is considered a de minimis generator.

The Company has recorded a liability, based upon currently available
information, for what it believes are the estimated environmental
remediation costs that the Company expects to incur for these waste
disposal sites. Additional future environmental cleanup costs are not
reasonably estimable due to a number of factors, including the unknown
magnitude of possible contamination, the appropriate remediation
methods, the possible effects of future legislation or regulation and
the possible effects of technological changes. At December 31, 1997,
the liability recorded by the Company for its estimated environmental
remediation costs amounted to $331,000. The Company's actual future
environmental remediation costs may be higher as additional factors
become known.

IMPACT OF THE YEAR 2000 ISSUE - The "Year 2000" issue is the result of
computer programs being written using two digits rather than four to
define the applicable year. Any of the Company's computer programs that
have date - sensitive software may recognize a date using "00" as the
year 1900 rather than the year 2000. This could result in system
failure or miscalculations causing disruptions of operations,
including, among other things, an inability to process transactions,
send invoices or engage in similar normal business activities.

The Company has been in the process of replacing its aged customer
billing and information system and its financial systems for the past
several years. This effort will provide the added benefit of ensuring
that these computer systems will properly utilize dates beyond December
31, 1999. The Company will continue to assess the "Year 2000" issues as
it relates to information systems and personal computer based
applications and believes the risks associated with this issue can be
mitigated without significant additional costs. The Company presently
believes that, with replacement and modification of existing computer
systems, the "Year 2000" problem will not pose significant operational
problems for the Company. However, if such replacements and
modifications are not completed in time, the "Year 2000" problem may
have a material impact on the operations of the Company.

The "Year 2000" issue also creates risks for the Company from
unforeseen problems with the computer systems of third parties with
whom the Company deals. Such failures of third parties' computer
systems could have a material impact on the Company's ability to
conduct its business. The Company is currently formulating a plan to
assess the potential impact of third party vendor failures to address
the problem and, if necessary, address this issue. The Company
anticipates completing the assessment of the "Year 2000" issue as it
relates to its significant suppliers and major customers by the end of
1998. The Company cannot predict whether the systems of other companies
will be converted in time or that a failure to convert by another
company would not have a material adverse effect on the Company.


NEW ACCOUNTING PRONOUNCEMENTS

In June 1997 the Financial Accounting Standards Board (FASB) issued
Statement No. 128, "Earnings per Share", which establishes standards
for computing and presenting earnings per share (EPS) and applies to
entities with publicly held common stock or potential common stock.
This Statement simplifies the standards for computing earnings per
share previously found in APB Opinion No. 15, "Earnings per Share", and
makes them comparable to international EPS standards. It also requires
dual presentation of basic and diluted EPS on the face of the statement
of income for all entities with complex capital structures and requires
a reconciliation of the numerator and denominator of the basic EPS
computation to the numerator and denominator of the diluted EPS
computation. This Statement is effective for financial statements
issued for periods ending after December 15, 1997. The application of
this Statement currently does not impact the Company's EPS
calculations. If the Company's PERC restructuring transaction is
completed, as previously discussed, the issuance of warrants will cause
this Statement to have an effect on the Company's EPS calculations.

In June 1997 the FASB issued Statement No. 130, "Reporting
Comprehensive Income", which establishes standards for reporting and
display of comprehensive income and its components (revenues, expenses,
gains and losses) in a full set of general-purpose financial
statements. This Statement requires that all items that are required to
be recognized under accounting standards as components of comprehensive
income be reported in a financial statement that is displayed with the
same prominence as other financial statements. This Statement is
effective for fiscal years beginning after December 15, 1997.
Management does not believe the implementation of this Statement will
have a significant effect on the Company's financial statements.

In June 1997 the FASB issued Statement No. 131, "Disclosures about
Segments of an Enterprise and Related Information", which establishes
standards for the way public enterprises report information about
operating segments in annual financial statements and requires that
those enterprises report selected information about operating segments
in interim financial reports issued to shareholders. It also
establishes standards for related disclosures about products and
services, geographic areas, and major customers. This Statement
requires that a public business enterprise report financial and
descriptive information about its reportable operating segments, which
are components of an enterprise about which separate financial
information is available that is evaluated regularly by the chief
operating decision maker in deciding how to allocate resources and in
assessing performance. This Statement is effective for financial
statements for periods beginning after December 15, 1997. Management
does not believe the implementation of this Statement will have a
significant effect on the Company's financial statement disclosures.


ITEM 8
FINANCIAL STATEMENTS
& SUPPLEMENTARY DATA
- --------------------

BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED STATEMENTS OF INCOME



1997 1996 1995


ELECTRIC OPERATING REVENUE (Note 1): $187,324,379 $187,373,630 $184,913,771
------------- ----------- ------------

OPERATING EXPENSES:
Fuel for generation and purchased
power (Notes 1 and 12) $ 92,791,842 78,476,864 $ 98,683,991
Other operation and maintenance
(Notes 1 and 5) 32,471,149 32,440,649 35,711,185
Depreciation and amortization
(Note 1) 10,187,102 7,429,719 6,522,019
Amortization of Seabrook Nuclear
Project (Note 7) 1,699,050 1,699,050 1,699,050
Amortization of contract buyouts
(Note 6) 23,218,500 20,836,561 12,322,570
Taxes -
Local property and other 5,124,146 5,367,045 4,884,565
Income (Note 2) (1,956,303) 4,882,453 1,421,674
------------- ------------ ------------
$163,535,486 151,132,341 $161,245,054
------------- ----------- -------------
OPERATING INCOME $ 23,788,893 36,241,289 $ 23,668,717

OTHER INCOME AND (DEDUCTIONS):
Allowance for equity funds used
during construction (Note 1) 285,972 368,056 561,898
Other, net of applicable income taxes
(Notes 1 and 2) 1,005,849 1,097,931 197,924
------------- ------------ ------------
INCOME BEFORE INTEREST EXPENSE $ 25,080,714 37,707,276 $ 24,428,539
------------- ----------- -------------
INTEREST EXPENSE:
Long-term debt (Note 4) $ 22,638,201 23,651,316 $ 17,596,586
Other (Note 4) 3,392,169 3,529,002 3,201,030
Allowance for borrowed funds used
during construction (Note 1) (562,966) (755,708) (705,552)
------------- ------------ ------------
$ 25,467,404 26,424,610 $ 20,092,064
------------- ------------ ------------
NET INCOME (LOSS) $ (386,690) 11,282,666 $ 4,336,475

DIVIDENDS ON PREFERRED STOCK (Note 3) 1,375,888 1,537,202 1,701,960
------------- ------------ ------------
EARNINGS (LOSS) APPLICABLE TO
COMMON STOCK $ (1,762,578) 9,745,464 $ 2,634,515
============= =========== =============
BASIC AND DILUTED EARNINGS (LOSS) PER
COMMON SHARE, based on the
weighted average number of shares
outstanding of 7,363,424 in 1997,
7,336,174 in 1996 and 7,264,860
in 1995 (Note 14) $ (0.24) 1.33 0.36
============= ============= ===========
DIVIDENDS DECLARED PER COMMON SHARE $ - 0.72 0.87
============= ============= ===========

The accompanying notes are an integral part of these consolidated
financial statements.


BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEETS

December 31,

ASSETS 1997 1996

INVESTMENT IN UTILITY PLANT:
Electric plant in service, at original
cost (Notes 4 and 6) $341,008,967 $317,832,993
Less - Accumulated depreciation and
amortization (Notes 1 and 6) 96,594,713 87,736,285
--------------------------
$244,414,254 $230,096,708

Construction work in progress (Note 1) 12,011,246 18,554,154
--------------------------
$256,425,500 $248,650,862
Investments in corporate joint ventures (Notes 1
and 6) -
Maine Yankee Atomic Power Company $ 5,531,912 $ 5,013,781
Maine Electric Power Company, Inc. 326,005 124,900
--------------------------
$262,283,417 $253,789,543
--------------------------
OTHER INVESTMENTS, principally at cost (Note 6) $ 5,274,213 $ 4,812,895
--------------------------
FUNDS HELD BY TRUSTEE at cost (Notes 4 and 10) $ 21,195,772 $ 21,199,004
--------------------------
CURRENT ASSETS:
Cash and cash equivalents (Notes 1 and 10) $ 936,796 $ 1,274,386
Accounts receivable, net of reserve ($1,450,000
in 1997 and 1996) 16,614,977 20,691,010
Unbilled revenue receivable (Note 1) 11,605,163 9,229,777
Inventories, at average cost:
Materials and supplies 2,759,091 2,993,910
Fuel oil 34,771 302,851
Prepaid expenses 1,206,596 1,671,964
Deferred Maine Yankee refueling costs (Note 1 & 11) 285,894 895,798
--------------------------
Total current assets $ 33,443,288 $ 37,059,696
--------------------------
DEFERRED CHARGES:
Investment in Seabrook Nuclear Project, net of
accumulated amortization of $28,474,146 in 1997
and $26,775,096 in 1996 (Notes 7 and 11) $ 30,367,929 $ 32,066,979
Costs to terminate purchased power contracts, net
of accumulated amortization of $59,616,261 in
1997 and $36,397,761 in 1996 (Notes 6 and 11) 147,632,924 171,703,691
Maine Yankee decommissioning costs (Notes 6 and 11) 60,923,840 -
Deferred regulatory assets (Notes 2, 5 and 11) 32,551,381 29,498,630
Demand-side management costs (Note 11) 1,705,311 2,631,880
Other (Note 11) 5,204,718 3,867,087
--------------------------
Total deferred charges $278,386,103 $239,768,267
--------------------------
Total Assets $600,582,793 $556,629,405
==========================

The accompanying notes are an integral part of these consolidated
financial statements.


BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEETS


December 31,

1997 1996

STOCKHOLDERS' INVESTMENT AND LIABILITIES

CAPITALIZATION (see accompanying statement):
Common stock investment (Note 3) $106,558,488 $108,321,066
Preferred stock (Note 3) 4,734,000 4,734,000
Preferred stock subject to mandatory redemption,
exclusive of sinking fund requirements
(Notes 3 and 10) 9,137,160 10,670,171
Long-term debt, net of current portion
(Notes 4, 10 and 12) 221,642,897 274,221,451
---------------------------
Total capitalization $342,072,545 $397,946,688
---------------------------
CURRENT LIABILITIES:
Notes payable - banks (Note 4) $ 34,000,000 $ 32,500,000
---------------------------
Other current liabilities -
Current portion of long-term debt and sinking
fund requirements on preferred stock
(Notes 3, 4 and 10) $ 52,172,468 $ 15,447,429
Accounts payable 13,170,952 13,432,594
Dividends payable 327,443 1,687,495
Accrued interest 3,666,641 3,719,387
Deferred revenue (Notes 1 and 11) 1,570,995 1,008,402
Customers' deposits 296,706 359,974
Current income taxes payable 7,768 -
---------------------------
Total other current liabilities $ 71,212,973 $ 35,655,281
---------------------------
Total current liabilities $105,212,973 $ 68,155,281
---------------------------


COMMITMENTS AND CONTINGENCIES (Notes 6, 9 and 12)


DEFERRED CREDITS AND RESERVES (Note 2):
Deferred income taxes - Seabrook $ 15,765,811 $ 16,651,386
Other accumulated deferred income taxes 55,858,652 54,805,629
Maine Yankee decommissioning liability (Note 6) 60,925,586 -
Deferred regulatory liability (Note 11) 9,972,246 8,445,642
Unamortized investment tax credits 1,962,014 2,178,588
Accrued pension (Note 5) 658,880 640,328
Other (Note 5) 8,154,086 7,805,863
---------------------------
Total deferred credits and reserves $153,297,275 $ 90,527,436
---------------------------
Total Stockholders' Investment and Liabilities $600,582,793 $556,629,405
===========================


The accompanying notes are an integral part of these consolidated
financial statements.


BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED STATEMENTS OF CAPITALIZATION


December 31,
1997 1996

Common Stock Investment (Notes 1 and 3):
Common stock, par value $5 per share-
Authorized -- 10,000,000 shares
Outstanding -- 7,363,424 shares in 1997 and
1996 $ 36,817,120 $ 36,817,120
Amounts paid in excess of par value 56,969,428 56,969,428
Retained earnings 12,771,940 14,534,518
- -------------------------------------------------------------------------------
Total common stock investment $106,558,488 $ 108,321,066
- -------------------------------------------------------------------------------
Preferred Stock, Non-participating, cumulative, par
value $100 per share,
authorized 600,000 shares (Notes 3 and 10):
Not redeemable or redeemable solely at the
option of the issuer-
7%, Noncallable, 25,000 shares authorized
and outstanding $ 2,500,000 $ 2,500,000
4-1/4%, Callable at $100, 4,840 shares
authorized and outstanding 484,000 484,000
4%, Series A, Callable at $110, 17,500
shares authorized and outstanding 1,750,000 1,750,000
- -------------------------------------------------------------------------------
$ 4,734,000 $ 4,734,000
- -------------------------------------------------------------------------------
Subject to mandatory redemption requirements-
8.76%, Callable at 103.75% if called on or
prior to December 27, 1998, 150,000
shares authorized and 105,000 shares
outstanding in 1997 and 120,000 out-
standing in 1996 $ 10,731,074 $ 12,264,085
Less-Sinking fund requirements 1,593,914 1,593,914
- -------------------------------------------------------------------------------
$ 9,137,160 $ 10,670,171
- -------------------------------------------------------------------------------
LONG-TERM DEBT (Notes 4, 10 and 12):
First Mortgage Bonds-
6.75% Series due 1998 $ 2,500,000 $ 2,500,000
10.25% Series due 2019 15,000,000 15,000,000
10.25% Series due 2020 30,000,000 30,000,000
8.98% Series due 2022 20,000,000 20,000,000
7.38% Series due 2002 20,000,000 20,000,000
7.30% Series due 2003 15,000,000 15,000,000
12.25% Series due 2001 5,521,451 7,374,966
- -------------------------------------------------------------------------------
$108,021,451 $ 109,874,966

Less-Current maturity and sinking fund
requirements 4,278,554 1,853,515
- -------------------------------------------------------------------------------
$103,742,897 $ 108,021,451
- -------------------------------------------------------------------------------
Variable rate demand pollution control revenue
bonds Series 1983 due 2009 $ 4,200,000 $ 4,200,000
- -------------------------------------------------------------------------------
Other Long-Term Debt-
Finance Authority of Maine - Taxable Electric
Rate Stabilization
Revenue Notes, 7.03% Series 1995A, due 2005 $126,000,000 $ 126,000,000
Medium Term Notes, Variable interest rate -
LIBO rate plus 2%, due 2000 34,000,000 48,000,000
- -------------------------------------------------------------------------------
$160,000,000 174,000,000

Less: Current portion of long-term debt $ 46,300,000 $ 12,000,000
- -------------------------------------------------------------------------------
$113,700,000 $ 162,000,000
- -------------------------------------------------------------------------------
Total long-term debt $221,642,897 $ 274,221,451
- -------------------------------------------------------------------------------
Total Capitalization $342,072,545 $ 397,946,688
===============================================================================
The accompanying notes are an integral part of these consolidated
financial statements.




Bangor Hydro-Electric Company
CONSOLIDATED STATEMENT OF CASH FLOWS


For the Years Ending December 31,
1997 1996 1995
-------------- -------------- --------------

Cash Flows From Operations:
Net Income (Loss) $ (386,690)$ 11,282,666 $ 4,336,475
Adjustments to reconcile net income to net cash
provided by (used in) operations:
Costs to terminate purchased power contracts
(Note 6) - - (197,717,853)
Depreciation and amortization 10,187,102 7,429,719 6,522,019
Amortization of Seabrook Nuclear Project (Note 7) 1,699,050 1,699,050 1,699,050
Amortization of costs to terminate purchased
power contracts (Note 6) 23,218,500 20,836,561 12,322,570
Other amortizations 1,665,566 2,000,150 1,440,501
Cost to terminate demand-side management contract - (1,702,678) -
Payment received related to terminated purchased
power contract (Note 6) 1,000,000 1,000,000 1,000,000
Cost of early retirement and involunary severance
plan - - 3,835,303
Allowance for equity funds used during
construction (Note 1) (285,972) (368,056) (561,898)
Deferred income tax provision (Note 2) (1,766,249) 4,495,490 1,791,082
Deferred investment tax credits, net (Note 2) (216,574) (175,464) (61,193)
Changes in assets and liabilities:
Deferred fuel revenue and Maine Yankee refueling
costs (Note 1) (398,498) 514,464 (3,191,510)
Accounts receivable, net and unbilled revenue 1,700,647 (2,872,894) 693,496
Accounts payable (261,642) 2,905,952 (4,141,870)
Accrued interest (52,746) (1,188,433) 1,257,625
Current and deferred income taxes 344,790 (722,833) 625,059
Accrued postretirement benefit costs (Note 5) 547,237 1,411,000 612,446
Other current assets and liabilities, net 906,745 (85,138) 296,938
Other, net (Note 4) (1,528,112) (1,618,007) 4,719,636
- -------------------------------------------------------------------------------------------------------
Net Cash Provided By (Used In) Operations $ 36,373,154 $ 44,841,549 $ (164,522,124)
- -------------------------------------------------------------------------------------------------------
Cash Flows From Investing:
Construction expenditures $ (17,525,312)$ (18,816,194)$ (19,459,606)
Allowance for borrowed funds used during construction
(Note 1) (562,966) (755,708) (705,552)
- -------------------------------------------------------------------------------------------------------
Net Cash (Used In) Provided By Investing $ ($18,088,278)$ ($19,571,902)$ ($20,165,158)
- -------------------------------------------------------------------------------------------------------
Cash Flows From Financing:
Dividends on preferred stock $ (1,349,620)$ (1,481,020)$ (1,579,570)
Dividends on common stock (1,325,416) (5,273,157) (7,375,736)
Payments on long-term debt (15,853,515) (13,645,737) (2,107,705)
Payments on mandatory redeemable preferred stock (1,593,915) (3,187,828) -
Issuances:
Common stock dividend reinvestment plan (Note 3) - 668,215 1,218,400
Long-term debt (Note 4) - - 186,000,000
Short-term debt, net (Note 4) 1,500,000 (2,500,000) 8,000,000
- -------------------------------------------------------------------------------------------------------
Net Cash (Used In) Provided by Financing $ (18,622,466)$ (25,419,527)$ 184,155,389
- -------------------------------------------------------------------------------------------------------
Net Change in Cash and Cash Equivalents $ (337,590)$ (149,880)$ (531,893)
Cash and Cash Equivalents - Beginning of Year 1,274,386 1,424,266 1,956,159
- -------------------------------------------------------------------------------------------------------
Cash and Cash Equivalents - End of Year $ 936,796 $ 1,274,386 $ 1,424,266
=======================================================================================================

The accompanying notes are an integral part of these consolidated financial statements.




Bangor Hydro-Electric Company
CONSOLIDATED STATEMENTS OF COMMON STOCK INVESTMENT


Amounts
Paid in
Common Excess of Retained Total Common
Stock Par Value Earnings Stock Investment

BALANCE DECEMBER 31, 1994 $ 35,925,715 $ 55,974,218 $ 13,757,751 $ 105,657,684
Issuance of 116,414 shares of
common stock 582,070 636,330 - 1,218,400
Net income - - 4,336,475 4,336,475
Cash dividends declared on-
Preferred stock - - (1,579,570) (1,579,570)
Common stock - $.87 per share - - (6,318,919) (6,318,919)
Other (Note 3) - - (122,390) (122,390)
- ------------------------------ ------------ ------------ ------------ ---------------
BALANCE DECEMBER 31, 1995 $ 36,507,785 $ 56,610,548 $ 10,073,347 $ 103,191,680
Issuance of 61,867 shares of
common stock 309,335 358,880 668,215
Net income - - 11,282,666 11,282,666
Cash dividends declared on-
Preferred stock - - (1,448,170) (1,448,170)
Common stock - $.72 per share - - (5,284,293) (5,284,293)
Other (Note 3) - - (89,032) (89,032)
- ------------------------------- ------------ ------------ ------------ ---------------
BALANCE DECEMBER 31, 1996 $ 36,817,120 $ 56,969,428 $ 14,534,518 $ 108,321,066
Net loss - - (386,690) (386,690)
Cash dividends declared on-
Preferred stock - - (1,314,984) (1,314,984)
Other (Note 3) - - (60,904) (60,904)
- ------------------------------ ------------ ------------ ------------ ---------------
BALANCE DECEMBER 31, 1997 $ 36,817,120 $ 56,969,428 $ 12,771,940 $ 106,558,488
============ ============ ============ ===============
The accompanying notes are an integral part of these consolidated financial statements.



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS - Bangor Hydro-Electric Company (the Company) is a
public utility engaged in the generation, purchase, transmission,
distribution and sale of electric energy and other energy related services,
with a service area of approximately 5,275 square miles having a population
of approximately 191,000 people. The Company serves approximately 105,000
customers in portions of the Maine counties of Penobscot, Hancock,
Washington, Waldo, Piscataquis, and Aroostook. The Company is subject to the
regulatory authority of the Maine Public Utilities Commission (MPUC) as to
retail rates, accounting, service standards, territory served, the issuance
of securities and other matters. The Company is also subject to the
jurisdiction of the Federal Energy Regulatory Commission (FERC) as to certain
matters, including licensing of its hydro-electric stations, rates for
wholesale purchases and sales of energy and capacity and transmission
services. The Company is a member of the New England Power Pool, and is
interconnected with other New England utilities to the south and with New
Brunswick Power Corporation to the north.

BASIS OF CONSOLIDATION - The Consolidated Financial Statements of the Company
include its wholly owned subsidiaries, Penobscot Hydro Co., Inc. (PHC), and
Bangor Var Co., Inc. (BVC). The operations of PHC consist solely of a 50%
interest in Bangor-Pacific Hydro Associates (Bangor-Pacific), the owner and
operator of the redeveloped West Enfield hydroelectric station. PHC accounts
for its investment in Bangor-Pacific under the equity method. BVC was
incorporated in 1990 to own the Company's 50% interest in the Chester SVC
Partnership (Chester), a partnership which owns certain facilities used in
the Hydro-Quebec Phase II transmission project in which the Company is a
participant. BVC accounts for its investment in Chester under the equity
method. See Note 6 for additional information with respect to these
investments. All intercompany balances and transactions have been eliminated.
The accounts of the Company are maintained in accordance with the Uniform
System of Accounts prescribed by the regulatory bodies having jurisdiction.

EQUITY METHOD OF ACCOUNTING - The Company accounts for its investments in the
common stock of Maine Yankee Atomic Power Company (Maine Yankee) and Maine
Electric Power Company, Inc. (MEPCO) under the equity method of accounting,
and records its proportionate share of the net earnings of these companies as
a reduction of fuel for generation and purchased power expense. See Note 6
for additional information with respect to these investments.

ELECTRIC OPERATING REVENUE - Electric Operating Revenue consists primarily of
amounts charged for electricity delivered to customers during the period. The
Company records unbilled revenue, based on estimates of electric service
rendered and not billed at the end of an accounting period, in order to match
revenue with related costs.

ACCOUNTING FOR DEFERRED FUEL AND MAINE YANKEE REFUELING COSTS - Prior to
January 1, 1995, the Company utilized deferred fuel accounting. Under this
accounting method, retail fuel costs were expensed when recovered through
rates and recognized as revenue. Retail fuel costs not yet expensed were
classified on the Consolidated Balance Sheets as deferred fuel costs. The
fuel cost adjustment rate included a factor calculated to reimburse the
Company or its customers, as appropriate, for the carrying cost of funds used
to finance under- or over- collected fuel costs, respectively. Under the MPUC
fuel cost adjustment (FCA) regulations effective through December 31, 1994,
the Company was allowed to recover its fuel costs on a current basis. The
fuel charge was based on the Company's projected cost of fuel for a
twelve-month period. Under- or over- collections resulting from differences
between estimated and actual fuel costs for a twelve-month period were
included in the computation of the estimated fuel costs of the succeeding
fuel adjustment period. As of January 1, 1995, the Company's collections
under the FCA had exceeded its costs by approximately $3.03 million. With the
elimination of the FCA, the MPUC recognized that there would no longer be a
mechanism for the return of that sum to customers. The MPUC allowed the
Company to retain that over-collection and ordered that the amount be
amortized over a period of three years, effective January 1, 1995.

Prior to the receipt of the most recent rate order from the MPUC (See Note
11), the Company was allowed to defer Maine Yankee refueling costs and
amortize these costs over the period of Maine Yankee's refueling cycle. The
unamortized refueling costs are presented on the Consolidated Balance Sheets
as Deferred Maine Yankee Refueling Costs. With the previously mentioned rate
order, the Company was not be allowed recovery, in its new rates effective
February 13, 1998, of the deferred Maine Yankee Refueling Costs. Consequently
the Company charged to operations $1.9 million of such unrecoverable costs at
December 31, 1997.

DEPRECIATION OF ELECTRIC PLANT AND MAINTENANCE POLICY - Depreciation of
electric plant is provided using the straight-line method at rates designed
to allocate the original cost of the properties over their estimated service
lives. The composite depreciation rate (excluding intangible assets),
expressed as a percentage of average depreciable plant in service, and
considering the amortization of the over-accrued depreciation (discussed
below), was approximately 3.0% in 1997, 2.4% in 1996, and 2.3% in 1995.

A study conducted in 1989 determined that the Company's reserve
for depreciation was over-accumulated by $11.4 million. The agreement on base
rates with the MPUC which became effective on October 1, 1990, contained a
provision to amortize the remaining balance of the over-
accumulated reserve for depreciation account over a six-year period. This
amortization ended in 1996.

The Company follows the practice of charging to maintenance the cost of
repairs, replacements and renewals of minor items considered to be less than
a unit of property. Costs of additions, replacements and renewals of items
considered to be units of property are charged to the utility plant accounts,
and any items retired are removed from such accounts. The original costs of
units of property retired and removal costs, less salvage, are charged to the
depreciation reserve.

Depreciation, local property taxes and other taxes not based on income, which
were charged to operating expenses, are stated separately in the Consolidated
Statements of Income. Rents, advertising and research and development
expenses are not significant. No royalty expenses were incurred.

Maintenance expense was $5.7 million in 1997, $6.5 million in 1996 and $5.9
million in 1995.

EQUITY RESERVE FOR LICENSED HYDRO PROJECTS - The FERC requires that a reserve
be maintained equal to one-half of the earnings in excess of a prescribed
rate of return on the Company's investment in licensed hydro property,
beginning with the twenty-first year of the project operation under license.
The required reserve for licensed hydro projects is classified in retained
earnings and had a balance of approximately $1.9 million and $1.5 million at
December 31, 1997 and 1996, respectively.

ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (AFDC) - In accordance with
regulatory requirements of the MPUC, the Company capitalizes as AFDC
financing costs related to portions of its construction work in progress, at
a rate equal to its weighted cost of capital, into utility plant with
offsetting credits to other income and interest. This cost is not an item of
current cash income, but is recovered over the service life of plant in the
form of increased revenue collected as a result of higher depreciation
expense and return. The average AFDC rates computed by the Company were 8.7%
in 1997, 8.6% for 1996 and 9.0% in 1995.

CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt
instruments purchased with an original maturity of three months or less to be
cash equivalents.

USE OF ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
Consolidated Financial Statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Cash paid for interest,
net of amounts capitalized was approximately $24.6 million, $26.7 million and
$17.9 million in 1997, 1996 and 1995, respectively. Cash paid for income
taxes was approximately $545,000, $2.3 million and $346,000 in 1997, 1996 and
1995, respectively.

DERIVATIVE FINANCIAL INSTRUMENTS - The Company uses derivative financial
instruments (derivatives), including swaps and interest rate caps (see Note
12), as a means of hedging exposure to price and interest rate risk. The
Company does not hold or issue derivatives for trading purposes. The
Company's accounting for derivatives that are used to manage risk is in
accordance with Statement of Financial Accounting Standards No. 80,
"Accounting for Futures Contracts".

RECLASSIFICATIONS - Certain prior year amounts have been reclassified to
conform with the presentation used in the 1997 Consolidated Financial
Statements.

2. INCOME TAXES

In accordance with Statement of Financial Accounting Standards No. 109
"Accounting for In-come Taxes" (FAS 109), the Company recorded net additional
deferred income tax liabilities of approximately $22.1 million as of December
31, 1997 and $20.5 million as of December 31, 1996. These additional deferred
income tax liabilities have resulted from the accrual of deferred taxes on
temporary differences on which deferred taxes had not been previously accrued
($32.1 million and $29 million as of December 31, 1997 and 1996,
respectively), offset by the effect of the 1987 change to lower income tax
rates (reduced by the 1% increase in the federal income tax rate in 1993)
that will be refunded to customers over time ($8.8 million and $7.2 million
as of December 31, 1997 and 1996, respectively), and the establishment of
deferred tax assets on unamortized investment tax credits ($1.2 million as of
December 31, 1997 and $1.3 million as of December 31, 1996). These latter
amounts have been recorded as deferred regulatory liabilities at December 31,
1997 and 1996. The accrual of the additional amount of deferred tax
liabilities have been offset by regulatory assets which represent the
customers' future payment of these income taxes when the taxes are, in fact,
expensed. As a result of this accounting, the Consolidated Statements of
Income are not affected by the implementation of FAS 109. The rate-making
practices followed by the MPUC permit the Company to recover federal and
state income taxes payable currently, and to recover some, but not all,
deferred taxes that would otherwise be recorded in accordance with FAS 109 in
the absence of regulatory accounting. The individual components of other
accumulated deferred income taxes are as follows at December 31, 1997 and
1996:

1997 1996
- -------------------------------------------------------------------------------
Deferred Income Tax Liabilities:
Costs to terminate purchased power contracts $ 58,026,033 $ 67,731,973
Excess book over tax basis of electric plant
in service 51,559,302 52,708,038
Investment in jointly owned companies 1,405,388 832,646
Deferred demand-side management costs 685,447 1,018,733
Other 701,047 510,215
- -------------------------------------------------------------------------------
$ 112,377,217 $ 122,801,605
- -------------------------------------------------------------------------------
Less: Deferred Income Tax Assets:
Net tax operating loss carryforwards $ 39,757,653 $ 51,252,151
Deferred income taxes provided on alternative
minimum tax 6,447,244 5,808,234
Investment in Basin Mills 2,825,592 2,801,261
Unamortized investment tax credits 1,160,073 1,251,322
Postretirement benefit costs other than pensions 2,122,130 1,861,054
Deferred state income tax benefit 1,987,659 2,213,840
Accrued pension costs 458,869 1,008,523
Reserve for bad debts 873,007 807,447
Other 886,338 992,144
- -------------------------------------------------------------------------------
$ 56,518,565 $ 67,995,976
- -------------------------------------------------------------------------------
Total other accumulated deferred income taxes $ 55,858,652 $ 54,805,629
===============================================================================

The individual components of federal and state income taxes reflected in the
Consolidated Statements of Income for 1997, 1996 and 1995 are stated in the
table below.

Year Ended December 31,
- -----------------------------------------------------------------------
1997 1996 1995
---------- ----------- ---------
Current:
Federal $ 524,373 $ 1,804,206 $ --
State 141,581 526,576 --
- -----------------------------------------------------------------------
$ 665,954 $ 2,330,782 $ --
- -----------------------------------------------------------------------
Deferred:
Federal-Other $ (661,330) $ 4,034,809 $ 2,131,643
State-Other (690,829) 861,136 70,424
Federal-Seabrook (341,917) (331,076) (339,415)
State-Seabrook (72,173) (69,379) (71,570)
- -----------------------------------------------------------------------
$(1,766,249) $ 4,495,490 $ 1,791,082
- -----------------------------------------------------------------------
Investment Tax Credits, Net $ (140,379) $(1,122,798) $ (61,193)
- -----------------------------------------------------------------------
Total Provision $(1,240,674) $ 5,703,474 $ 1,729,889
Allocated to Other Income (715,629) (821,021) (308,215)
- -----------------------------------------------------------------------
Charged to Operating Expense $(1,956,303) $ 4,882,453 $ 1,421,674
=======================================================================

The table below reconciles an income tax provision (benefit), calculated by
multiplying income (loss) before federal income taxes (as reported on the
Consolidated Statements of Income) by the statutory federal income tax rate
to the federal income tax expense (benefit) reported on the Consolidated
Statements of Income. The difference is represented by the permanent and
timing differences for which deferred taxes are not provided for ratemaking
purposes.

1997 1996 1995
- -----------------------------------------------------------------------
Amount % Amount % Amount %
-------------------------------------------
(Dollars in Thousands)
-------------------------------------------
Federal income tax
provision at statutory
rate $(569) 35.0% $5,860 34.5% $2,063 34.0%
Less (Plus) permanent
reductions in tax expense
resulting from
statutory exclusions from
taxable income:
Dividend received
deduction related to
earnings of associated
companies 29 (1.8) 116 .7 31 .5
Equity component of AFDC 100 (6.2) 127 .8 191 3.1%
Amortization of equity
component of AFDC
on recoverable
Seabrook investment (160) 9.8 (157) (.9) (155) (2.5)
Other (80) 5.1 (68) (.5) (104) (1.7)
- ------------------------------------------------------------------------
Federal income tax provision
before effect of timing
differences $(458) 28.1% $5,842 34.4% $2,100 34.6%
Less (Plus) timing differences
that are flowed through for rate-
making and accounting purposes:
Amortization of debt component
of AFDC and capitalized
overheads on recoverable
Seabrook investment (151) 9.3 (149) (.9) (146) (2.4)
Book depreciation greater
than tax depreciation on
assets acquired
before 1971 (79) 4.8 (90) (.5) (292) (4.8)
Equity earnings in excess
of dividends 217 (13.3) (6) -- 129 2.1
State income tax liability
deducted for federal income
tax purposes (186) 11.4 314 1.9 -- --
Reversal of excess deferred
income taxes 173 (10.6) 101 .6 101 1.7
Amortization of investment
tax credits 217 (13.3) 175 1.0 676 11.1
Investment tax credits
flowed through (184) 11.3 540 3.2 62 1.0
Other 46 (2.9) 164 .9 (161) (2.6)
- ------------------------------------------------------------------------
Federal income tax provision $(511) 31.4% $4,793 28.2% $1,731 28.5%
========================================================================

Under the federal income ax laws, the Company received investment tax credits
(ITC) on qualified property additions through 1986. ITC utilized were
deferred and are being amortized over the life of the related property. In
1997 the Company recorded $108,140 of state of Maine ITC and $216,574 of
amortization of deferred ITC. Income tax expense in 1997 was increased by
$184,000 in ITC recorded in 1996 for financial reporting purposes, which were
subsequently unable to be utilized when the 1996 federal income tax return
was filed in 1997. In 1996 the Company recorded the utilization of
approximately $540,000 of ITC, which were utilized to reduce income taxes
payable upon an Internal Revenue Service (IRS) examination of the Company's
1993 and 1994 federal income tax returns and to reduce federal alternative
minimum income taxes, which were flowed-through for financial reporting
purposes as a reduction of income tax expense. The Company in 1996 also
recorded $407,000 of state of Maine ITC and $175,000 of amortization of
deferred ITC.

ITC available of about $3.2 million ($2.2 million which is attributable to
PHC and $955,000 to BVC) have not been utilized or recorded and, subject to
review by the IRS, may be used prior to their expiration, which occurs
between 2001 and 2005.

At December 31, 1997, the Company had federal and state alternative minimum
tax credits of approximately $6.4 million for the reduction of future tax
liabilities. In 1997 and 1996 the Company utilized approximately $21.5
million and $32.6 million, respectively, of tax net operating loss
Источник: http://getfilings.com/o0000009548-98-000006.html
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Singapore211371227MIDDLESEX SAVINGSMAP. O. BOX 358NATICK
211371227

Singapore211371230CITIZENS BANKRI1 CITIZENS DRIVERIVERSIDE
211371230

Singapore211371243RANDOLPH SAVINGS BANKMA129 NORTH MAIN STRANDOLPH
211371243

Singapore211371269FLEETBOSTONCTCTEH 44705HE. HARTFORD
211371269

Singapore211371285NORWOOD CO-OP BANKMA17 CENTRAL STREETNORWOOD
211371285

Singapore211371298NORTH SHORE BANKMA32 MAIN STREETPEABODY
211371298

Singapore211371308ABINGTON SAVINGS BANKMA536 WASHINGTON STABINGTON
211371308

Singapore211371311SAVERS COOP BANKMA15 ELM ST BX250SOUTHBRIDGE
211371311

Singapore211371324MILFORD FED. S&L ASSN.MAP. O. BOX 210MILFORD
211371324

Singapore211371337LOWELL FIVE CENTS SVGS BKMA34 JOHN STLOWELL
211371337

Singapore211371340METHUEN COOPERATIVE BANKMAP. O. BOX 657METHUEN
211371340

Singapore211371353GEORGETOWN SAVINGSMA7 NORTH STGEORGETOWN
211371353

Singapore211371366THE SAVINGS BANKMA357 MAIN STREETWAKEFIELD
211371366

Singapore211371379NORTH MIDDLESEX SVGS BANKMA7 MAIN STAYER
211371379

Singapore211371382SOUTH SHORE SAVINGS BANKMA1530 MAIN STREETS. WEYMOUTH
211371382

Singapore211371395FLEETBOSTONCTCTEH 44705HE. HARTFORD
211371395

Singapore211371418FLEETBOSTONCTCTEH 44705HE. HARTFORD
211371418

Singapore211371421MASSBANKMA159 HAVEN STREETREADING
211371421

Singapore211371434LAWRENCE SAVINGS BANKMA30 MASS AVENUENORTH ANDOVER
211371434

Singapore211371447SOUTH SHORE SAVINGS BANKMA1530 MAIN STREETS. WEYMOUTH
211371447

Singapore211371450BAY STATE FEDERAL SAVINGS BANKMA1299 BEACON ST.BROOKLINE
211371450

Singapore211371463NORTH EASTON SAVINGS BANKMA295 MAIN STNORTH EASTON
211371463

Singapore211371476THE COMMUNITY BANKMA1265 BELMONT STREETBROCKTON
211371476

Singapore211371489BROOKLINE SAVINGS BANKMAP. O. BOX 470469BROOKLINE
211371489

Singapore211371492SOUTH SHORE CO-OP BANKMA195 WASHINGTON STREETWEYMOUTH
211371492

Singapore211371502NEWBURYPORT 5# SAVINGS BKMA63 STATE STNEWBURYPORT
211371502

Singapore211371544CITIZENS BANKRI1 CITIZENS DRIVERIVERSIDE
211371544

Singapore211371557ANDOVER BANKMA61 MAIN STREETANDOVER
211371557

Singapore211371573WINCHESTER CO-OP BANKMAP. O. BOX 758WINCHESTER
211371573

Singapore211371586STONEHAM CO-OP BANKMA80 MONTVALE AVENUESTONEHAM
211371586

Singapore211371599SPENCER SAVINGS BANKMA176 MAIN STSPENCER
211371599

Singapore211371612CITIZENS BANKRI1 CITIZENS DRIVERIVERSIDE
211371612

Singapore211371625BRAINTREE CO-OP BANKMAP. O. BOX 850700BRAINTREE
211371625

Singapore211371638WARREN FIVE CENTS SVGS BKMA10 MAIN STREETPEABODY
211371638

Singapore211371641CAPE COD CO-OP BANKMA221 WILLOW STREETYARMOUTH PORT
211371641

Singapore211371654CITIZENS BANKRI1 CITIZENS DRIVERIVERSIDE
211371654

Singapore211371670N CAMBRIDGE COOPERATIVEMA2360 MASS AVECAMBRIDGE
211371670

Singapore211371706CITIZENS BANKRI1 CITIZENS DRIVERIVERSIDE
211371706

Singapore211371722DEDHAM INST FOR SAVINGSMA55 ELM STDEDHAM
211371722

Singapore211371735SOUTHBRIDGE SAVINGS BANKMA253 MAIN STSOUTHBRIDGE
211371735

Singapore211371764BELMONT SAVINGS BANKMA2 LEONARD STBELMONT
211371764

Singapore211371793STOUGHTON CO-OP BANKMA950 PK ST  BX446STOUGHTON
211371793

Singapore211371816FRAMINGHAM CO-OP BANKMASECOND FLOORFRAMINGHAM
211371816

Singapore211371829BROOKLINE CO-OP BANKMA264 WASHINGTON ST.BROOKLINE
211371829

Singapore211371845N. ABINGTON COOPERATIVE BANKMAP. O. BOX 68NORTH ABINGTON
211371845

Singapore211371858AUBURNDALE CO-OP BANKMA307 AUBURN ST.NEWTON
211371858

Singapore211371874GEORGE PEABODY COOPMASALEM BRANCHSALEM
211371874

Singapore211371887BANK OF FALL RIVER, A COOPERATIVE BKMA30 BEDFORD ST.FALL RIVER
211371887

Singapore211371900COMPASS BANK FOR SAVINGSMAONE COMPASS PLACENEW BEDFORD
211371900

Singapore211371913MANSFIELD CO-OP BANKMA80 N MAIN STREETMANSFIELD
211371913

Singapore211371926HOMETOWN BANK, A CO-OP. BANKMA31 SUTTON AVENUEOXFORD
211371926

Singapore211371939WRENTHAM CO-OP BANKMAP.O.BOX 250WRENTHAM
211371939

Singapore211371942THE PROVIDENT BANKMA5 MARKET STREETAMESBURY
211371942

Singapore211371968ATHOL-CLINTON CO-OP BANKMA90 EXCHANGE STREETATHOL
211371968

Singapore211371984ABINGTON SAVINGS BANKMA536 WASHINGTON STREETABINGTON
211371984

Singapore211371997WAKEFIELD COOP BANKMAP.O. BOX 192WAKEFIELD
211371997

Singapore211372019CAPE COD FIVE CENTS SBMAP. O. BOX 10ORLEANS
211372019

Singapore211372035DEAN CO-OPERATIVE BANKMAP. O. BOX 307FRANKLIN
211372035

Singapore211372048MECHANICS' CO-OP BANKMAP. O. BOX 552TAUNTON
211372048

Singapore211372051FOXBORO FED. S&L ASSN.MA1 CENT ST BX373FOXBORO
211372051

Singapore211372064LOWELL CO-OP BANKMA18 HURD ST.LOWELL
211372064

Singapore211372077PEOPLES SAVINGS BANKMAP.O. BOX 3203NEW BEDFORD
211372077

Singapore211372103WEYMOUTH COOPERATIVE BKMA744 BROAD STREETE. WEYMOUTH
211372103

Singapore211372129BUTLER BANK A COOPERATIVE BANKMA10 GEORGE STREETLOWELL
211372129

Singapore211372145BEVERLY CO-OP BANKMA254 CABOT STREETBEVERLY
211372145

Singapore211372161DEDHAM COOPERATIVE BANKMA402 WASHINGTON STREETDEDHAM
211372161

Singapore211372187FOXBOROUGH SAVINGS BANKMA54 CENTRAL STFOXBORO
211372187

Singapore211372190CITIZENS BANKRI1 CITIZENS DRIVERIVERSIDE
211372190

Singapore211372200SOUTH SHORE CO-OPERATIVE BANKMA195 WASHINGTON STREETWEYMOUTH
211372200

Singapore211372226BROOKLINE SAVINGS BANKMAP. O. BOX 470469BROOKLINE
211372226

Singapore211372239CITIZENS-UNION  SAVINGS BANKMA4 SOUTH MAIN STFALL RIVER
211372239

Singapore211372255ECONOMY CO-OP BANKMA6 WEST MAIN STREETMERRIMAC
211372255

Singapore211372268COMPASSBANKMAONE COMPASS PLACENEW BEDFORD
211372268

Singapore211372271AVON COOPERATIVE BANKMA1 EAST MAIN STREETAVON
211372271

Singapore211372284HERITAGE CO-OP BANKMA71 WA ST BX271SALEM
211372284

Singapore211372310WELLESLEY CO-OP BANKMA40 CENTRAL STREETWELLESLEY
211372310

Singapore211372323NEWTON S COOPERATIVEMA411 WATERTOWN STREETNEWTON
211372323

Singapore211372352GLENDALE COOP BANKMA738 BROADWAYEVERETT
211372352

Singapore211372378UNIBANK FOR SAVINGSMA49 CHURCH STREETWHITINSVILLE
211372378

Singapore211372404READING CO-OP BANKMA180 HAVEN STREETREADING
211372404

Singapore211372417CENTRAL COOPERATIVE BANKMAP.O. BOX 351SOMERVILLE
211372417

Singapore211372420CITIZENS-UNION SAVINGS BANKMA4 SOUTH MAIN STREETFALL RIVER
211372420

Singapore211372433EASTERN BKMA195 MARKET STREETLYNN
211372433

Singapore211372776MAYFLOWER CO-OP BANKMA30 SOUTH MAIN STREETMIDDLEBORO
211372776

Singapore211372828BRIDGEWATER SAVINGS BANKMAP. O. BOX 307BRIDGEWATER
211372828

Singapore211372844STRATA BANKMA81 MAIN STREETMEDWAY
211372844

Singapore211372857WEBSTER FIVE CENTS SAVINGSMA136 THOMPSON RDWEBSTER
211372857

Singapore211372873MARTHA S VINEYARD CO-OPERATIVE BANKMA40 SOUTH MAIN STREETVINEYARD HAVEN
211372873

Singapore211372909NATICK FEDERAL SAVINGS BANKMAPO BOX 388NATICK
211372909

Singapore211372925DUKES COUNTY SAVINGS BANKMAMAIN STEDGARTOWN
211372925

Singapore211372983CITIZENS BANKRI1 CITIZENS DRIVERIVERSIDE
211372983

Singapore211372996MARBLEHEAD SAVINGSMABOX 27MARBLEHEAD
211372996

Singapore211373005FLEETBOSTONCTCTEH 44705HE. HARTFORD
211373005

Singapore211373018MEDWAY CO-OPERATIVE BANKMAP.O.BOX 740MEDWAY
211373018

Singapore211373063WALPOLE COOPERATIVE BANKMA982 MAIN STREETWALPOLE
211373063

Singapore211373076UNIBANK FOR SAVINGSMA49 CHURCH STREETWHITINSVILLE
211373076

Singapore211373089E BRIDGEWATER SAVINGSMAP. O. BOX 445EAST BRIDGEWATER
211373089

Singapore211373102THE BANK OF CANTONMA557 WASHINGTON STCANTON
211373102

Singapore211373115CLINTON SAVINGS BANKMAP.O.BOX 770CLINTON
211373115

Singapore211373128SCITUATE FED. SAV. BANKMA72 FRONT STREET   .SCITUATE
211373128

Singapore211373131FIDELITY CO-OPERATIVE BANKMABOX 438FITCHBURG
211373131

Singapore211373267HOLBROOK CO-OP BANKMA95 N FRANKLIN ST BX304HOLBROOK
211373267

Singapore211373348ROCKLAND CREDIT UNIONMA241 UNION STREETROCKLAND
211373348

Singapore211373429GRANITE SAVINGSMAP. O. BOX 180ROCKPORT
211373429

Singapore211373461SEAMAN'S SAVINGS BANKMAP. O. BOX 74NORTH TRURO
211373461

Singapore211373526MEDFORD COOPMAPO BOX 179MEDFORD
211373526

Singapore211373539NEEDHAM CO-OP BANKMAP.O.BOX 129NEEDHAM
211373539

Singapore211373542DANVERS SAVINGS BANKMA1 CONANT STREETDANVERS
211373542

Singapore211373571BRIDGEWATER CO-OP BANKMA72 MAIN STREETBRIDGEWATER
211373571

Singapore211373584PILGRIM CO-OPERATIVEMA48 S MAIN ST BXACOHASSET
211373584

Singapore211373597EASTON COOPERATIVE BANKMA275 WASHINGTON STREETNORTH EASTON
211373597

Singapore211373623MARLBOROUGH COOP BANKMAP.O.BOX KMARLBOROUGH
211373623

Singapore211374004WASHINGTON SAVINGS BANKMA30 MIDDLESEX STREETLOWELL
211374004

Singapore211374020THE PROVIDENT BANKMA5 MARKET STREETAMESBURY
211374020

Singapore211374033MIDDLEBOROUGH SAVINGS BANKMAONE SOUTH MAIN STREETMIDDLEBORO
211374033

Singapore211374046BARRE SVG BKMAP. O. BOX 940BARRE
211374046

Singapore211374062MERRIMAC SVG BKMAP.O.BOX 263MERRIMAC
211374062

Singapore211374088COUNTRY BANK FOR SAVINGSMA75 MAIN STREETWARE
211374088

Singapore211374091NORTH BROOKFIELD SAVINGS BMA35 SUMMER STREETNORTH BROOKFIELD
211374091

Singapore211375058CHARTBANKMA295 WESTON STREETWALTHAM
211375058

Singapore211380179ACUSHNET FCUMA13 CROMPTON STACUSHNET
211380179

Singapore211380289ANDOVER FEDERAL CREDIT UNMA3 LUPINE RDANDOVER
211380289

Singapore211380302NESC FEDERAL CR UNIONMAPO BOX 308ANDOVER
211380302

Singapore211380315ARLINGTON MUNICIPAL F.C.U.MA730 MASSACHUSETTS AVENUEARLINGTON
211380315

Singapore211380331FENWAL CREDIT UNIONMA400 MAIN STREETASHLAND
211380331

Singapore211380344ATHOL CREDIT UNIONMA513 MAIN STREETATHOL
211380344

Singapore211380357ATTLEBORO MUN EMP FCUMA91 UNION STATTLEBORO
211380357

Singapore211380373GOLDMARK FEDERAL C. U.MA155 PLEASANT STREETATTLEBORO
211380373

Singapore211380409STURDY CREDIT UNIONMA211 PARK STREETATTLEBORO
211380409

Singapore211380412SWANK FCUMA6 HAZEL STATTLEBORO
211380412

Singapore211380425NATIONSHERITAGE FCUMAP.O.BOX 779ATTLEBORO
211380425

Singapore211380470BEDFORD VA FEDERAL CR. UNIONMA200 SPRINGS RDBEDFORD
211380470

Singapore211380483HANSCOM FEDERAL C UMA1610 EGLIN ST.HANSCOM AFB
211380483

Singapore211380496METROPOLITAN CREDIT UNIONMA200 REVERE BEACH PARKWAYCHELSEA
211380496

Singapore211380506MILESTONE FED. CREDIT UNIONMA202 BURLINGTON RDBEDFORD
211380506

Singapore211380551BEVERLY MUN FED CR UNIONMA139 CABOT STREETBEVERLY
211380551

Singapore211380577N. SHORE MANUFACTURERS F.C.U.MA146 SOHIER ROADBEVERLY
211380577

Singapore211380580BILLERICA MUN CUMA365 BOSTON ROADBILLERICA
211380580

Singapore211381291BRAINTREE EDUCATORS & MUN. F.C.U.MA482R WASHINGTON STREETBRAINTREE
211381291

Singapore211381314BRIDGEWATER CREDIT UNIONMAP.O.BOX 610BRIDGEWATER
211381314

Singapore211381327PLYMOUTH CTY TCHRS FED CUMA2201 CRANBERRY HIGHWAYWEST WAREHAM
211381327

Singapore211381369BROCKTON BROTHERHOODMAP. O. BOX 1664BROCKTON
211381369

Singapore211381372BROCKTON CREDIT UNIONMA68 LEGION PARKWAYBROCKTON
211381372

Singapore211381398BROCKTON POSTAL EMP C.U.MA225 LIBERTY STBROCKTON
211381398

Singapore211381411BROCKTON VAMC FED CRD UNMA940 BELMONT STREETBROCKTON
211381411

Singapore211381437CRESCENT CUMAPO BOX 4290BROCKTON
211381437

Singapore211381440BRIDGEWATER CREDIT UNIONMAP. O. BOX 610BRIDGEWATER
211381440

Singapore211381505CITIZENS BANKRI1 CITIZENS DRIVERIVERSIDE
211381505

Singapore211381518BROOKLINE MUNICIPAL CREDIT UNIONMA334 WASHINGTON STREETBROOKLINE
211381518

Singapore211381563BURLINGTON MUN EFCUMA7 BEDFORD STBURLINGTON
211381563

Singapore211381576HOUGHTON MIFFLIN EMPMAP.O.BOX 7050WILMINGTON
211381576

Singapore211381592M/A-COM FEDERAL CREDIT UNIONMA100 CHELMSFORD STLOWELL
211381592

Singapore211381615TREMONT CREDIT UNOINMA150 GROSSMAN DRIVEBOSTON
211381615

Singapore211381631CAMBRIDGE TER FED C UMA459 BROADWAYCAMBRIDGE
211381631

Singapore211381673CAMBRIDGE PORTUGUESE C.U.MA251 HAMPSHIRE STCAMBRIDGE
211381673

Singapore211381712RTN FEDERAL CREDIT UNIONMA600 MAIN STREETWALTHAM
211381712

Singapore211381738HARVARD UNIV EMPL CUMA1350 MASS AVE RM953CAMBRIDGE
211381738

Singapore211381741KENDAL SQ FCUMA55 BROADWAYCAMBRIDGE
211381741

Singapore211381754MASS. INST. OF TECH. FED. C. U.MA50 AMES STCAMBRIDGE
211381754

Singapore211381783DIRECT FEDERAL CREDIT UNIONMA50 CABOT ST BOX 9123NEEDHAM HTS
211381783

Singapore211381822EMPLOYEES OF YOUVILLE HOSP. FCUMA1575 CAMBRIDGE STREETCAMBRIDGE
211381822

Singapore211381945CARMEL C UMA90 EVERETT AVE.CHELSEA
211381945

Singapore211381958CHELSEA EMPL FCUMACITY HALL RM 205CHELSEA
211381958

Singapore211381990METROPOLITAN CREDIT UNIONMAP. O. BOX 9100CHELSEA
211381990

Singapore211382203DANVERS MUN FCUMATOWN HALLDANVERS
211382203

Singapore211382232DEDHAM TOWN EMPL FCUMABOX 306DEDHAM
211382232

Singapore211382258NORFOLK COUNTY EMP. FED. C. U.MA53 OLD RIVER PLACEDEDHAM
211382258

Singapore211382481EVERETT CREDIT UNIONMA650 BROADWAYEVERETT
211382481

Singapore211382591FALL RIVER MUNIC EMP C UMA333 MILLIKEN BLVDFALL RIVER
211382591

Singapore211382614ST. ANNE'S CREDIT UNIONMA286 OLIVER STREETFALL RIVER
211382614

Singapore211382627GARMENT WORKERS FCUMAP O BOX 1048FALL RIVER
211382627

Singapore211382630IMMACULATE CONCEPTION FCUMAPO BX 4234FALL RIVER
211382630

Singapore211382669NOTRE DAME PARISH FCUMA659 EASTERN AVEFALL RIVER
211382669

Singapore211382672OUR LADY OF THE ANGELS FCUMA1208 DWELLY STREETFALL RIVER
211382672

Singapore211382724SANTO CHRISTO FEDERAL C.U.MA149 COLUMBIA ST.FALL RIVER
211382724

Singapore211382737ST ANNE'S CREDIT UNIONMA286 OLIVER STFALL RIVER
211382737

Singapore211382740ST ANTHONY OF PADUA FED CUMA806 BEDFORD STFALL RIVER
211382740

Singapore211382766SJB FEDERAL CREDIT UNIONMAPO BOX 35 SOUTH STAFALL RIVER
211382766

Singapore211382779ST MICHAEL'S (FALL RIVER) F.C.U.MA60 GARSIDE STFALL RIVER
211382779

Singapore211382850I. C. FEDERAL CREDIT UNIONMA300 BEMIS RDFITCHBURG
211382850

Singapore211382863WORKERS' CREDIT UNIONMAP. O. BOX 900FITCHBURG
211382863

Singapore211382876FITCHBURG ME FEDERAL CUMA718 MAIN STREETFITCHBURG
211382876

Singapore211382902FITCHBURG COMMUNITY F. C. U.MA5 SUMMER STREET - UNIT 9LUNENBURG
211382902

Singapore211382931WORKERS CREDIT UNIONMAPO BOX 900FITCHBURG
211382931

Singapore211382986FRAMINGHAM MUN FED CR UNIOMA200 CONCORD STFRAMINGHAM
211382986

Singapore211383066GARDNER FRANCO-AMERICAN CUMA67 PEARSON BLVD.GARDNER
Источник: http://internationalswiftcode.blogspot.com/2012/05/s-part-17.html

List of banks in Maine - USA

List of banks in Maine, Maine Banks List, Internet Banks, Online Banks in Maine.

Bangor Savings Bank, Bar Harbor Bank And Trust, Maine Bank And Trust, Kennebunk Savings Bank, Aroostook Federal Savings And Loan Assoc., First National Bank Of Bar Harbor, Kingfield Bank, Maine Municipal Bond Bank, Acadia Credit Union, Bangor Credit Union, Bangor Hydro Credit Union, Brewer Credit Union, Casco Credit Union, Coast Line Credit Union, Eastmill Credit Union, Evergreen Credit Union, Five County Credit Union, Franklin-somerset Credit Union, Hannaford Associates Credit Union, Houlton Credit Union, Katahdin Credit Union, Ksw Credit Union, Lewiston Municipal Credit Union, Lisbon Community Credit Union, Maine Family Credit Union, Maine Savings Credit Union, Monmouth Credit Union, New Dimensions Credit Union, New England United Methodist Credit Union, Ocean Communities Credit Union, Oxford Credit Union, Peopleschoice Credit Union, Saco Valley Credit Union, Seaboard Credit Union, Taconnet Credit Union, The County Credit Union, Winthrop Area Credit Union, credits unions and others banks

Источник: https://www.listofbanksinusa.com/maine.htm

Vol. XXXVII No. 7

In March 2008, TD Bank Financial Group of Toronto, Canada, completed its acquisition of Commerce Bancorp. On June 1, 2008, the merger of three banks involved in the deal was completed when Commerce Bank, NA and Commerce Bank/North of Cherry Hill, NJ, merged into TD Banknorth, NA of Portland, ME.

After the June 1st merger, TD Banknorth, NA changed its corporate title to "TD Bank, NA" and moved its corporate headquarters from Portland, ME, to Wilmington, DE. (Internal sources, 6/06/08)

Community Bank System Inc. and its unit Community Bank, NA of DeWitt, NY, have agreed to acquire 18 branches in northern New York from Citizens Financial Group Inc. of Providence, RI. Citizens Financial Group is the holding company for RBS Citizens, NA. Community Bank also will acquire approximately $135 million in loans and $630 million in deposits at a blended deposit premium of 12 percent. Subject to regulatory approval, the deal is slated to close during the fourth quarter of 2008. (SNL Bank , Thrift Weekly, 6/30/08)

Gardiner Federal Credit Union of Gardiner, ME, completed its acquisition of Riverview Federal Credit Union of Gardiner, ME, on May 31, 2008. (Internal sources, 6/06/08)

On June 2, 2008, Massachusetts Mutual Life Insurance Company (MassMutual) of Springfield, MA, announced that it had completed its purchase of First Mercantile Trust Company from SunTrust Banks, Inc. of Memphis, TN. First Mercantile provides retirement plan recordkeeping and investment management services throughout the United States. The deal adds nearly $5 billion in managed assets to MassMutual's existing $40 billion retirement plan business and to its overall $500 billion in assets under management as of year-end 2007. (SNL Bank , Thrift Daily, 6/03/08; MassMutual press release, 6/02/08)

Service Credit Union of Portsmouth, NH, completed its acquisition of Salmon Falls Community Credit Union of Somersworth, NH, on May 31, 2008. (Internal sources, 6/06/08)

New Branches

Bay State Savings Bank of Worcester, MA, opened a branch on Eastern Avenue in Worcester, MA, on May 6, 2008. (Internal sources, 6/20/08)

Cape Cod Five Cents Savings Bank of Harwich Port, MA, opened a branch on Main Street in South Dennis, MA, on April 22, 2008. Cape Cod Five is the largest independent bank on the Cape, with assets exceeding $1.7 billion. (Internal sources, 6/20/08)

Enterprise Bank, a subsidiary of Enterprise Bank and Trust Company of Lowell, MA, opened a branch on Broadway Street in Methuen, MA, on May 30, 2008. (Internal sources, 6/20/08)

On June 16, 2008, Maine Bank and Trust Co. of Portland, ME, opened a branch on Peaks Island, ME. Maine Bank and Trust is a subsidiary of People's United Bank of Bridgeport, CT. (SNL Bank , Thrift Daily, 6/24/08)

Meredith Village Savings Bank of Meredith, NH, opened a branch on Union Street in Wolfeboro, NH, on May 13, 2008. (Internal sources, 6/20/08)

Newburyport Five Cents Savings Bank of Newburyport, MA, opened a branch on Main Street in Amesbury, MA, on June 12, 2008. It is the bank's sixth location. (SNL Bank , Thrift Daily, 6/06/08)

People's United Bankof Bridgeport, CT, opened a branch in Westchester County, NY, on Mamaroneck Avenue in White Plains, NY, on June 30, 2008. The branch is People's third location in Westchester County. (People's United Bank press release, 6/16/08)

RBS Citizens, NA, of Providence, RI, opened a branch at Merrick Road in Amityville, NY, on June 18, 2008. (Internal sources, 6/27/08)

On May 12, 2008, Rockville Bank of South Windsor, CT, opened a branch on Linwood Avenue in Colchester, CT. (Internal sources, 6/20/08)

Branch Closings

East Cambridge Savings Bank of Cambridge, MA, closed a branch on Canal Park in East Cambridge, MA, on April 12, 2008. (Internal sources, 6/20/08)

On June 2, 2008, Passumpsic Savings Bank of St. Johnsbury, VT, closed a branch at 119 Main Street in Newport, VT. (Internal sources, 6/20/08)

TD Bank, NA (formerly TD Banknorth) of Wilmington, DE, closed its Triton Regional School Bank branch in Byfield, MA, on June 20, 2008. (Internal sources, 6/27/08)

Relocated Financial Institutions

On May 19, 2008, New Haven County Credit Union relocated from 3011 Whitney Avenue, Hamden, CT, to 450 Universal Drive, North Haven, CT. (Internal sources, 6/13/08)

Bangor Hydro Federal Credit Union moved its offices from 193 Broad Street in Bangor, ME, to 115 Mecaw Road in Hampden, ME, in October 2007. (Internal sources, 6/30/08)

FDIC Issues Guidance for Managing Third-Party Risk

On June 6, the FDIC issued guidance that describes potential risks from third-party relationships and outlines risk management principles that may be tailored to suit the complexity and risk potential of a financial institution's significant third-party relationships.

The FDIC suggests that each institution's management tailor the principles contained in the guidance to each significant third-party arrangement, taking into consideration factors such as the complexity, magnitude, and nature of the arrangement, and associated risks. The guidance also addressed four basic elements of an effective third-party risk management program

  • Risk assessment;
  • Due diligence in selecting a third party;
  • Contract structuring and review; and
  • Oversight.

In issuing the guidance, the FDIC emphasized that it is meant to supplement the principles contained in previously issued policy guidance on third-party risk, and is not meant to be a set of required procedures. The FDIC's June 6 Financial Institution Letter and detailed guidance is available online at www.fdic.gov/news/news/financial/2008/fil08044.html.offsite link (FDIC Financial Institution Letter FIL-44-2008, 06/06/08)

Reminder from Federal Financial Agencies Institutions Must Use Revised "Call Report" for June 30, 2008, Report

On June 30, 2008, the FDIC, in concert with the Federal Reserve Board of Governors and the Office of the Comptroller of the Currency, issued a letter to financial institutions reminding them to use revised forms when filing the June 30, 2008, Consolidated Reports of Condition and Income (Call Report).

All financial institutions, except for certain banks with foreign offices, must submit a completed Call Report by Wednesday July 30, 2008. The reports must be filed in accordance with revisions that were implemented on March 31, 2008.

The new forms and procedures that were voluntary for the first quarter are now mandatory. The Call Report formsoffsite link required to be filed for the June 2008 period and beyond are available on the FFIEC's web site (www.ffiec.gov/ffiec_report_forms.htm),offsite link as is a detailed instruction book.

In particular, financial institutions are urged to review the updated instructions for Schedule RC-O, "Other Data for Deposit Insurance and FICO Assessments," which contain clarifications to questions that arose when the revised schedule format was implemented earlier this year. Banks should also refer to the "Supplemental Instructions" for additional guidance on certain reporting issues.

More detailed instructions for institutions, including how to submit the reports in either paper or electronic format, are available by viewing the FDIC's June 30 Financial Institution Letter online at www.fdic.gov/news/news/financial/2008/fil08061.html. (FDIC Financial Institution Letter FIL-61-2008, 6/30/08)

Mortgage Relief Initiative Expands and Evolves

The Federal Reserve Bank of Boston and the Massachusetts Bankers Association (MBA)offsite link announced on June 6, 2008, that the Mortgage Relief initiative introduced in December 2007 is growing - from an initial five banks to more than 50 banks of every size, with branches throughout Massachusetts and much of New England. The expansion comes as community banks affiliated with the MBA join the effort.

The Mortgage Relief initiative is also evolving. The original plan was to reach out to borrowers with high-rate "subprime" loans who might be eligible for a more secure, predictable, affordable mortgage from a bank. However, falling home prices in many parts of New England have eroded home equity. As a result, some borrowers' homes are now worth less than their loans, and refinancing into a new mortgage can be difficult.

"There is no single, easy answer," says Daniel Forte, president and CEO of the MBA. "Banks did not cause this problem but the Mortgage Relief banks, regardless of their size, want to be part of the solution. They have a stake in the success of the local and regional economy."

Whenever possible, banks participating in the initiative will help eligible homeowners refinance into conventional loans that will better meet their needs. "Unlike many subprime lenders," Forte adds, "banks are a safe and sound place to discuss your credit needs and financial situation, with expertise and respect."

Much like the original five institutions - Citizens Bank, Sovereign Bank, TD Bank, Webster Bank, and Bank of America - the banks joining the Mortgage Relief initiative have made a number of commitments

  1. Outreach - to reach out to borrowers in difficult mortgages, in part by contributing to a pool for mortgage relief advertising;
  2. Innovation - to expand their utilization of programs that may help borrowers with limited home equity (programs like Federal Housing Authority loan guarantees, and those of state agencies);
  3. Personnel - to designate one or more "go to" staff members who can help borrowers explore their mortgage relief options;
  4. Lending - to adopt a goal for responsible lending under the program (ranging from $500,000 for small banks with under $250 million in assets to $2.5 million for community banks with over $1 billion in assets); and
  5. Collaboration and Referral - to share with fellow participants the products and approaches that prove effective in helping challenged borrowers, and to refer individuals they cannot help to other participating banks or housing-counseling agencies.

The Federal Reserve Bank of Boston applauds the banks' continued efforts. "These are very challenging times for some borrowers," says Eric Rosengren, the Bank's president and CEO, "and I am genuinely pleased to see banks of all sizes and types stepping up and trying to make a difference. It is not only the right thing to do for borrowers in distress, but also is in the long-term interest of the local and regional economy."

More information about the Mortgage Relief initiative is available at www.bos.frb.org/news/press/2008/pr060508.htm. (Joint MBA/FRB Boston press release, 6/05/08)

Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.

Источник: https://www.bostonfed.org/publications/bank-notes/xxxvii/july-2008.aspx

Greetings!

 

As the school year winds down and Junior Achievement of Maine approaches its summer term, this seems like a good time to acknowledge and say Thank You for the generous contributions of our volunteers, sponsors and our Board of Directors throughout our State.

 

It has been a fast paced year. As many of you know, this year JA of Maine was powered by a new set of hires. Our predecessors were always at the sidelines cheering us on, and for that we are truly grateful. 

 

We are looking forward to the summer term for a chance to review the year and plan for what's ahead. It is with great pride that we show you our statistics for this school year to date. This is due to our volunteers and our sponsors, without them it would not have happened.

  

"Thank you so much for all the hard work that you did for me and my classmates" Oliver, 3rd grade, Ocean Avenue School, "the one who owns 1/4 of Italian Victory Restaurant in  Chocolateville City."

 

kids drawing 

 Have a wonderful summer everyone!

 JA Staff

 

familypic

 

 

 

 

 

  2010-2011 Junior Achievement Program Statistics in the Works.....

 

JA volunteers taught 506 classes Statewide and counting... 

  

New Area Board developed in Aroostook County 

 

Over 8,600 students participated in JA in grades K-12

 

611 Middle School students participated in Job Shadow Day

 

183 students from 22 high schools participated in the TITAN Challenge  

 

 

Thank you to the following companies whose employees taught the majority of JA classes!

 

Atlantic Regional Federal Credit Union

Bangor Hydro 

Bangor Savings Bank

Biddeford Savings Bank

Dead River Company

Diversified Business Communications

KeyBank

Maine Education Services

Maine Maritime Academy

Saco & Biddeford Savings Institution

The Bank of Maine

TD Bank

UNUM 

 

 

and a big Thank You to all of our volunteers who made it possible for us to reach out to over 8,600 students who benefitted from financial literacy education! 

 

  

25th Annual Junior Achievement Golf Classic

 Thursday, September 15th, 2011
Dunegrass Country Club, Old Orchard Beach, ME 

http://www.dunegrass.com/

 

 

We invite you to join us on Thursday, September 15th for what is shaping up to be the premier tournament of the 2011 Golf season.  What better way to get on the green, than by supporting Junior Achievement of Maine's financial education, work readiness and entrepreneur programs!

  

We are in search of our 25th Annual Golf Classic Tournament Sponsor! 

http://jamaine.org/support-ja/golf-tournament/

**notice our offer includes two bibs to

TD Bank's 2011 Beach to Beacon Road Race

(offer expires Monday, June 20th)

 JA get involved

Over the years this Golf Tournament has raised thousands of dollars for JA class materials/kits. This has enabled us to offer and maintain JA programs throughout the State of Maine-from York to Presque Isle, while giving Maine students opportunities to learn, exposure to careers and to make connections with local business professionals.

 

Reserve a spot for your foursome today!

 

golfcourse

  

Golf Sponsorships/Registration    


Kids "Thank You's"

 

 Kids thank you 5

kids thank you 

kids thank you2

 

kids thank you 3

 

Teachers

 

Interested in a JA program for Fall 2011?

 

Class Request Form  

 

 

A Message from Amy:

  

Ah, the wonderful months of summer are ahead of us.  Vacation plans, pools, lakes, oceans, fun with family and friends, cookouts, parties - it is a special time, and we are able to enjoy it within a special state.

 

School is out, and thoughts of classroom lessons are put aside while a more relaxed feeling is with us.  Financial education is probably the last thing on our minds, yet we can all teach many fiscal lessons during the weeks ahead.

 

  1. Let you kids help you create a summer budget, including all trips, parties, and vacation plans.  You may want to start small, especially with young children.  Select one trip or activity that you are planning, set a total budget and talk to your kids about each expense, including gas, food, entrance fees, lodging, etc.  Make a challenge to stay within your budget, telling them that this will help fund future plans. 

 

  1. Have your kids help find free or very low-cost things to do.  Parks, beaches, playgrounds, concerts, movies, museums and festivals all have free or almost-free offerings that will keep your family busy and happy, while keeping your wallet in good shape. 

 

  1. Summer Jobs.  Whether they are babysitting, pet sitting, or working for an employer, teach your kids to save as well as spend.  Decide on a goal together, whether it is new school clothes or college tuition, each child should be saving a portion of his or her income for the future.

 There are many ways to teach kids about money, employment, budgeting, and saving, even during these warm summer months.  From all of us at Junior Achievement of Maine, we hope you enjoy time with family and friends, and as always, thank you for everything you do to help Maine's kids succeed.

 

Amy L. Thomas

President

 

About Junior Achievement of Maine 

Junior Achievement programs help to prepare young people for the real world by teaching them entrepreneurial skills, how to create jobs which make their communities more robust, and how to manage their personal finances. Students put these lessons into action, and help strengthen their communities.

 

Junior Achievement of Maine
82 Elm St
Portland, Maine 04101
tel 207-347-4333

fax 207-347-4344
 

Find us on FacebookFollow us on Twitter

 

Staff:

Amy Thomas, President

Jenny Jasa, Marketing & Greater Portland Program Director

Ann Goodenow, Administrative & Area Board Operations Director for Sanford/Springvale, Northern York, & Midcoast Maine

 Jill Jamison, Area Board Operations Director for Kennebec Valley, Androscoggin County, & Bangor Area

Michelle Anderson, Special Events & Marketing Coordinator

 

Источник: http://archive.constantcontact.com/fs016/1101761264358/archive/1106264838120.html

Back to GetFilings.com




FORM 10-K


SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal year ended DECEMBER 31, 1997 Commission File No. 0-505
----------------- -----


BANGOR HYDRO-ELECTRIC COMPANY
------------------------------------------------------------------------

(Exact Name of Registrant as specified in its charter)


MAINE 01-0024370
----------------------- -----------------------
(State of Incorporation) (I.R.S. Employer ID No.)


33 STATE STREET, BANGOR, MAINE what is the routing number for renasant bank 04401
-------------------------------------- ---------
(Address of principal executive offices) (Zip Code)


Registrant's telephone number, including area code 207-945-5621
------------


Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of exchange on which registered

COMMON STOCK, $5 PAR VALUE NEW YORK STOCK EXCHANGE
- -------------------------- -----------------------

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $5 Par value
(7,363,424 shares outstanding at March 20, 1998)
regions loan customer service -----------------------------------------------

one source login verizon 7% Preferred Stock, $100 Par Value
----------------------------------

4 1/4% Preferred Stock, $100 Par Value
--------------------------------------

4% Preferred Stock Series A, $100 Par Value
-------------------------------------------

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
------ ------

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K. [X]

The aggregate market value on March 20, 1998 of the voting stock held by
non-affiliates of the registrant was the best bb gun in the world for sale million.

The information required by Part III Items 10, 11, 12 and 13 is
incorporated by reference from the registrant's proxy statement which will what is the capital of wyoming cheyenne filed with the Securities and Exchange Commission within 120 days of the
close of the registrant's fiscal year ended December 31, 1997.

FORM 10-K

FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997

PAGE
----

Cover Page 1

Index 2

PART I:

Items 1 through 2 - Business; Properties 5

- General 5
- Certain Issues Facing the Company 7
- Construction Program 7
- Rates and Regulation 7
- Seabrook 11
- Joint Ventures 11
- Employees 13
i still pray for you - Power Supply Sources 13
- Company-owned Generation 13
- Power Purchase Contracts 14
- Maine Yankee 16
- Environmental Matters 22
- Executive Officers of the Company 23

Item 3: Legal Proceedings roslyn savings bank east meadow 24

Item 4: Submission of Matters to a Vote of Security Holders 24

PART II:

Item 5: Market for Registrant's Common Equity and Related
Stockholder Matters 24

Item 6: Selected Financial Data 26

Item 7: Management's Regions loan customer service and Analysis of Results of
Operations and Financial Condition 28

Item 8: Financial Statements & Supplementary Data 43

- Consolidated Statements of Income 43
- Consolidated Balance Sheets 44
- Consolidated Statements of Capitalization 46
- Consolidated Statements of Cash Flows 47
- Consolidated Statements of Common Stock Investment 48
- Notes to Consolidated Financial Statements 49
1) Nature of Operations and Summary of Significant
Accounting Policies tdb online bank 49
2) Income Taxes 51
3) Common and Preferred Stock 53
4) Lending Agreements and Monetization of Power
Sale Contract 54
5) Postretirement Benefits 56
6) Jointly Owned Facilities and Power Supply
warriors chase center jobs Commitments 59
7) Recovery of Seabrook Investment and Sale of
Seabrook Interest 65
8) Unaudited Quarterly Financial Data 66
9) Contingencies 66
10) Fair Value of Financial Instruments 67
11) Industry Restructuring and Rate Regulation 67
12) Derivative Financial Instruments 70
13) Subsequent Events 71
14) New Accounting Pronouncements 72

Report of Independent Accountants 73

Item 9: Changes in and Disagreements with Audit Firms on
Financial Disclosures 74

PART III:

Item 10: Directors and Executive Officers of the Registrant 74

Item 11: Executive Compensation 74

Item 12: Security Ownership of Certain Beneficial Owners
and Management 74

Item 13: Certain Relationships and Related Transactions 74


PART IV:

Item 14: Exhibits, Financial Statement Schedules, and
Reports on Form 8-K 75

Signatures 76

Report of Independent Accountants 77

Schedule VIII - Reserves for Doubtful Accounts and Insurance 78

EXHIBIT INDEX:

Exhibits Filed Herewith 79

Exhibits Incorporated Herein by Reference 80


FORWARD LOOKING INFORMATION - In addition to the historical information
contained herein, this report contains a number of statements that are
"forward-looking" as defined in the Private Securities Litigation Reform Act
of 1995. These statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those anticipated in the
forward-looking statements. Readers should not place undue reliance on
forward-looking statements, which reflect management s view only as of the
date hereof. The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or circumstances.
Factors that might cause such differences include, but are not limited to,
future economic conditions, relationship with lenders, earnings retention and
dividend payout policies, electric utility restructuring, developments in the
legislative, regulatory and competitive environments in which the Company
operates, and other circumstances that could affect revenues and costs.

PART I
- --------

ITEMS 1 THROUGH 2 BUSINESS; PROPERTIES
- --------------------------------------------------------------

GENERAL
--------

The Company is a public utility engaged in the generation, purchase,
transmission, distribution and sale of electric energy, with a service area
of approximately 5,275 square miles having a population of approximately
191,000 people. The Company serves approximately 105,000 customers in
portions of the counties of Penobscot, Hancock, Washington, Waldo,
Piscataquis and Aroostook. The Company also sells energy to other utilities
for resale. The Company has three material wholly-owned subsidiaries.
Penobscot Hydro Co., Inc. ("PHC") was incorporated in 1986 to own the
Company's 50% interest in a joint venture, Bangor-Pacific Hydro Associates
("Bangor-Pacific"), which redeveloped the West Enfield hydroelectric project
(the "West Enfield Project"). Bangor Var Co., Inc. ("Bangor Var Co.") was
incorporated in 1990 to hold the Company's 50% interest in a partnership
which owns certain facilities used in the Hydro-Quebec Phase II transmission
project ("HQ-II") in which the Company is a participant. For a further
discussion of Penobscot Hydro Co. and Bangor Var Co., see "Joint Ventures."
Finally, Bangor Energy Resale, Inc. was formed in 1997 as a special purpose
vehicle to permit Bangor Hydro's use of a power sales agreement as collateral
for a bank loan. For a further discussion of this transaction, see Item 7,
"Management's Discussion and Analysis of Results of Operations and Financial
Condition - Recent Events Affecting The Electric Utility Industry And The
Company - Existing Lending Agreements and Monetization of Power Sale
Contract".

In 1997, 30.5% of the Company's kilowatt hour ("KWH") sales were to
residential customers, 29.5% were to commercial customers, 39.3% were to
industrial customers and 0.7% were to other customers. For additional
information concerning the Company's sales, see Item 6, "Selected Financial
Data", below.

The Company's KWH sales are generally higher during the winter months,
with the winter peak electric demand usually 15% higher than the summer peak.
The maximum peak electric demand that the Company's system experienced during
the 1997-1998 winter, as of March 20, 1998, was approximately 277.06
megawatts ("MW") on December 15, 1997. At that time the Company had
approximately 338.44 MW of generating capacity and firm purchased power,
comprised of 104 MW from Company-owned generating units, 9.6 MW pink angel victoria secret credit card Hydro
Quebec, 54.8 MW from non-utility power producers, and 170.0 MW from short
term economy purchases.

The Company owns 7% of the common stock of Maine Yankee Atomic Power
Company, which owns and, prior to its permanent closure in 1997, operated an
880 MW nuclear generating plant in Wiscasset, Maine. Maine Yankee, which had
commenced commercial operation on January 1, 1973, is the only nuclear
facility in which the Company has an ownership interest. The Company s equity
ownership in the plant had entitled the Company to about 7% of the output
pursuant to a cost-based power contract. Pursuant to a contract with Maine
Yankee, the Company is obligated to pay its pro rata share of Maine Yankee's
operating expenses, including decommissioning costs. In addition, under a
Capital Funds Agreement entered into by the Company and the other sponsor
utilities, the Company may be required to make its pro rata share of future
capital contributions to Maine Yankee if needed to finance capital
expenditures. See "Maine Yankee" and Item 7, "Management's Discussion and
Analysis of Results of Operations and Financial Condition - Recent Events
Affecting The Electric Utility Industry And The Company - Maine Yankee".

The Company, along with the major investor-owned utilities of New
England, has been a party to the New England Power Pool Agreement ("NEPOOL")
since 1971. NEPOOL provides for joint planning and operation of generating
and transmission facilities in New England, and governs generating capacity
reserve obligations and provisions regarding the use of major transmission
lines. The Company, as a member of NEPOOL, has a capability responsibility
which involves carrying an allocated share of a New England capacity
requirement which is determined for each period based on certain regional
reliability criteria. On December 1, 1996, the members of NEPOOL, including
the Company, entered into the 33rd Amendment to the NEPOOL Agreement which
provided for a substantial restructuring of NEPOOL. This revised agreement,
together with NEPOOL's Open Access Transmission Tariff were filed with the
Federal Energy Regulatory Commission on December 31, 1996 and were
subsequently approved. Pursuant to this restructuring, effective July 1,
1997 an independent system operator, ISO-New England, assumed oversight of
the operations and integration of the NEPOOL transmission and generation with
respect to reliability and market operations. The intent of these changes in
NEPOOL is to increase competition in the market for electric generation.

The Company is subject to the regulatory authority of the Maine Public
Utilities Commission ("MPUC") as to retail rates, accounting, service
standards, territory served, the issuance of securities and various other
matters. The Company is also subject to the jurisdiction of the Federal
Energy Regulatory Commission ("FERC") as to certain matters, including
licensing of its hydroelectric stations and rates for wholesale purchases and
sales of energy and capacity and transmission services. Maine Yankee is
subject to extensive regulation by the Nuclear Regulatory Commission ("NRC").
See "Rates and Regulation."

The principal executive offices of the Company are located at 33 State
Street, Bangor, Maine 04401; telephone (207) 945-5621.


CERTAIN ISSUES FACING THE COMPANY
---------------------------------

CHANGES IN THE ELECTRIC UTILITY INDUSTRY AND IN REGULATION - See Item 7,
"Management's Discussion and Analysis of Results of Operations and Financial
Condition - Recent Events Affecting The Electric Utility Industry And The
Company" for a discussion of the effect of competition and related events on
future sales, earnings and dividend policy. That discussion includes a
description of the legislation enacted by the State of Maine to restructure
the electric industry within the state to implement retail competition.

SIGNIFICANT CUSTOMER - Pursuant to a special rate contract approved by the
MPUC, the rate for service provided by the Company to HoltraChem
Manufacturing Company, L.L.C. ("HMC"), a significant customer, is based in
part on a "revenue sharing" arrangement whereby the revenues for service vary
depending on the price and volume of product sold by HMC to its customers.
During 1995, 1996 and 1997, revenue sharing payments from HMC totaled
approximately $4.1 million, $3.5 million and $0.4 million, respectively.
HMC's principal business huntington national bank columbus ohio locations selling chlorine and caustic soda, primarily united heritage credit union scholarship the paper industry in the State of Maine. The Company is unable to predict
future market conditions for HMC s products.

OTHER ISSUES - See Item 7, "Management's Discussion and Analysis of Results
of Operations and Financial Condition - Recent Events Affecting The Electric
Utility Industry And The Company" for a discussion of the effect of other
significant issues and events on the Company.

CONSTRUCTION PROGRAM
--------------------

The Company's construction program consists of extensions and
improvements of its transmission and distribution facilities, construction of
new generating stations or capital improvements to existing generating
stations, capital improvements to the Company's internal computer and
information systems and other general projects within the Company's service
area. The Company projects that capital expenditures will aggregate
approximately $45-55 million in the period 1998 through 2000, the majority of
which are expected to be related to extensions and improvements of
transmission and distribution facilities.

RATES AND REGULATION
--------------------

RATE MATTERS - On March 3, 1997, the Company notified the MPUC of its intent
to file for a general increase in rates. Under Maine law, a utility must
ordinarily notify the MPUC two months in advance of the filing of a request
for a general increase in rates and the MPUC then has nine months to
investigate that request. However, under certain circumstances, the MPUC may
allow a utility to implement a requested increase in rates on a temporary
basis pending the conclusion of its investigation of the utility s request
for a general increase in rates.

On April 1, 1997, the Company filed with the MPUC a Petition for
Temporary Rates to increase its rates by an amount that would increase its
annual revenues by $10 million effective June 1, 1997. In doing so, the
Company cited the continuing impact on the Company s financial condition and
cash flow of the ongoing outage at the Maine Yankee nuclear power plant. The
Company also cited potential noncompliance with financial covenants contained
in its bank credit agreement (including the fixed charge coverage ratio,
discussed below) and the need to maintain adequate borrowing capacity for
working capital purposes, including mandatory debt repayments.

On June 26, 1997, the MPUC issued an order authorizing the Company to
change rates temporarily to increase its annual revenues by approximately
$5.1 million effective July 1, 1997. In doing so, however, the MPUC also
required the Company to accelerate the amortization of the deferred
regulatory asset associated with the 1993 buyout of one of its high-priced
non-utility generator contracts. As a result, revenue produced by the rate
increase did not increase earnings, but it did increase cash flow. Effective
December 12, 1997, the MPUC authorized the Company to revert to the original
amortization schedule of that deferred regulatory asset, thereby permitting
the temporary rate increase previously authorized to impact the Company s
earnings positively from that date on.

On February 9, 1998, the MPUC issued its final order on the Company s
request to increase its rates that it filed in March of 1997. Ode to the west wind imagery the
approximately $22 million increase in annual revenue ultimately requested by
the Company, the MPUC authorized an increase of approximately $13.2 million
(which includes the $5.1 million temporary rate increase discussed above)
annually. While there are many factors that google credit card synchrony the difference between
the MPUC allowance and the Company s requested increase, much of that
difference is attributable to the proposed accounting treatment of various
costs and the deferral of other costs for future consideration, including the
deferral of certain costs associated with Maine Yankee. While those
accounting recommendations will affect the timing of receipt of revenues by
the Company and will require the Company to finance the payment of the
associated costs, they should not significantly affect the Company s earnings
during the period that the new rates are effective.

The MPUC order is based upon a determination that the Company should be
allowed to earn an annual return of 12.75% on common equity. It also includes
a rate plan under which the Company s craigslist fort smith houses for rent will be subject to certain
reconciliations based upon actual expenditures by the Company and an annual
adjustment beginning on May 1, 1999 to account for inflation with an offset
for assumed increase in productivity. Other than those adjustments, the
Company will not change its rates unless its return on equity exceeds or
falls short of the allowed return by more than 350 basis points. If the
Company's return on equity falls outside of that bandwidth, 50% of the excess
or shortfall will be adjusted for in the Company's rates.

OTHER REGULATION - The MPUC regulates numerous other matters affecting the
Company, including financing, construction of generation and transmission
facilities, credit, collection, conservation and demand side management
programs, low income rate subsidies and purchases from non-utility power
producers.

Maine Yankee is subject to extensive regulation by the NRC. Under its
continuing jurisdiction, the NRC may, after appropriate proceedings, require
modification of nuclear power generating units for which operating or
nonoperating licenses have already been issued, or impose new conditions on
such permits or licenses.

The FERC regulates rates for sales of electricity to other utilities.
In addition, all the Company's hydroelectric projects are licensed by the
FERC. Under the Federal Power Act, upon not less than two years' notice the
United States is empowered to take over and thereafter to maintain and
operate a licensed hydroelectric project at or following the time a license
expires. If the United States elects this option, it must pay the licensee
its net investment in the project, not to exceed fair market value. If the
United States does not elect this option, the FERC may issue a new license to
the existing licensee upon such terms and conditions as are authorized or
required under the then-existing laws and regulations. It may also,
alternatively, issue a new license to a new licensee that has filed a
competing license application. In choosing between competing license
applications, the FERC must issue a license to the applicant whose proposal
is best adapted to serve the public interest.

The following table sets forth certain information with regard to such
licenses.
LICENSED ISSUE DATE OF CURRENT EXPIRATION
PROJECT CAPACITY ORIGINAL LICENSE DATE
------- --------- ---------------- -------------------

Ellsworth 8,900 KW April 12, 1977 December 31, 2018

Howland 1,875 KW September 12, 1980 September 30, 2000

Medway 3,400 KW March 29, 1979 March 31, 1999

Milford 6,400 KW December 31, 1969 Original license
expired
December 31, 1990
bangor hydro federal credit union currently operating
on year-to-year
license.

Orono 2,332 KW November 10, 1977 Original license
expired
September 25, 1985
currently operating
on year-to-year
license.

Stillwater 1,950 KW August 10, 1978 Original license
expired
December 31, 1993
currently operating
scott trade com on year-to-year
license.

Veazie 8,400 KW February 18, 1965 Original license
expired
September 25, 1985
currently operating
contra costa county animal control on year-to-year
license.

West Enfield* 13,000 KW February 3, 1970 June 26, 2024



- ------------------
* Through PHC, the Company has a 50% ownership interest in
Bangor-Pacific, which owns and operates the West Enfield Project.

The Company is actively pursuing the relicensing of the
projects listed above which are operating on year-to-year
licenses. Some of those relicensing proceedings had been delayed
pending completion by the FERC of an Environmental Impact
Statement ("EIS") of sections of the Penobscot River that was
being prepared in connection with the Company's licensing of the
Basin Mills project. That EIS was completed during 1997,
however, the FERC has not yet issued its final order with respect
to those projects. The Company has not received notice that the
United States will exercise its rights to take over any of the
Company's hydroelectric projects, nor have any competing
applications been filed. Under a Federal statute enacted by
Congress in 1986, participation in relicensing proceedings by
governmental agencies and other parties was allowed to increase
significantly. That increased participation may result in more
burdensome and costly conditions imposed upon licensees of
hydroelectric projects. The Company is unable to predict what
terms and conditions, if any, might be included in new licenses
or license renewals granted pursuant to the Company's licensing
applications, or what impact any such terms and conditions might
have on the Company's ability to operate and maintain the
projects economically.


SEABROOK
--------

GENERAL - The Company was a participant in Seabrook from 1978 to
1986, with an ownership interest of 2.17%, or 25 MW, in each of
the two 1150 MW units. Unit 2 was effectively canceled in 1984.
In late 1984, following a lengthy MPUC investigation, the
conclusion of which cast doubt on the wisdom of the Maine
utilities' continued participation in Seabrook, the Company began
efforts to sell its interest in the project. An agreement for
the sale of Seabrook to EUA Power Corp. was reached in mid-1985
and was consummated in November 1986.

In 1985, the MPUC approved an agreement among the Company,
the MPUC Staff and the Public Advocate addressing the recovery
through rates of the Company's investment in Seabrook ("Seabrook
Stipulation"). Although implementation of the Seabrook
Stipulation significantly improved the Company's financial
condition, substantial write-offs were required.

In August 1989, a comprehensive settlement agreement entered
into by current and former joint owners of Seabrook became
effective. Under the agreement, the signatories, representing
virtually all of the ownership interests in Seabrook,
relinquished claims against the lead owner, Public Service
Company of New Hampshire, arising out of Seabrook. As a part of
the settlement, former joint owners, including the Company, were
relieved of certain contingent liabilities.

JOINT VENTURES
--------------

WEST ENFIELD - In 1986, the Company formed PHC, a wholly-owned
subsidiary, which owns the Company's 50% ownership interest in
Bangor-Pacific, a joint venture with a development subsidiary of
Pacific Lighting Corporation. Bangor-Pacific undertook the
redevelopment of an old 3.8 MW hydroelectric plant which the
Company owned on the Penobscot River in Enfield and Howland,
Maine, into a 13 MW facility, the West Enfield Project, and now
operates the facility. Construction costs were shared equally by
the Company and the other joint venturer until Bangor-Pacific
completed its financing and took over ownership of the project,
which occurred in January 1987. Commercial operation of the
redeveloped West Enfield Project began in April 1988.

is coffee bad for you as a teenager Bangor-Pacific financed the cost of the redevelopment
through the private placement of $40 million of 9.45% and 10.26%
fixed rate amortizing term notes due 1996 and 2008, respectively,
and $5 million of floating rate amortizing term notes due 1996
(collectively, the "Notes"). The Notes are secured by a mortgage
on the West Enfield Project and a security interest in a 50-year
power contract between the Company and Bangor-Pacific. The
holders of the Notes are without recourse to the joint venture
partners or their parent companies except that each partner has
agreed to make payments in an amount equal to 50% of any amounts
due and unpaid on the Notes but not exceeding distributions
received from Bangor-Pacific in the preceding twelve-month
period.

Under the power contract between the Company and
Bangor-Pacific, if the West Enfield Project operates as
anticipated, payments by the Company to Bangor-Pacific are
estimated at $7.5 million annually (without consideration of any
distributions by the joint venture to the partners). chime card free atm near me In 1997,
the Company paid approximately $7.1 million to Bangor-Pacific
under this power contract. The Company would be required to make
payments under the contract, regardless of whether any power were
delivered, of approximately $4 million per year. However, the
Company has the right to terminate the contract upon thirty-days'
written notice if the failure to deliver power continues for a
period of 12 consecutive months.

NEPOOL/HYDRO-QUEBEC - The NEPOOL member utilities and
Hydro-Quebec, a utility operating within the province of Quebec,
Canada ("Hydro-Quebec"), have constructed facilities required to
interconnect the electric systems in New England with the
electric system of Hydro-Quebec. The initial stage of the
interconnection consists of a completed and operational 450
kilovolt ("KV") transmission line from the Hydro-Quebec system to
a terminal having an approximate rating of 690 MW at the
Comerford Generating Station ("Comerford") on the Connecticut
River in New Hampshire. The subsequent stage, HQ-II, completed
in 1990, increased the interconnection transfer capability to
approximately 2000 MW by means of a transmission line from
Comerford to a terminal facility at the Sandy Pond Substation in
Massachusetts.

In 1990, the Company formed Bangor Var Co., a wholly owned
corporate subsidiary, the sole function of which is to own a 50%
interest in Chester SVC Partnership ("Chester"), a general
partnership which owns the static var compensator ("SVC"),
electrical equipment which supports the HQ-II transmission line.
A wholly-owned subsidiary of Central Maine Power Company ("CMP")
owns the other 50% interest in Chester. Chester has financed the
acquisition and construction of the SVC through the issuance of
$33 million in principal amount of 10.48% senior notes due 2020,
and up to $3.2 million principal amount of additional notes due
2020 (collectively, the "SVC Notes"). The holders of the SVC
Notes are without recourse to the partners or their parent
companies and may only look to Chester and to the collateral for
payment. Bangor Var Co. accounts for its investment in Chester
under the equity method. Bangor Var Co.'s financial results are
included in the Company's consolidated financial statements.

The New England utilities which participate in HQ-II have
agreed under a FERC-approved contract to bear the cost of
Chester, on a cost-of-service basis, which includes a return on
and of all capital costs.


EMPLOYEES
---------

At December 31, 1997, the Company had 421 full time
employees approximately 53% of whom were represented by a local
union affiliated with the International Brotherhood of Electrical
Workers (AFL-CIO). Union membership is divided into two
bargaining units, 177 employees engaged in electrical, line and
meter related functions and 48 employees engaged in customer
service and credit related functions. The present contract with
electrical, line and meter related workers expires December 31,
1998. The present contract with customer service and credit
related workers expires December 31, 1999. The Company believes
that its relations with its employees are satisfactory.


ode to the west wind imagery POWER SUPPLY SOURCES
--------------------

GENERAL - In order to meet its load growth and reserve
obligations under NEPOOL, the Company, in addition to utilizing
its own generating capacity, acquires capacity and energy through
contracts with other utilities and independent generation
facilities and through joint ownership of generating facilities.
The Company estimates that it has, or can acquire, sufficient
generating capacity, through a combination of wholly-owned and
jointly-owned generating facilities and everbank stadium parking prices power
contracts, to meet its anticipated load growth through the
1990's.

The Ode to the west wind imagery sources of generation for electric sales to its
customers (net of off-system sales to other utilities) for 1997,
1996 and 1995 by type of fuel is shown below.

SOURCE 1997 1996 1995
------ ---- ---- ----
Hydroelectric (Company*). 13% 17% key bank online member sign on Nuclear Generation (Maine Yankee) 0% 19% 1%

Oil (Company). 4% 2% 3%

Biomass/Refuse (purchased). 6% 6% 6%

NEPOOL/other purchases. 77% 56% 76%
---- ---- ----

Total. 100% 100% 100%
---- ---- ----


- ---------------
* Includes purchases from the West Enfield Project, in which the
Company has a 50% ownership interest.

COMPANY-OWNED GENERATION
------------------------

The Company, as a tenant in common with other utilities,
owns 8.33%, or approximately 50 MW, of William F. Wyman Unit No.
4 ("Wyman 4"), a 600 MW oil-fired generating unit in Yarmouth,
Maine, constructed and operated by CMP as the lead owner. The
Company is entitled to 8.33% of the energy produced by Wyman 4
and pays the same percentage of the unit's operating expenses.

The Company owns two oil-fired generating units located at
its Graham Station in Veazie, Maine ("Graham"), currently in
deactivated reserve status, having a total capacity of 47 MW, as
well as eleven internal combustion generation units located at
three stations having a total capacity of 21 MW. The Company
also owns seven hydroelectric stations having a total capacity of
about 30 MW find number location PHC's ownership interest in the West
Enfield Project). All of the Company's hydroelectric stations
are licensed under the Federal Power Act. See "Rates and
Regulation."

On February 9, 1998, the Company filed its plan for
divesting its generation-related assets with the Credit vs debit card difference in
accordance with the electric utility industry restructuring
provisions signed into law last year. This plan could result in
the identification of proposed purchasers by mid-summer 1998.
Further regulatory approvals will then be required to actually
complete the sale. The Company is offering a total of 166 MW of
generation assets, including both Company-owned facilities and
the resale of certain purchase power contracts that extend beyond
March 1, 2000, the scheduled implementation date for retail
electric competition within the State of Maine.

In addition, the Company owns approximately 600 miles of
transmission lines and approximately 3,600 miles of distribution
lines to serve its customers. Other properties consist of
office, garage and warehouse facilities at various locations in
its service area.


POWER PURCHASE CONTRACTS
------------------------

The following chart sets forth information concerning the
Company's major power purchase contracts exclusive of Maine
Yankee.


CONTRACTED QUANTITY OF
SELLER TERM OF CONTRACT CAPACITY OR ENERGY
- ---------- ---------------------- ------------------------

Bangor-Pacific* August 21, 1986 through Total output of energy
(Hydroelectric) May 31, 2024, at which from facility with name
time Company can either plate rating of not more
purchase the facility than 16 MW
at its fair market value
or extend the contract
for an additional 15 phone number santander customer service
years (if the West
Enfield Project's FERC
phone number santander customer service license is also
extended) jose canseco topps

Penobscot Energy January 21, 1984 through Total output of firm
Recovery Company February 28, 2018 energy; minimum annual
("PERC")(Refuse) ode to the west wind imagery delivery of 105,000,000
KWH up to a maximum of
166,440,000 KWH per
calendar year

Great Northern No Fixed Term Approximately 20 MW
Paper Co.
(Cogeneration)

New England November 1, 1994 through 30 MW and associated energy
Power Company October 31, 1999 from two designated nuclear
units

New England January 1, 1996 through 25 MW and associated energy
Power Company October 31, 1998 from a designated system
contract

New Brunswick April 1, 1996 through 10 MW system purchase of
Power October 31, 1998 capacity and energy (months
of April-October only)

New Brunswick June 8, 1997 through 60 MW system purchase of
Power December 31, 1999 capacity and energy

Great Bay Power January 1,1996 through 10 MW and associated energy
Corporation March 31, 1998 from a designated nuclear
(through PECO online bank loans for people with bad credit unit (November-March only)
Energy Company)




- -----------------
* Through PHC, the Company has a 50% ownership interest in
Bangor-Pacific, which owns and operates the West Enfield Project.


For further details with respect to certain of these
contracts, see Note 6 of the Notes to Consolidated Financial
Statements.

The Company purchases energy from, and sells energy to, New
Brunswick Electric Power Commission utilizing the transmission
facilities of Maine Electric Power Company, Inc. ("MEPCO"), in
which the Company owns a 14.2% equity interest. MEPCO owns and
operates a 345 KV transmission line running from Wiscasset, Maine
to the Maine/New Brunswick border. The Company 1st birthday theme ideas with this line in Orrington, Maine.

The Company also purchases energy on a short-term basis from
time to time when it is economical to do so to displace higher
cost energy from other sources.


MAINE YANKEE
------------

General - The Company owns 7% of the common stock of Maine
Yankee, which owns and, prior to its permanent closure in 1997,
operated an 880 MW nuclear generating plant in Wiscasset, Maine.
Maine Yankee, which had gpa requirements for south carolina state university commercial operation on January
1, 1973, is the only nuclear facility in which the Company has an
ownership interest. The Company s equity ownership in the plant
had entitled the Company to about 7% of the output pursuant to a
cost-based power contract. Pursuant to a contract with Maine
Yankee, the Company is obligated to pay its pro rata share of
Maine Yankee's operating expenses, including decommissioning
costs. In addition, under a Capital Funds Agreement entered into
by the Company and the other sponsor utilities, the Company may
be required to make its pro rata share of future capital
contributions to Maine Yankee if needed to finance capital
expenditures.

PERMANENT SHUTDOWN OF THE MAINE YANKEE PLANT - On August 6, 1997,
the Board of Directors of Maine Yankee voted to permanently cease
power operations at its nuclear generating plant at Wiscasset,
Maine (the "Plant") and to begin decommissioning the Plant. As
reported in detail in the Company's Annual Report on Form 10-K
for the year ended December 31, 1996, its Quarterly Reports on
Form 10-Q for the quarters ended March 31, 1997, June 30, 1997
and September 30, 1997 and its Reports on Form 8-K dated May 27,
1997 and February 19, 1997, and reported in more condensed form
below, the Plant experienced a number of operational and
regulatory problems and has been shut jose cuervo red sangria margarita since December 6,
1996. The decision to close the Plant permanently was based on
an economic analysis of the costs, risks and uncertainties
associated with operating the Plant compared to those associated
with closing and decommissioning it. The Plant's operating
license from the NRC was scheduled to expire on October 21, 2008.

RECENT OPERATING HISTORY - The Plant generally provided reliable
and low-cost power from the time it commenced operations in late
1972 to 1995. Beginning in early 1995, however, Maine Yankee
encountered various operational and regulatory difficulties with
the Plant. In 1995, the Plant was shut down for almost the
entire year to repair a large number of steam generator tubes
that were exhibiting defects. Shortly before the Plant was to go
back on-line in December 1995, a group with a history of opposing
nuclear power released an undated, unsigned, anonymous, letter
alleging that in 1988 Yankee Atomic (then an affiliated
consultant of Maine Yankee) and Maine Yankee had used the results
of a faulty computer code as a basis to apply to the NRC for an
increase in the Plant's power output. In response to the
allegation, on January 3, 1996, the NRC issued a Confirmatory
Order that restricted the Plant to 90 percent of its licensed
thermal operation level, which restriction was still in effect
when the Plant was permanently shut down.

As a result of the controversy associated with the
allegations, the NRC, at the request of the Governor of Maine,
conducted an intensive Independent Safety Assessment ("ISA") of
the Plant in the summer and fall of 1996. On October 7, 1996,
the NRC issued its ISA report, which found that while the Plant
had been operated safely, there were weaknesses that needed to be
addressed, which would require substantial additional spending by
Maine Yankee. On December 10, 1996, Maine Yankee responded to
the ISA report, acknowledge many of the weaknesses, and
committed to revising its operations and procedures to address
the NRC's criticisms.

Another result of the controversy associated with the
allegations was an investigation of Maine Yankee initiated by the
NRC's Office of Investigations ("OI"), which, in turn, referred
certain issues to the United States Department of Justice ("DOJ")
for possible criminal prosecution. Subsequently, on September
27, 1997, the DOJ, through the United States Attorney for Maine,
announced that its review had revealed no grounds for criminal
prosecution. The Company believes that the OI investigation,
however, could ultimately result in the imposition wells fargo business account reviews civil
penalties, including fines, on Maine Yankee.

In 1996 the Plant was generally in operation at the 90-
percent level from late January to early December, except for a
two-month outage from mid-July to mid-September. The Plant was
shut down again on December 6, 1996, to address several concerns,
and has not operated since then. The precipitating event causing
the shutdown was the need to evaluate and resolve cable-
separation compliance issues, and on December 18, 1996, the NRC
issued a Confirmatory Action Letter requiring the Plant to remain
shut down until Maine Yankee's plan for resolving the cable-
separation issues was accepted by the NRC. Subsequently, Maine
Yankee uncovered additional issues, including among others, the
possibility of having to replace defective fuel assemblies,
address additional cable-separation issues, and determine the
condition ode to the west wind imagery the Plant's steam generators, all of which
contributed to further operational uncertainty. On January 29,
1997, the Plant was placed on the NRC's Watch List, and on
January 30, 1997, the NRC issued a supplemental Confirmatory
Action Letter requiring the resolution of additional concerns
before the Plant could be restarted.

In December 1996 Maine Yankee requested proposals from
several utilities with large and successful nuclear programs to
provide a management team, and ultimately contracted with Entergy
Nuclear, Inc., effective February 13, 1997, for management
services that included providing a new president and regulatory
compliance officer. The Entergy-provided management team made
progress in addressing technical issues, but a number of
operational and regulatory uncertainties remained. On May 27,
1997, the Board of Directors of Maine Yankee voted to minimize
spending while preserving the options of restarting the Plant or
conveying ownership interests to a third party. After
unsuccessful negotiations with one prospective purchaser, Maine
Yankee found no other interest in purchasing the Plant and, based
on its economic analysis, closed the Plant permanently.

As required by the NRC, on August 7, 1997, Maine Yankee
certified to the NRC that Maine Yankee had permanently ceased
operations and that all fuel assemblies had been permanently
removed from the Plant's reactor vessel. On August 27, 1997,
Maine Yankee filed the required Post-Shutdown Activities Report
with the NRC, describing its planned post-shutdown activities and
a proposed schedule.

MANAGEMENT AUDIT - On September 2, 1997, the MPUC released the
report of a consultant it had retained to perform a management
audit of Maine Yankee for the period January 1, 1994, to June 30,
1997. The report contained both positive and negative
conclusions, the latter including: that Maine Yankee's decision
in December 1996 to proceed with the steps necessary to restart
the Plant was "imprudent", that Maine Yankee's May 27, 1997
decision to reduce restart expenses while exploring a possible
sale of the Plant was "inappropriate", based on the consultant's
finding that a more objective and comprehensive competitive
analysis at that time "might have indicated a benefit for
restarting" the Plant; and that those decisions resulted in Maine
Yankee incurring $95.9 million in "unreasonable" costs. On
October 24, 1997, the MPUC issued a Notice of Investigation
initiating an investigation of the shutdown decision and of the
operation of the Plant prior to shutdown, and announced that it
had directed its consultant to extend its review to include those
areas. The Company believes the report's negative conclusions
are unfounded and may be contradictory. The Company has been
charging its share of the Maine Yankee expenses against income,
and believes it would have substantial constitutional and
jurisdictional grounds to challenge any effort in an MPUC
proceeding to alter wholesale Maine Yankee rates made effective
by the FERC. On November 7, 1997, Maine Yankee initiated a legal
challenge to the MPUC investigation in the Maine Supreme Judicial
Court alleging that such an investigation falls exclusively
within the jurisdiction of the FERC and that the MPUC
investigation is therefore barred on constitutional grounds. The
Company filed a similar legal challenge on the same day. The
MPUC subsequently stayed its investigation pending the outcome of
Maine Yankee's FERC rate case, in which the MPUC is
participating, while indicating that its consultant would
continue its extended review.

MAINE YANKEE DEBT RESTRUCTURING AND FERC RATE PROCEEDING - Maine
Yankee entered into agreements in August 1997 with the holders of
its outstanding First Mortgage Bonds and its lender banks (the
"Standstill Agreements") under which the bondholders and banks
agreed that they would not assert that the August 1997 voluntary
permanent shutdown of the Plant constituted a covenant violation
under Maine Yankee's First Mortgage Indenture or its two bank
credit agreements. The parties also agreed in the Standstill
Agreements to maintain Maine Yankee's bank borrowing at a level
below that of the prior aggregate bank commitments, which level
Maine Yankee considered adequate for its foreseeable needs. The
Standstill Agreements, as extended in October 1997, were to
terminate on January 15, 1998, by which date Maine Yankee was to
have reached agreement on restructured debt arrangements
reflecting its decommissioning status. On November 6, 1997,
Maine Yankee filed a rate proceeding with the FERC reflecting the
Plant's decommissioning status bangor hydro federal credit union requesting an effective date
of January 15, 1998, for the amendments to Maine Yankee's Power
Contracts and Additional Power Contracts, which revise Maine
Yankee's wholesale rates and clarify and confirm the obligations
of Maine Yankee's sponsors to continue to pay their shares of
Maine Yankee's costs during the decommissioning period.

On January 14, 1998, the FERC issued an "Order Accepting for
Filing and Suspending Power Sales Contract Amendment, and
Establishing Hearing Procedures" (the "FERC Order") in which the
FERC accepted for filing the rates associated with the amended
Power Contracts and made them effective January 15, 1998, subject
to refund. The FERC also granted intervention requests,
including among others, those of the MPUC, Maine Yankee's largest
bondholder, and two of its lender banks, denied the request of an
intervenor group to summarily dismiss part of the filing, and
ordered that a public hearing be held concerning the prudence of
Maine Yankee's decision to shut down the Plant and on the
justness and reasonableness of Maine Yankee's proposed rate
amendments. The Company expects the prudence issue to be pursued
vigorously by several intervenors, what is the capital of wyoming cheyenne among others the
MPUC, which stayed its own prudence investigation pending the
outcome of the FERC proceeding after the jurisdictional challenge
by Maine Yankee and the Company discussed above. The Company
cannot predict the outcome of the FERC proceeding.

On January 15, 1998, Maine Yankee, its bondholders and
lender banks revised the Standstill Agreements and extended their
term to April 15, 1998, subject to satisfying certain milestone
obligations during the term of the extension. One such
obligation was that Maine Yankee must have accepted, by February
12, 1998, an underwritten commitment to refinance its bonds and
bank debt, subject only to closing conditions reasonably capable
of being satisfied by April 15, 1998, and reasonably satisfactory
to the bondholders and banks. Maine Yankee accepted such a
commitment prior to the deadline, received regulatory approval of
the refinancing on March 9, 1998, and is negotiating final loan
documentation and preparing for a closing before April 15.

OTHER MAINE YANKEE SHAREHOLDERS - Higher nuclear-related costs
are also affecting other stockholders of Maine Yankee in varying
degrees. Central Maine Power Company, the largest individual
stockholder in Maine Yankee with a 38% ownership interest,
reported in February, 1998 that it expected to require an
additional retail rate increase under its MPUC-approved
Alternative Rate Plan due to its poor financial performance
resulting from increased Maine Yankee-related obligations. Under
that Alternative Rate Plan, Central Maine is permitted to recover
through a retail rate increase only one half of the difference
between the low end of return on equity bandwidth of 7.05% and
its reported 1997 earnings of 1.04%. Maine Public Service
Company, a 5% stockholder, cited problems in satisfying financial
walmart asurion sign in in loan documents, reduced its common stock dividend
substantially in early March 1997 and obtained rate relief.
Northeast Utilities (20% stockholder through three subsidiaries),
which is also adversely affected by the substantial additional
costs associated with the three shut-down Millstone nuclear units
and the permanently shut-down Connecticut Yankee unit, as well as
significant regulatory issues in Connecticut and New Hampshire,
has implemented an indefinite suspension of its quarterly common
stock dividends. Largely as a result of nuclear-related costs,
Northeast Utilities reported a loss of $135 million for 1997 and
continues to experience difficulty in satisfying loan covenants.
A default by a Maine Yankee stockholder in making payments under
its Power Contract or Capital Funds Agreement could have a
material adverse effect on Maine Yankee, depending on the
magnitude of the default, and would constitute a default under
Maine Yankee's bond indenture and its two major credit agreements
unless cured within applicable grace periods by the defaulting
stockholder or other stockholders. The Company cannot predict,
however, what effect, if any, the financial difficulties being
experienced by some Maine Yankee stockholders will have on Maine
Yankee or the Company.

NUCLEAR FUEL STORAGE - Federal legislation enacted in 1987
directed the DOE to proceed with the studies necessary to develop
and operate a permanent high-level waste (spent fuel) disposal
site a Yucca Mountain, Nevada. The legislation also provided for
the possible development of a Monitored Retrievable Storage
("MRS") facility and abandoned plans to identify and select a
second permanent disposal site. An MRS facility would provide
temporary storage for high-level waste prior to eventual
permanent disposal. The DOE has indicated that the permanent
disposal site is not expected to open before 2010, although
originally scheduled to open in 1998.

On April 15, 1997, the United States Senate approved
the"Nuclear Waste Policy Act of 1997", (S. 104), which would
reform the federal policy for managing spent nuclear fuel and
instruct the DOE to develop an integrated management system,
including a central storage facility, for such fuel. The bill
would require the DOE to accept such nuclear fuel from commercial
nuclear power plants and would establish a licensing process that
would result in the storage of such fuel at a central federal
facility beginning no later than June 30, 2003, if all the
necessary approvals are obtained. The DOE would also be required
to continue site characterization work at Yucca Mountain as a
permanent disposal site. On October 30, 1997, the House of
Representatives approved a bill (H.R. 1270) with generally
similar objectives. Action to resolve the differences in the two
bills was deferred to 1998.

In June 1994, several nuclear utilities other than Maine
Yankee filed suit against the DOE. The utilities sought a
declaration from the United States Court of Appeals for the
District of Columbia that the Nuclear Waste Policy Act of 1982
required the DOE to take responsibility for spent nuclear fuel in
1998. On July 23, 1996, the court held that the DOE is obligated
"to start disposing of [spent nuclear fuel] no later than January
31, 1998." The DOE did not appeal the decision, but announced in
December 1996 that it anticipated it would be unable to start
accepting spent nuclear fuel for disposal by January 31, 1998. A
large number of nuclear utilities and state regulators filed a
new lawsuit against the DOE in January 1997 seeking to force the
DOE to honor its obligation to store spent nuclear fuel and
seeking other appropriate relief. On November 14, 1997, the U.S.
Court of Appeals for the District of Columbia Circuit confirmed
the DOE's obligation. On February 19, 1998, Maine Yankee filed a
petition in the same court seeking to compel the DOE to take
Maine Yankee's spent fuel from the Plant site "as soon as
physically possible," alleging that removing the spent fuel on
the DOE's indicated schedule would delay the decommissioning of
the Maine Yankee Plant indefinitely. The Company cannot predict
the ultimate results of the lawsuits.

NUCLEAR INSURANCE - In accordance with the Price-Anderson Act,
the limit of liability for a nuclear-related accident is
approximately $8.9 billion. The primary layer of insurance for
the liability is $200 million of coverage provided by the
commercial insurance market. The secondary coverage is
approximately $8.7 billion, based on 110 licensed reactors. The
secondary layer is based on a retrospective premium assessment of
$79.275 million per nuclear accident per licensed reactor,
payable at a rate not exceeding $10 million per year per
accident. In addition, the retrospective premium is subject to
inflation-based indexing at five-year intervals and, if the sum
of all public liability claims and legal costs arising from any
nuclear accident exceeds the maximum amount of financial
protection, each licensee can be assessed an additional 5 percent
($3.775 million) of the maximum retrospective assessment.

In addition to the insurance required by the Price-Anderson
Act, Maine Yankee carries all-risk nuclear property damage
insurance in the amount of $500 million plus additional excess
nuclear property insurance. Maine Yankee, in recognition of the
reduced risk posed by the shutdown and defueled nuclear reactor,
reduced the amount of excess nuclear property damage insurance
purchased from the nuclear electric utility insurance company,
effective September 15, 1997, from $2.25 billion to $560 million.
This reduced the total amount of nuclear property damage coverage
to $1.06 billion, the minimum amount of nuclear property damage
insurance then required by regulation. The all-risk nuclear
property damage insurance of $500 million is obtained from the
commercial insurance market and is not subject to retrospective
premium assessments. The excess insurance of $560 million is
provided by a nuclear electric utility industry insurance company
through a combination of current premiums, retrospective premium
assessments and reinsurance. Each participating utility may be
assessed a retrospective premium of up to 5 times its premium
with respect to industry losses in any policy year.

LOW-LEVEL WASTE DISPOSAL - The federal Low-Level Radioactive
Waste Policy Amendments Act (the "Waste Act"), enacted in 1986,
required operating disposal facilities to accept low-level
nuclear waste from other states until December 31, 1992. Maine
did not satisfy its milestone obligation under the Waste Act
requiring submission of a site license application by the end of
1991, and therefore, became subject to surcharges on its waste
and did not have access to regulated disposal facilities after
the end of 1992. Maine Yankee then began storing all low-level
waste generated at an on-site storage facility. On July 1, 1995,
however, the State of South Carolina restored access to its
facility and Maine Yankee has been shipping its low-level waste
to the South Carolina facility for disposal.

The states of Maine, Texas and Vermont have been pursuing
the implementation of a compact for the disposal of low-level
waste at a site in Texas. The compact provides for Texas to take
Maine's low-level waste over a 30-year period for disposal at a
planned facility in west Texas. In return, Maine would be
required to pay $25 million, assessed to Maine Yankee by the
State of Maine, payable in two equal installments, the first
after ratification by Congress and the second upon commencement
of operation of the Texas facility. In addition, the company
would be assessed a total of $2.5 million for the benefit of the
Texas county in which the facility would be located and would
also be responsible for its pro-rata share of the Texas governing
commission's operating expenses. The Maine Low-Level Radioactive
Waste Authority suspended its search for a suitable disposal site
in Maine and ceased operations in 1994.

The compact is before the Congress for ratification and was
approved by the House Of Representatives in October 1997. The
Senate has deferred action on the bill until 1998. Since the
Plant has permanently stopped operating, the compact is less
beneficial to Maine Yankee than it would have been if the Plant
had remained in operation, due to the new schedule for Maine
Yankee's shipments and the anticipated schedule for opening the
Texas facility. Maine Yankee cannot predict whether the health care brokers near me required ratification of the Texas compact or other regulatory
approvals will be obtained, but Maine Yankee intends to utilize
its on-site storage facility as well as dispose of low-level
waste at the South Carolina site or other available sites in the
interim and continue to cooperate with the State of Maine in
pursuing all appropriate options.

HAZARDOUS SUBSTANCE SITE - Maine Yankee has been notified by the
Maine Department of Environmental Protection ("DEP") that it is
one of many potentially responsible parties under the Maine
Uncontrolled Hazardous Substance Sites law for having arranged
for the transport of hazardous substances to sites owned by the
Portland Bangor Waste Oil Company that have been designated
uncontrolled hazardous substance sites by the DEP. Under the
Maine law, each responsible party is jointly and severally liable
for costs associated with the abatement, cleanup or mitigation of
the hazards at such a site. Since the investigations by the DEP
and Maine Yankee are in their early stages and a large number of
potentially responsible parties is involved, The Company cannot
now predict the amount of costs that Maine Yankee will ultimately
be required to assume. Environmental costs that are unrelated to
the decommissioning and dismantlement of the Plant site could
generally be considered to be operation and maintenance costs to
be recovered through Maine Yankee's billing process.

Site characterization work at the Plant site, an initial
part of the decommissioning process, and related activities could
give rise to additional environmental issues.

ENVIRONMENTAL MATTERS
---------------------

The Company is regulated by the United States Environmental
Protection Agency ("EPA") as to compliance with the Federal Water
Pollution Control Act, the Clean Air Act, and several federal
statutes governing the treatment and disposal of hazardous
wastes. The Company is also regulated by the Maine Department of
Environmental Protection ("MDEP") under various Maine
environmental statutes. Although the Company is actively engaged
in complying with these federal and state acts and statutes, the
costs of which are significant, it has not, to date, encountered
material difficulties in connection with such compliance.

In 1992, the Company received notice from the MDEP that it
was investigating the cleanup of several sites in Maine that were
used in the past for the disposal of waste oil and other
hazardous substances, and that the Company, as a generator of
waste oil that was disposed at those sites, may be liable for
certain cleanup costs. The Company learned in October 1995 that
the EPA placed one of the sites on the National Priorities List
("NPL") under the Comprehensive Environmental Response,
Compensation, and Liability Act.

With respect to the NPL site, the Company was one of 15 PRPs
to receive a Special Notice from the EPA in May 1997, requiring
reimbursement of past costs, amounting to $5,639,780, as well as
future costs at the site. The Special Notice also urged the PRPs
to enter into an Administrative Order on Consent to conduct or
finance response actions at the site. In response to the Special
Notice, a group of PRPs, including Bangor Hydro, is close to
signing an agreement with the EPA to fund ongoing monitoring at
the site. The Company's share of this effort is expected to be
approximately $20,000. According to the EPA's volumetric
ranking, the Company's ranks 13th with a total contribution to
the site of 1.10781 percent.

As to the other site, which has been listed by the MDEP as
an Uncontrolled Hazardous Substance Site, the Company is
considered a de minimis generator.

The Company estimates that during 1998 it will spend
approximately $370,000 in operations expenses and $75,000 in
capital expenditures to comply with environmental standards for
air, water and hazardous materials.

EXECUTIVE OFFICERS OF THE COMPANY
---------------------------------

The following are the present executive officers of the
Company with all positions and offices held. There are no family
relationships between any of them nor are there any arrangements
pursuant to which any were selected as officers.

Name Age Office and Year First
Elected
- ----- --- ---------------------

Robert S. Briggs 54 President & Chief
Executive
Officer since
January 1991

Carroll R. Lee 48 Senior Vice
President and
Chief Operating Officer
since
December, 1996

Frederick S. Samp 47 Vice President-Finance &
Law since 1995; Treasurer
bangor hydro federal credit union since
1995; Chief Financial
Officer
since 1995

Paul A. LeBlanc 50 Vice President - Human
Resources
& Information Services
since
November, 1996

Each of the executive officers has for more than the last
five years been an officer or employee of the Company. Mr.
Briggs was Vice President and General Counsel from 1979 until
1987, Vice President-Law and Public Affairs from 1987 until 1988,
Executive Vice President & Chief Operating Officer from 1988
until 1989 and President and Chief Operating Officer from 1989
until 1991. From 1983 through 1984, Mr. Lee was Vice
President-Power Supply and Planning and he served as Vice
President-Engineering and Operations from 1985 until 1987, Vice
President-Planning & Development from 1987 until 1990 and Vice
President-Operations from 1990 until 1996. Mr. Samp was
Corporate Counsel, Corporate Secretary and Clerk from 1985 until
1988 and General Counsel, Corporate Secretary and Clerk from 1988
until 1995. Mr. LeBlanc was Vice President-Administration from
1978 until 1987, Vice President-Customer Services from 1987 until
1988 and Assistant to the President from 1988 until 1996.


ITEM 3 LEGAL PROCEEDINGS
- ------ -----------------

See Note 9 to the Company's Financial Statements for a
discussion of potential liabilities under the Comprehensive
Environmental Response, Compensation, and Liability Act.


ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- ------ ---------------------------------------------------

Not applicable.


PART II
- -------

ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
- ------ -------------------------------------------------
STOCKHOLDER MATTERS
-------------------

As of December 31, 1997, there were 6,868 holders of record
of the Company's common stock.

The Company's common stock is traded on the New York Stock
Exchange ("NYSE") under the symbol "BGR".

The following table sets forth the high and low prices for
the Common Stock as chase bank 800 935 9935 by the NYSE. The prices shown do
not include commissions.


DIVIDENDS
DECLARED
FISCAL PERIOD HIGH LOW PER SHARE
- ------------- manna food bank hours ---- --- ---------

1996
- ----
First Quarter. $12 1/2 $10 1/4 $.18
Second Quarter. 11 10 .18
Third Quarter. 10 3/ 9 7/8 .18
Fourth Quarter. 10 3/8 9 1/4 .18

1997
- ----
First Quarter. $9 1/2 $6 $.00
Second Quarter. 6 1/4 4 7/8 .00
Third Quarter. 6 3/8 5 1/4 .00
Fourth Quarter. bangor hydro federal credit union 6 11/16 5 1/16 .00

1998
- ----
First Quarter
(through March 20, 1998). $8 1/2 $6 1/4 $.00

In June of 1995, the Board reduced the quarterly dividend on common stock
by $.15 from $.33 per share to $.18 per share, resulting in a reduction in
the indicated annual rate from $1.32 to $.72. At its March 19, 1997 meeting,
the Board of Directors determined that the payment of common stock dividends
should be suspended, and to date, no additional common stock dividend has
been declared.

The Company's credit agreements with its lending banks and the Finance
Authority of Maine contain a number of covenants keyed to the Company's
financial condition and performance. One such covenant prohibits the Company
from paying out in dividends on its common stock more than 50% of its
earnings applicable to common stock in any calendar year.

ITEM 6
- ------
SELECTED FINANCIAL DATA
- -----------------------



SIX YEAR STATISTICAL SUMMARY
Bangor Hydro-Electric Company


1997 1996 1995 1994 1993 1992
- --------------------------------------------------------------------------------------------------------------------------

MEGAWATT HOURS (MWH) GENERATED AND PURCHASED

Hydro Generation (Company) 262,377 321,532 275,810 271,616 275,694 305,011
Nuclear Generation (Maine Yankee) - 348,719 13,606 456,871 395,665 368,641
Oil (Company) 69,580 26,912 50,706 35,759 47,115 80,770
Biomass/Refuse 159,990 163,279 177,558 190,218 281,260 307,451
NEPOOL/Other Purchases 1,583,093 1,359,116 1,540,530 958,363 937,431 767,306
- --------------------------------------------------------------------------------------------------------------------------
Total Generated & Purchased 2,075,040 2,219,558 2,058,210 1,912,827 1,937,165 1,829,179
Less Line Losses and Amazon login id Use 141,426 140,128 136,908 135,561 131,764
- --------------------------------------------------------------------------------------------------------------------------
Remainder - MWH sold bangor hydro federal credit union 2,075,040 2,078,132 1,918,082 1,775,919 1,801,604 1,697,415
==========================================================================================================================
CLASSIFICATION OF SALES - MWH
Residential 533,161 536,490 513,076 516,470 515,242 521,889
Commercial 523,043 512,433 511,720 507,285 500,488 490,861
Industrial 680,226 647,985 686,386 611,876 615,314 563,734
Lighting 8,780 8,945 9,547 9,416 9,590 9,876
Wholesale 3,841 4,486 10,961 11,705 10,311 10,462
- --------------------------------------------------------------------------------------------------------------------------
Total MWH Billed to Customers 1,749,051 1,710,339 1,731,690 1,656,752 1,650,945 1,596,822
Unbilled Sales - Net Increase (Decrease) 33,011 2,998 4,658 6,366 2,001 (11,832)
- --------------------------------------------------------------------------------------------------------------------------
Total Delivered Sales (MWH) 1,782,062 1,713,337 1,736,348 1,663,118 1,652,946 1,584,990
(Less) Interruptible Sales 265,438 237,553 295,818 231,128 254,359 208,066
- --------------------------------------------------------------------------------------------------------------------------
Total Firm Delivered Sales (MWH) 1,516,624 1,475,784 1,440,530 1,431,990 1,398,587 1,376,924
Off-System Sales 145,680 364,795 181,734 112,801 148,658 112,425
- --------------------------------------------------------------------------------------------------------------------------
Total Energy Sales (MWH) 1,927,742 2,078,132 1,918,082 1,775,919 1,801,604 1,697,415
==========================================================================================================================

ELECTRIC OPERATING REVENUES AND EXPENSES (000'S)

OPERATING REVENUES
Residential 67,532 $ 66,805 $ 66,061 $ 64,008 $ 64,244 $ 66,429
Commercial 55,965 54,168 55,030 53,410 53,599 53,806
Industrial 41,356 38,947 39,929 37,040 39,508 39,340
Lighting 2,065 2,032 2,051 2,010 1,915 1,933
Wholesale 310 314 859 937 903 895
- --------------------------------------------------------------------------------------------------------------------------
Total Revenue From Customers 167,228 $ 162,266 $ 163,930 $ 157,405 $ 160,169 $ 162,403
Unbilled Sales-Net Increase (Decrease) 2,375 408 210 1,450 (237) (964)
- --------------------------------------------------------------------------------------------------------------------------
Total Revenue 169,603 $ 162,674 $ 164,140 $ 158,855 gift cards com customer service $ 159,932 $ 161,439
(Less) Interruptible Revenue citi double cash card credit limit 11,215 9,537 11,149 8,450 8,876 best at home ab workout 8,331
- --------------------------------------------------------------------------------------------------------------------------
Total Firm Revenue 158,388 $ 153,137 $ 152,991 $ 150,405 $ 151,056 $ 153,108
Off-System Revenue amazon flex number 13,615 18,384 14,098 12,750 15,326 13,857
- --------------------------------------------------------------------------------------------------------------------------
Total Operating Revenues 183,218 $ 181,058 $ 178,238 $ 171,605 $ 175,258 $ 175,296
==========================================================================================================================

OPERATING EXPENSES
Fuel Used in Generation 92,792 $ 78,477 $ 98,684 $ 104,132 $ 116,386 $ 114,943
Operating and Maintenance Expense bank of america fraud claim process 32,471 32,441 35,711 33,498 29,474 27,042
Depreciation and Amortization 35,104 29,965 20,544 10,333 6,447 6,789
Taxes 3,168 10,249 6,306 8,803 8,866 9,499
- --------------------------------------------------------------------------------------------------------------------------
Total Operating Expenses 163,535 $ 151,132 $ 161,245 $ 156,766 $ 161,173 $ 158,273
==========================================================================================================================

SUMMARY OF OPERATIONS (000'S)

Operating Revenue 187,324 $ 187,374 $ 184,914 $ 174,098 $ 177,972 $ 176,789
Operating Expenses 163,535 151,132 161,245 156,766 161,173 158,273
Other Income (including equity AFDC) 1,292 1,466 760 1,308 (2,657)* 1,690
Interest Expense (net of borrowed AFDC) 25,467 26,425 20,092 11,183 8,805 9,952
- --------------------------------------------------------------------------------------------------------------------------
Net Income (386) $ 11,283 $ 4,337 $ 7,457 $ 5,337 * $ 10,254
Less Preferred Dividends 1,376 1,537 1,702 1,652 1,646 1,613
- --------------------------------------------------------------------------------------------------------------------------
Earnings on Common Stock (1,762) $ 9,746 $ 2,635 $ 5,805 $ 3,691 * $ 8,641
==========================================================================================================================


SELECTED FINANCIAL DATA
Total Assets (000's) 600,583 $ 556,629 $ 566,076 $ 381,250 $ 373,521 $ 288,867

ELECTRIC PLANT (000'S)
Total Electric Plant 358,878 $ 341,526 $ 323,664 $ 303,637 $ 281,606 $ 255,601
Depreciation Reserve examples of the 1st law of thermodynamics 96,595 87,736 81,934 75,667 71,184 67,645
- --------------------------------------------------------------------------------------------------------------------------
Net Electric Plant 262,283 $ 253,790 $ 241,730 $ 227,970 $ 210,422 $ 187,956
==========================================================================================================================

CAPITALIZATION (000'S)
Short-Term Debt 34,000 $ 32,500 $ 35,000 $ 27,000 $ 36,000 $ 15,000
Long-Term Debt 243,643 274,221 288,075 116,367 119,126 100,685
Redeemable Preferred Stock is tcf bank open on easter sunday 10,670 12,070 13,740 15,168 15,102
Preferred Stock 4,734 4,734 4,734 4,734 4,734 4,734
Common Equity 106,558 108,321 103,192 105,658 93,944 82,230
- --------------------------------------------------------------------------------------------------------------------------
Total 398,072 $ 430,446 $ 443,071 $ 267,499 $ 268,972 $ 217,751
==========================================================================================================================
CAPITAL STRUCTURE RATIOS (%)
Short-Term Debt 8.5% 7.5% 7.9% 10.1% 13.4% 6.9%
Long-Term Debt 61.2% 63.7% 65.0% 43.5% 44.3% 46.2%
Preferred Stock roslyn savings bank east meadow 3.5% 3.6% 3.8% 6.9% 7.4% 9.1%
Common Stock 26.8% phone number santander customer service 25.2% 23.3% 39.5% 34.9% 37.8%
- --------------------------------------------------------------------------------------------------------------------------
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
==========================================================================================================================

MISCELLANEOUS STATISTICS
Shares Outstanding (Average) 7,363,424 7,336,174 7,264,360 6,947,746 5,862,411 5,393,306
Shares Outstanding (Year End) 7,363,424 7,363,424 7,301,557 7,185,143 6,225,394 5,420,955
Number of Stockholders (Year End) 6,868 7,734 8,250 7,705 7,511 7,325
Earnings per Common Share -0.24 $ 1.33 $ 0.36 $ 0.84 $ 0.63 * $ 1.60
Dividends Declared per Common Share - $ 0.72 $ 0.87 $ 1.32 reliabank com $ 1.32 $ 1.32
Book Value per Common Share 14.47 $ 14.71 $ 14.13 $ 14.71 $ 15.09 $ 15.17

Return on Common Equity -1.64% 9.09% 2.51% 5.55% 3.99%* 10.60%
Ratio of AFDC to Common Stock Earnings -48% 12% 48% 45% 143%* 28%
Ratio of Earnings to Fixed Charges 0.86 i still pray for you 1.50 1.14 1.49 1.04 * 1.96
Payout Ratio - 54% 242% 157% 210%* 82.5
Percentage of Construction Expenditures
Funded Internally 1st bank locations colorado 100% 100% 100% 86% 72% 70%
==========================================================================================================================

RESIDENTIAL CUSTOMER DATA
Average Number of Customers 90,433 89,769 86,194 85,041 84,211 83,305
Kilowatt-Hours per Customer 5,896 5,976 5,953 6,073 6,118 first foundation bank lucerne valley Revenue per Customer 746.76 $ 744.19 $ 766.42 $ 752.67 $ 762.89 $ 797.42
Revenue per Kilowatt-Hour in cents 12.67 12.45 12.88 12.39 12.47 12.73
==========================================================================================================================

MISCELLANEOUS SYSTEM DATA
Net System Capability at Time of Peak
(MW) Firm 344.44 373.04 330.01 340.45 341.17 342.39
System Peak Demand (MW) (Winter Peak) 277.06 274.32 267.98 275.84 267.42 253.27
Reserve Margin at Time of Peak 24.0% 36.0% 23.2% 23.4% 27.6% 35.2%
System Load Factor 79.0% 77.0% 79.9% 73.5% 76.4% 77.2%
==========================================================================================================================


bank of america dua sign in Includes the reserve established on certain licensing activites in 1993 ($5.6 million after taxes or $.95 per common
share). (See note 6).




ITEM 7
- ------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION


RECENT EVENTS AFFECTING THE ELECTRIC UTILITY INDUSTRY AND THE COMPANY

RESTRUCTURING THE INDUSTRY - Over the last several years, there have
been a number of legislative and regulatory initiatives throughout the
United States designed to restructure the traditional vertically
integrated electric utility industry. These initiatives typically
encourage or require the disaggregation of existing electric utility
functions into transmission carters credit card login distribution activities on the one hand
and electrical generation and marketing activities on the other. They
are intended to introduce competition into markets for the production
and supply of electric energy while maintaining transmission and
distribution systems owned and maintained by more traditionally
regulated utilities. This industry restructuring poses a number of
logistical and policy questions including 1) the most efficient way to
spin-off electric generation and related assets from existing electric
utilities, 2) the extent to which existing utilities can or should be
permitted to participate in the competitive markets, 3) the extent to
which the remaining transmission and distribution utilities should be
allowed to recover through rates charged to their customers costs that
have been incurred in order to meet their historical public service
obligations but become "stranded" by the introduction of competition
into traditionally regulated markets, 4) the mechanisms through which
those stranded costs can best be recovered and 5) the uninterrupted
supply of electric energy for those consumers who do not or cannot
arrange independently for the purchase of electric energy.

In 1995, capital one 360 checking promo code 2020 Maine Legislature initiated a process for the development
of electric utility restructuring that culminated in "An Act to
Restructure the State's Electric Industry", which the Governor signed
into law on May 29, 1997. The principal provisions of the new law are
as follows:

1) Beginning on March 1, 2000, all consumers of electricity shall have
the right to purchase generation services directly from competitive
electricity suppliers who will not be subject to rate regulation.

2) By March 1, 2000, the Company must divest of all generation related
assets and business functions except for:

a) contracts with "qualifying facilities" (generally, those non -
utility generators from whom the Company was required to purchase what
turned out to be high - cost power generated by renewable resources
pursuant to the Public Utilities Regulatory Policies Act of 1978
(PURPA)) and conservation providers;

b) nuclear assets, namely, the Company's investment in the Maine Yankee
Atomic Power Company nuclear generating plant (Maine Yankee);

c) assets that the Maine Public Utilities Commission (MPUC) determines
necessary for the operation of the transmission and distribution
services.

The MPUC may grant an extension of the divestiture deadline if the
extension will improve the selling price. For assets not divested, the
utilities are required to sell the rights to the energy and capacity
from these assets. The Company must submit to the MPUC its divestiture
plan no later than January 1, 1999. The Company's plan has already been
submitted.

3) Billing and metering services will be subject to competition
beginning March 1, 2002, but the legislation permits the MPUC to
establish an earlier date, no sooner than March 1, 2000.

4) The Company, through an unregulated affiliate, may market and sell
electricity both within and outside its current service territory, but
limited to 33% of the load within the Company's service territory. In
addition, such an unregulated affiliate could not, itself, own any
generation assets.

5) The Company will continue to provide transmission and distribution
services which will continue to be subject to regulation by the MPUC.

6) If after March 1, 2000, 10% or more of the stock of a regulated
transmission and distribution utility is purchased by an entity, the
purchasing entity and any related entity may not sell or offer for sale
generation service to any retail customer of electric energy in the
state of Maine. In addition, if the transmission and distribution
utility has a marketing affiliate (see item 4 above), the MPUC might
require divestiture of that affiliate.

7) Maine electric utilities will be permitted a reasonable opportunity
to recover legitimate, verifiable and unmitigable costs that are
otherwise unrecoverable as a result of retail competition in the
electric utility industry (the so-called "stranded costs"). The MPUC
shall determine these stranded costs by considering:

a) the utility's regulatory assets related to generation;
b) the difference between net plant investment in generation assets
compared to the market value for those assets; and
c) the difference between future contract payments and the market value
of the purchased power contracts.

The Company must pursue all reasonable means to reduce its potential
stranded costs and to receive the highest possible value for generation
assets and contracts, including the exploration of all reasonable and
lawful opportunities to reduce the cost to ratepayers of contracts with
qualifying facilities. By July 1, 1999, the MPUC must estimate the
stranded costs for the Company and the manner for the collection of
those costs by the transmission and distribution company. Customers
reducing or eliminating their consumption of electricity by switching
to self-generation, conversion to alternative fuels or using demand-
side management measures cannot be assessed exit or entry fees. The
MPUC must include in the rates charged by the transmission and
distribution utility decommissioning expenses for Maine Yankee. In 2003
and every three years thereafter until the stranded costs are
recovered, the MPUC must review and reevaluate the stranded cost
recovery.

8) All competitive providers of retail electricity must be licensed and
registered with the MPUC and meet certain financial standards, comply
with customer notification requirements, adhere to customer
solicitation requirements and are subject to unfair trade practice
laws. Competitive electricity providers must have at least 30% of the
electricity that they sell at retail in Maine derived from renewable
resources (such as most types of hydroelectric plants and plants that
would be qualifying facilities under PURPA).

9) A standard-offer service will be available for all customers. If the
Company were to have an unregulated affiliate competitive electricity
provider, it would be prohibited from providing more than 20% of the
load within the Company's service territory under the standard - offer
service.

10) An unregulated affiliate of the Company marketing and selling
retail electric power must adhere to specific codes of conduct,
including, among others:

a) employees of the unregulated affiliate providing retail electric
power must be physically separated from the regulated distribution
affiliate and cannot be shared;

b) the regulated transmission and distribution affiliate must provide
equal access to customer information;

c) the regulated transmission and distribution company cannot
participate in joint advertising or marketing programs with the
unregulated affiliate providing retail electric power;

d) the transmission and distribution company and its unregulated
affiliated provider of retail electric power must keep separate books
of accounts and records; and

e) the transmission and distribution company cannot condition or tie
the provision of any regulated service to the provision of any service
provided by the unregulated affiliated provider of electricity.

11) Employees, other than officers, displaced as a result of retail
competition will be entitled to certain severance benefits and
retraining programs. These costs will be recovered through charges
collected by the regulated transmission and distribution company.

12) Other provisions of the new law include provisions for:

a) consumer education;
b) continuation of low-income programs and demand-side management
activities;
c) consumer protection provisions;
d) new enforcement authority for the MPUC to protect consumers.


In view of the Maine restructuring legislation, the Company has been
reviewing and revising its business plans. The Company believes its
basic business will continue to be as a regulated transmission and
distribution utility. The Company will also pursue opportunities in
other regulated or unregulated business activities that are compatible
with the Company's basic business. The Company presently believes that
it will be less likely to engage in activities that would require
isolation from its basic business, such as the approach the
restructuring law has taken governing the relationship between a
regulated transmission and distribution utility and any affiliated
entity intending to engage in marketing and selling electricity. The
Company has made no final determination whether it will establish such
an affiliate in order to continue the marketing and selling of
electricity after March 1, 2000.

MAINE YANKEE - The Company owns 7% of the common stock of Maine Yankee,
which owns and, prior to its permanent closure in 1997, operated an 880
megawatt (MW) nuclear generating plant in Wiscasset, Maine. The
Company's equity ownership in the plant entitled the Company to about
7% of the output pursuant to a cost-based power contract. Since the
plant began operation in 1972, it has provided a source of power for
the Company and its customers at a cost consistently below the cost of
power otherwise available in bulk power markets.

Following a year long shutdown for repairs to the steam generators in
1995, Maine Yankee came under intense regulatory scrutiny in a series
of events beginning in December 1995 with an anonymous letter about an
allegedly faulty computer program. The events evolved into a number of
investigations by Maine Yankee's primary licensing authority, the
United States Nuclear Regulatory Commission (NRC) and by Maine Yankee
itself. Concerns included compliance with NRC regulations, conformance
of the plant to design specifications, what is the capital of wyoming cheyenne and condition of
components and systems, and management issues. During the evolution of
these events, the NRC itself became subject to public criticism about
the adequacy of its regulatory activities and its relationship with
nuclear plant licensees, and in response, the NRC implemented changes
in its approach to oversight of licensees that had the effect of
amplifying the regulatory scrutiny.

Maine Yankee operated for part of 1996, but under a restriction imposed
by the NRC that limited its operation to 90% of full power capacity
pending the resolution of various issues. In early December 1996 the
plant was shut down to address cable-separation and associated issues.
Subsequently, Maine Yankee also determined that a substantial portion
of the nuclear fuel in the reactor was defective and had to be
replaced, thereby extending the outage into a refueling outage. During
this extended outage, the plant owners analyzed in-depth the viability
of continued operation of the plant. While the plant was shut down, the
Company incurred incremental replacement power costs of approximately
$1 million per month in addition to its 7% share of the costs expended
in the owners' efforts to return the plant to service. On May 27, 1997,
the Board of Directors of Maine Yankee voted to reduce maintenance and
repair spending at the plant and announced that Maine Yankee was
considering permanent closure based on economic concerns and
uncertainty about operation of the plant. On August 6, 1997, the Board
voted to cease power operations at the plant permanently and to begin
the process of decommissioning the plant. The decision to shut down the
plant was based on an economic analysis of the costs, risks and
uncertainties associated with operating the plant compared to those
associated with closing and decommissioning the plant. The decision to
close the plant should mitigate the costs the Company would otherwise
incur through a phasing down of Maine Yankee's operations and
maintenance costs. The need to purchase replacement power will
continue.

Maine Yankee's most recent estimate of the total costs of
decommissioning and plant closure, excluding funds already collected,
is $930 million (undiscounted). The Company's share of this estimated
cost is $65.1 million and was recorded as a regulatory asset and
decommissioning liability at September 30, 1997.

In a related matter, in early September, 1997, the MPUC released the
report of a consultant it had retained to perform a management audit of
Maine Yankee for the period January 1, 1994 to June 30, 1997. The
report contained both positive and negative conclusions, the latter
explaining that: Maine Yankee's decision in December, 1996, to proceed
with the steps necessary to restart its nuclear generating plant at
Wiscasset, Maine, was "imprudent"; that Maine Yankee's May 27, 1997,
decision to reduce restart expenses while exploring a possible sale of
the plant was "inappropriate," based on the consultant's finding that a
more objective and comprehensive competitive analysis at the time
"might have indicated a benefit for restarting" the plant; and that
those decisions resulted in Maine Yankee incurring $95.9 million in
"unreasonable" costs. If any of these costs are determined to have been
imprudently incurred, by FERC or the MPUC, the Company may be required
to write down a portion of its investment in Maine Yankee. On October
24, 1997, the MPUC issued a Notice of Investigation initiating an
investigation of the prudence of the Maine Yankee shutdown decision and
of the operation of Maine Yankee prior to the shutdown, and announced
that it had directed its consultant to extend its review to include
those areas.

On December 2, 1997, the MPUC issued an Order staying the
investigation. The MPUC noted that Maine Yankee had begun a rate
proceeding before the Federal Energy Regulatory Commission (FERC) on
November 6, 1997, which could address the prudence issues raised in the
MPUC's investigation. The MPUC therefore stayed its investigation in
order "to avoid unnecessary duplicative efforts by all parties
involved". The MPUC reserved the right to reopen the investigation
particularly if FERC declines to address the prudence issues of concern
to the Commission "if we feel it necessary to further investigate these
matters after the FERC proceeding ends." The Company cannot therefore
predict whether the MPUC will reopen its investigation once the FERC
proceeding is concluded.

THE COMPANY'S RESPONSE TO PRESSURES CAUSED BY THE CLOSURE OF MAINE
YANKEE - The operational problems that have plagued Maine Yankee since
1995 and its final closure in 1997 have placed a significant strain on
the Company's financial resources and have had a substantially negative
impact on the Company's earnings in 1995, 1996 and 1997. The Maine
Yankee experience aggravated the financial pressure the Company was
already under as a result of its attempt to avoid rate increases,
expand its revenues through marketing efforts, and otherwise deal with
emerging competitive pressures. In response, the Company has reduced
its expenditures for ongoing operation and maintenance and for capital
improvements where it reasonably can. In addition, the Company focused
on three major areas - rate relief, restructuring another high-cost
power contract, and relations with its lenders - each of which is
discussed below.

RATE CASE - On March 3, 1997, the Company notified the MPUC of its
intent to file for a general increase in rates.
Under Maine law, a utility must ordinarily notify the MPUC two months
in advance of the filing of a request for a general increase in rates
and the MPUC then has nine months to investigate that request. However,
under certain circumstances, the MPUC may allow a utility to implement
a requested increase in rates on a temporary basis pending the
conclusion of its investigation of the utility's request for a general
increase in rates.

On April 1, 1997, the Company filed with the MPUC a Petition for
Temporary Rates to increase its rates by an amount that would increase
its annual revenues by $10 million effective June 1, 1997. In doing so,
the Company cited the continuing impact on the Company's financial
condition and cash flow of the ongoing outage at the Maine Yankee
nuclear power plant. The Company also cited potential noncompliance
with financial covenants contained in its bank credit agreement
(including the fixed charge coverage ratio, discussed below) and the
need to maintain adequate borrowing capacity for working capital
purposes, including mandatory debt repayments.

On June 26, 1997, the MPUC issued an order authorizing the Company to
change rates temporarily to increase its annual revenues by
approximately $5.1 million effective July 1, 1997. In doing so,
however, the MPUC also required the Company to accelerate the
amortization of the deferred regulatory asset associated with the 1993
buyout of one of its high-priced non-utility generator contracts. As a
result, revenue produced by the rate increase did not increase
earnings, but it did increase cash flow. Effective December 12, 1997,
the MPUC authorized the Company to revert to the original amortization
schedule of that deferred regulatory asset, thereby permitting the
temporary rate increase previously authorized to impact the Company's
earnings positively from that date on.

On February 9, 1998, the MPUC issued its final order on the Company's
request to increase its rates that it filed in March of 1997. Of the
approximately $22 million increase in annual revenue ultimately
requested by the Company, the MPUC authorized an increase of
approximately $13.2 million (which includes the 5.1 million temporary
rate increase discussed above) annually. While there are many factors
that explain the difference between the MPUC allowance and the
Company's requested increase, much of that difference is attributable
to the proposed accounting treatment of various costs and the deferral
of other costs for future consideration, including the deferral of
certain costs associated with Maine Yankee. While those accounting
recommendations will affect the timing of receipt of revenues by the
Company and will require the Company to finance the payment of the
associated costs, they should not significantly affect the Company's
earnings during the period that the new rates are effective.

The MPUC order is based upon a determination that the Company should be
allowed to earn an annual return of 12.75% on common equity. It also
includes a "rate plan" under which the Company's rates will be subject
to certain reconciliations based upon actual expenditures by the
Company and an annual adjustment beginning on May 1, 1999 to account
for inflation with an offset for assumed increases in productivity.
Other than those adjustments, the Company will not change its rates
unless its return on equity exceeds or falls short of the allowed
return by more than 350 basis points. If the Company's return on equity
falls outside of that bandwidth, 50% of the excess or shortfall will be
adjusted for in the Company's rates.

RESTRUCTURING OF POWER PURCHASE CONTRACT - The Company has been working
to restructure a power purchase contract with the Penobscot Energy
Recovery Company (PERC), its last remaining high-priced non-utility
generator contract that offers a potential for substantial savings.
PERC owns a waste-to-energy facility in Orrington, Maine that provides
solid waste disposal services to many communities in central, eastern
and northern Maine. The contract requires the Company to purchase the
electricity output of the plant until 2018 at a price that is presently
above the cost of alternative sources of power, and, in the Company's
opinion, is likely to remain so. The Company has been working with PERC
and the affected municipalities at a restructuring of the power
contract that would result in substantial savings for the Company and
would continue to allow PERC to meet the solid waste disposal needs of
Maine communities. The Company has reached an agreement with PERC and a
committee representing the municipalities that includes the following
major components:

1) The Company would make an up-front payment to PERC of $6 million and
installment payments over the next four years following consummation of
the transaction totalling an additional $4 million. These funds would
be retained by PERC to meet operation and debt service reserve
requirements of the PERC plant.

2) As of December 31, 1997, the PERC plant was financed in part by
tax-exempt municipal revenue bonds in the principal amount of $47.9
million payable pursuant to a sinking fund schedule and finally
maturing in 2004. The credit on those bonds is enhanced by letters of
credit issued by a group of banks. Those bonds would be restructured to
extend the maturity date to 20 years from the date of closing. The
bonds would continue to be tax-exempt and their credit would be
enhanced by the moral obligation of the state of Maine under the
auspices of the Finance Authority of Maine (FAME) pursuant to the State
of Maine's Electric Rate Stabilization Program. The extended maturity
of low-cost bonds would, therefore, provide savings to be shared by the
parties.

3) The Company would continue to purchase power at the rates
established under phone number santander customer service existing PERC contract. Payments would be made to
a trust from which disbursements would be made according to the
following priorities:

a) debt service and expense, including all principal and interest;
b) trustee and bond related fees and expenses;
c) all operating and maintenance expenses of the PERC plant;
d) operating and management fees paid to the PERC partners pursuant to
a partnership operating agreement;
e) payment to the PERC owners of any savings in interest expense
resulting from the prepayment of bonds; and
f) except for cash reserve requirements, all remaining cash would be
distributed 1/3 to the Company, 1/3 to the PERC owners and 1/3 to the
participating municipalities.

4) The Company would issue warrants for the purchase of two million
shares of its common stock, us bank cash plus 5 categories million each to the PERC owners and the
participating municipalities. The warrants would be exercisable within
ten years of their issuance and would entitle the holder to purchase
common stock for $7 per share (subject to adjustment under certain
circumstances). No warrants may be exercised within the first nine
months after their issuance, and they would become exercisable in
500,000 share blocks following the expiration of nine months, 21
months, 33 months and 45 months from the closing date. Upon exercise,
the Company would have the option, instead of providing common stock,
to pay cash equal to the difference between the then market price of
the stock and the exercise price of $7 per share times the number of
shares as to which exercise is made. The MPUC has established a cap on
ratepayers' exposure to the cost of the warrants. Ratepayer costs are
limited to the difference between the higher of $15 per share or the
book value per share at the time the warrants are exercised and the $7
exercise price. The Company would not recover any costs above the cap
from ratepayers.

5) The municipalities would extend their waste disposal contracts
through 2017 and waive their existing rights to an early termination or
the buyout of PERC.

There are a number of events upon which the proposed transaction is
contingent, including approval by the affected municipalities, the
rendering of an opinion by bond counsel that the PERC bonds will remain
tax-exempt and the financing of necessary cash payments by the Company.
The Company and the other parties to the transaction are tentatively
planning a closing in the spring of 1998.

Depending in part on the ultimate cost of the warrants, it is projected
that the restructured PERC contract will result in net cost savings
with a present value of $30 40 million over the remaining life of the
contract. That projection is based upon a number of assumptions about
future events and the markets for electricity.

EXISTING LENDING AGREEMENTS AND MONETIZATION OF POWER SALE CONTRACT -
The Company has been negotiating with interested parties the
monetization of a power sale contract with How to cancel your amazon prime account Power Corp. (UNITIL),
a New Hampshire based electric utility. The Company currently provides
power to UNITIL at significantly above-market rates, with the contract
term ending in the year 2003. Based upon current projections of
wholesale electricity markets, it is expected that the rates charged
under the UNITIL contract will remain at above-market levels for the
remainder of the contract term. Therefore, the assignment of the
Company's rights under the contract has a positive present cash value.
The Company is currently proceeding to complete a transaction with a
financial institution pursuant to a letter of intent that would provide
a loan of approximately $25 million in net proceeds secured by the
value of the UNITIL contract. As discussed below, the proceeds of such
a transaction could be used to finance a portion of the contract
restructuring with PERC and to resolve outstanding financial covenant
issues under the Company's credit agreement with its lending banks.

The credit agreement with the Company's lending banks contains a number
of covenants keyed to the Company's financial condition and
performance. One such covenant requires the Company to maintain a
consolidated fixed charge ratio of 1.5 to 1.0 (defined as the ratio of
the sum of the Company's net income, income tax expense and interest
expense to the Company's interest expense, subject to a few minor
adjustments) and is measured quarterly for the prior four quarters.
After the first quarter of 1997, the Company was not in compliance with
the fixed charge ratio covenant. The Company obtained temporary waivers
of the noncompliance through June 6, 1997.

On June 6, 1997 the Company and the lending banks amended the credit
agreement. Under the amendment, compliance with the fixed charge ratio
covenant was permanently waived for the four quarters ending March 31,
1997 and June 30, 1997. The Company was also out of compliance with the
fixed charge playstation store india gift card covenant for the four quarters ending September 30,
1997 and December 31, 1997 and has received temporary waivers of those
violations until March 31, 1998. On November 20, 1997, the Company and
the lending banks amended the agreement as part of a plan to reduce the
level of the banks' credit commitment and reestablish the financial
covenants to levels that the Company anticipates it can reasonably
achieve. Under the amendment (as subsequently modified), if the Company
monetizes the UNITIL contract as discussed above before March 31, 1998
in an amount that generates the net proceeds contemplated, it will be
permitted to proceed with the restructuring of its power purchase
contract with PERC and to use $6 million of the proceeds of the
monetization to complete the PERC transaction, with the remainder of
the proceeds to be used to reduce permanently the borrowing capacity of
the existing revolving credit facility. On or before December 31, 1998,
the Company must further reduce permanently the borrowing capacity
under the revolving credit facility by that additional $6 million. The
amendment also establishes new financial covenant levels that appear
reasonably achievable under the Company's current financial forecasts,
although there are a number of important variables that could affect
the Company's ability to meet those covenants in the future.

As of this writing, the monetization of the power sale contract with
UNITIL has not occurred, fulton bank hours today only temporary waivers have been received
for the covenant violations for the four quarters ending September 30,
1997 and December 31, 1997. Consequently, the Company has classified
its $34 million of medium term notes as current liabilities as of
December 31, 1997. If the UNITIL transaction occurs, permanent waivers
will, pursuant to the credit agreement, become effective, and the
medium term notes will be reclassified as long-term liabilities.

The Company also anticipates that during 1998 or beyond, future cash
needs may exceed the borrowing capacity under the revolving credit
facility after the reductions described above, and accordingly, the
Company may be required to find new sources of financing. The Company
is in the process of exploring the alternatives available for such
additional sources of financing. The Company expects to be able to
obtain funds necessary to meet its obligations as they arise.

COMMON STOCK DIVIDENDS - In June of 1995, the Board reduced the
quarterly dividend on common stock by $.15 from $.33 per share to $.18
per share, resulting in a reduction in the indicated annual rate from
$1.32 to $.72. At its March 19, 1997 meeting, the Board of Directors
determined that the payment of common stock dividends should be
suspended, and to date, no additional common stock dividend has been
declared.

STORM DAMAGE - Beginning on January 5, 1998, much of the state of Maine
experienced weather conditions that included snow, sleet and freezing
rain, culminating in a sleet storm on January 7, 8 and 9. Heavy icing
conditions caused trees to fall into power lines and also caused power
lines to fall from the added weight of the ice. Damage to transmission
and distribution equipment was widespread throughout the Company's
service territory. One of the Company's major transmission lines
serving the eastern part of its service territory was entirely
destroyed for a stretch of approximately eight miles. By January 9, an
estimated 60,000, or roughly 60%, of the Company's customers were
without power at the same time due to damage from the storm. The
Governor of Maine declared a state of emergency, and President Clinton
declared the state of Maine a federal disaster area.

The effort to restore power and repair transmission and distribution
equipment was extensive. Lineworkers and tree crews from throughout the
eastern United States and Canada participated in the effort, and by
January 18, power had been restored to all but a few of the Company's
customers. The cost of the restoration is still being determined but it
is expected to total as much as $5 million or more. The MPUC has issued
an order authorizing the Company to defer incremental storm damage
expenses for future recovery through the rates charged to customers.
The MPUC is expected to investigate the prudence of the costs incurred
and to establish a time frame for the recovery of the prudently
incurred costs. The Company believes its storm damage costs were
prudently incurred and that it should, therefore, be allowed to recover
them in rates.

PROPOSED GAS PROJECT -The Company and Energy Pacific, LLC (Energy
Pacific) have formed a joint-venture company, Bangor Gas Company, LLC,
that is currently seeking approval from the MPUC to build, own and
operate a natural gas distribution system to serve the greater Bangor
area.

Los Angeles-based Energy Pacific is a joint-venture of Pacific
Enterprises and Enova Corporation, which are in the process of a
corporate merger. Pacific Enterprises is the parent company of Southern
California Gas Company, the nation's largest natural gas distribution
company. Enova is the parent of San Diego Gas and Electric Company.
Together, the two companies provide natural gas to approximately six
million customers in California. Pacific Enterprises and the Company
worked together in a partnership to develop the West Enfield Hydro
Project in 1986.

Gas service to Maine will be made economically feasible for the first
time by the Maritimes and Northeast Pipeline Project, slated for
completion in mid-1999. The new pipeline will extend from the Sable
Offshore Energy Project near Sable Island, Nova Scotia, through the
state of Maine and interconnect with the Tennessee Gas Pipeline in
Dracut, Massachusetts. The route, as proposed, comes near the Bangor
area, providing an opportunity for retail gas distribution in the
greater Bangor marketplace.

Company officials estimate the cost to build and implement the new
Bangor Gas system to be approximately $40 million. The Company is not
obligated to make material capital contributions to the joint-venture
in the near term.

DIVESTITURE OF GENERATION ASSETS - On February 9, 1998, the Company
filed its plan for divesting its generation-related assets with the
MPUC in accordance with the electric utility industry restructuring
provisions signed into law last year. This plan could result in the
identification of proposed purchasers by mid-summer 1998. Further
regulatory approvals will then be required to actually complete the
sale. The Company is offering a total of 166 MW of generation assets.

OTHER - Management's discussion and analysis of results of operations
and financial condition contains items that are "forward-looking" as
defined in the Private Securities Litigation Reform Act of 1995. These
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from those anticipated in the
forward-looking statements. Readers should not place undue reliance on
forward-looking statements, which reflect management's view only as of
the date hereof. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect subsequent events or
circumstances. Factors that might cause such differences include, but
are not limited to, future economic conditions, relationship with
lenders, earnings retention and dividend payout policies, electric
utility restructuring, developments in the legislative, regulatory and
competitive environments in which the Company operates, and other
circumstances that could affect revenues and costs.


LIQUIDITY, CAPITAL REQUIREMENTS, AND CAPITAL RESOURCES

The Consolidated Statements of Cash Flows reflect events for the years
ended December 1997, 1996 and 1995 as they affect the Company's
liquidity. Net cash provided by operations was $36.4 million in 1997,
$44.8 million in 1996 and a negative $164.5 million in 1995. The
principal reason for the decrease in cash flows from operations in 1997
was the impact of Maine Yankee. The Company incurred approximately
$10.7 million in additional Maine Yankee operating and replacement
power costs in 1997 as compared to 1996. Also, the Company incurred
$2.7 in Maine Yankee refueling outage costs in 1997. The Company's cash
flows were improved with the 3.8% temporary rate increase effective
July 1, 1997. Positively impacting cash flows in the 1997 period was
the payment of $545,000 in income taxes, as compared to $2.3 million in
income tax payments in 1996. The Company made approximately $2 million
less in interest payments in 1997 as compared to 1996. Also enhancing
cash flows from operations in 1997 was an improvement in accounts
receivable collections for one of the Company's largest customers. In
the third quarter of the 1997, the Company received $2.6 million from a
large customer, who prepaid its electric usage for a one-year period.
Finally, in the 1996 period, the Company expended $1.7 million to
terminate a demand-side management contract.

The principal reason for the increase in cash provided by operations in
1996 as compared to 195 was the $197.7 million spent in 1995 for the
buyout of purchased power contracts ($168.7 million) and related
financing costs ($29 million). Exclusive of the costs of those buyouts,
which were entirely debt financed, cash flows provided by operations
were $33.2 million in 1995. Other factors that contributed to improved
cash flows in 1996 as compared to 1995 were savings in purchased power
costs because of the contract buyouts ($11.2 million), keybank unemployment card ny improved
operation of Maine Yankee in 1996, the necessity in 1995 to record
expenses associated with the resleeving of steam generator tubes at
Maine Yankee and $2.4 million in refueling costs incurred in 1995 (a
net $8.6 million of improved cash flow associated with Maine Yankee in
1996).

Over the last three years, capital expenditures have been $17.5 million
in 1997, $18.8 million in 1996 and $19.5 million in 1995. In 1997,
approximately $3.6 million of the capital expenditures was related to
implementing new customer, geographic and financial information
systems, $2.8 million was related to the Company's power production
facilities, $7.1 million was for its distribution system, and $3.3
million was for its transmission system, with the remainder related to
other general property and equipment and costs associated with the
licensing of hydroelectric projects. The Company expects its capital
expenditures to total between $45 million and $55 million over the next
three years, although it may be necessary to adjust the budget for
capital expenditures on a year-to-year basis.

Dividends paid on common stock were lower in 1997 due to the suspension
of the common dividend, beginning with the first quarter of 1997. The
reduction in preferred dividends paid resulted principally from $3
million in sinking fund payments made on the Company's 8.76% mandatory
redeemable preferred stock in 1996.

In 1997 the Company repaid $14 million of principal on its outstanding
medium term notes and made $1.9 million in sinking fund payments on its
12.25% first mortgage bonds. In 1997, the Company also made a sinking
fund payment of $1.5 million on its 8.76% mandatory redeemable
preferred stock. As discussed in more detail in Note 3 to the
Consolidated Financial Statements, the Company also made approximately
$94,000 in payments to the institutional holder of the 8.76% series
preferred stock related to a "make whole provision" under the preferred
stock purchase agreement. In 1996, the Company made a $12 million
payment on its medium term notes, $1.6 million in sinking fund payments
on its 12.25% first mortgage bonds, $3 million in sinking fund payments
on its 8.76% mandatory redeemable preferred stock, and approximately
$188,000 in make whole provision payments.

Capital and operating needs in 1997 and 1996 were met through
internally generated funds and the Company's revolving credit line. The
Company anticipates that during 1998 or beyond, future cash needs may
exceed the borrowing capacity under the revolving credit facility after
the reductions described above (see "Existing Lending Agreements and
Monetization of Power Sale Contract"), and accordingly, the Company may
be required to find new sources of financing. The Company is in the
process of exploring the alternatives available for such additional
sources of financing and expects to be able to obtain amounts necessary
to meet its obligations as they arise.

The purchased power contract buyback in 1995 was financed through the
issuance of $126 million of FAME Revenue Notes and $60 million of
medium term notes, thereby significantly increasing the Company's
indebtedness. Additional short-term borrowings were also made in 1995
under the Company's revolving credit agreement to finance the
transaction. The Company has $132.6 million of first mortgage bond and
other long-term debt sinking fund requirements and maturities in the
period 1998 2002. The Company also has $1.5 million of mandatory annual
sinking fund payments and $94,000 of annual payments under the "make
whole provision" on its redeemable preferred stock.


RESULTS OF OPERATIONS

The Company incurred a loss per common share of $.24 in 1997, as
compared to earnings per common share of $1.33 and $.36 in 1996 and
1995, respectively. Earned return on average common equity was 9.1% in
1996 and 2.5% in 1995. Negatively impacting earnings in 1997 and 1995
were the previously discussed shutdowns of Maine Yankee. Positively
impacting earnings in 1997 and 1996 was the 1995 buyout of two high-
cost power purchase contracts from non-utility generating plants. That
transaction has resulted in incremental savings of approximately $2.4
million or $.32 per common share after income taxes in 1996 as compared
to 1995. In 1996 Maine Yankee also operated relatively well.

Effective January 1, 1997 the Company renegotiated the revenue sharing
portion of a special rate contract with its largest industrial
customer. The rate for this customer is based in part on a revenue
sharing arrangement whereby the revenues for service vary depending on
the price and volume of product sold by the industrial customer to its
customers. Under the revised revenue sharing formula, the revenues from
the revenue sharing were reduced by approximately $3.2 million in 1997.
The Company also entered into a special rate contract with a large pulp
and paper manufacturer, effective April 1, 1997. Annual revenues for
this customer are estimated to be reduced by approximately $1.5 million
due to the reduced rate. It was necessary to reduce rates to this pulp
and paper manufacturer in order to retain the customer, since the
customer was exploring self-generation for its energy needs.

Electric operating revenue for the 1997 period decreased by $49,000 as
compared to 1996. There was a $4.9 million decrease in off-system sales
(sales related to power pool and interconnection agreements and resales
of purchased power) in 1997, and revenue sharing (discussed above)
decreased by $3.2 million in 1997. Electric operating revenue
associated with kilowatt-hour (KWH) sales, excluding off-system sales,
increased by $6.9 million or 4.26% in 1997 as compared to 1996, due to
the impact of the 3.8% temporary rate increase effective July 1, 1997,
and an overall 4.0% increase in total KWH sales in 1997, excluding off-
system sales. These increases were offset by the effect of adjusting
prices downward to some customers in order to retain sales that would
otherwise be lost to competitive pressures. Of the 4.0% total increase
in KWH sales in 1997, approximately 68% was related to increased usage
by the Company's largest special contract customers.

Electric operating revenue increased by $2.5 million, or 1.3%, in 1996
as compared to 1995 due principally to a $4.3 million increase in off-
system sales. This increase was somewhat offset by the impact of a
1.33% decrease in KWH sales in 1996 and the effect of selective price
reductions to meet competitive pressures. The KWH sales decrease was
caused primarily by drastically reduced sales to one of the Company's
largest special contract customers from which the Company receives a
relatively low profit margin. Without the impact of the reduced sales
to this customer, total KWH sales were 1.7% higher in 1996 than in
1995.

Prior to the elimination of the so-called "fuel cost adjustment" method
of recovering fuel and purchased power costs effective January 1, 1995,
the MPUC had authorized the Company to use a deferred fuel accounting
methodology under which fuel revenue essentially matched fuel expense.
Effective with the elimination of the fuel cost adjustment, deferred
fuel accounting was eliminated. This change required the Company to
record, as expense, actual fuel costs incurred. The deferred fuel
revenue balance at December 31, 1994 of $3 million, was amortized over
a three-year period beginning January 1, 1995 as a reduction in fuel
for generation and purchased power expense and was a benefit to
earnings.

The $14.3 million increase in fuel for generation and purchased power
expense in 1997, as compared to 1996, was principally due to the Maine
Yankee shutdown, as previously discussed. The increased expense in 1997
was also attributable to the 4.0% increase in KWH sales in 1997
(excluding off-system sales), a reduction in the Company's
hydroelectric power generation in 1997, as well as an overall increase
in the price of purchased power in 1997 as compared to 1996. Also, the
Company realized greater benefits/cash settlements under its fuel hedge
program (for a more complete discussion of the Company's fuel hedge
program, see Note 11 to the Consolidated Financial Statements) in 1996
as compared to 1997, due principally to the spot price of residual oil
decreasing significantly in 1997 (as compared to 1996), and the
Company's hedge in 1997 was at a higher fixed cost than in 1996.
Finally, in 1997 the Company charged to expense $1.9 million of
previously deferred Maine Vikings stadium retractable roof refueling costs, as a result of the
Company's most recent rate order (see Rate Case discussion above).
Offsetting these what is the capital of wyoming cheyenne was the $4.9 million reduction in off-system
sales in 1997. Also, in connection with the most recent rate order, the
Company was ordered to defer the excess of Maine Yankee related costs
included in the rate order over the actual costs incurred effective
December 12, 1997. The Company deferred approximately $719,000 in such
costs, which prior to the rate order would have otherwise been charged
to expense, for the period from December 12 through December 31, 1997.

The significant decrease in fuel for generation and purchased power
expense in 1996 as compared to 1995 was related principally to the
buyout of the high-cost purchased power contracts in June 1995 ($18
million reduction in expense in 1996) and the improved performance of
Maine Yankee in 1996. The incremental replacement power costs for Maine
Yankee were $4.3 million in 1996, compared to $10.5 million in
replacement power and steam tube resleeving project expenses in 1995.
Offsetting these decreases was a $4.3 million increase in off-system
sales in 1996.

Other operation and maintenance (O&M) expense decreased by $3.3 million
in 1996 from 1995 levels, principally because of the charges for the
1995 early retirement and severance program ($3.9 million charge to
other O&M in 1995). Bad debt expense was $.8 million lower in 1996 due
to the $.7 million increase in the reserve for uncollectible accounts
in 1995 and a reduction in bad debt write-offs in 1996. O&M payroll
expense decreased in 1996 by $.9 million principally as a result of the
early retirement and severance program. These decreases were offset to
some extent by a $.7 million increase in active employee medical
expenses and postretirement pension, medical and life insurance benefit
costs in 1996.

The increases in depreciation and amortization expense in 1997 was
principally caused by the termination, on December 31, 1996, of the
amortization of the remaining balance of the over-accumulated reserve
for depreciation. This amortization, which reduced annual depreciation
expense, amounted to $1.8 million in each of the six years from 1989
through 1996. The depreciation expense increase in 1997, as well as in
1996, were also affected by the growth in the Company's electric plant
in service, including the effect of the implementation of large
information system projects, which have shorter useful lives than
traditional utility equipment.

The Company's expenses over the period 1995 1997 have been
significantly affected by amortizations authorized by the MPUC and
charged annually against earnings. The MPUC has specifically authorized
the inclusion of these expenses in the Company's electric rates. Absent
such regulatory authority, the expenses that gave rise to the
amortizations would have been charged to operations when incurred.
Instead, the recognition of such expenses has been deferred, and appear
on the Consolidated Balance Sheets as assets on the strength of the
regulatory authority to amortize them and collect from customers (thus
the term "regulatory assets"). Although there are a number of such
authorized amortizations, the major ones are the allowable recovery of
the Company's abandoned investment in the Seabrook nuclear project and
the costs associated with the 1993 and 1995 purchased power contract
terminations. The Company's recoverable investment in Seabrook Unit 1
is being amortized at a rate of $1.7 million per year, beginning in
1985, for a period of 30 years.

Effective March 1, 1994, as authorized in the base rate order from the
MPUC, the Company began amortizing the deferred costs associated with
the Beaver Wood purchased power contract termination at a rate of $3.9
million annually over a nine-year period. With the July 1, 1997
temporary rate increase, the MPUC required the Company to accelerate
the amortization of this deferred regulatory asset. This acceleration
resulted in additional amortization of $2.25 million in 1997. Effective
December 12, 1997, the MPUC ordered the amortization of this regulatory
asset be returned to its level prior to the temporary rate order. The
approximately $170 million of costs associated with the 1995 purchased
power contract buyback were deferred and recorded as a regulatory
asset, to be amortized and collected over a ten-year period, beginning
July 1, 1995. Amortization expense related to this contract buyout
amounted to $17 million in 1997 and 1996.

Property and other taxes decreased during 1997, due primarily to funds
received related to a property tax abatement with one of the
municipalities in the Company's service territory and receipts under
the state of Maine's personal property tax reimbursement program,
offset by the effect of increases in property levels and property tax
rates. The 1996 increase as compared to 1995 was due principally to
greater property levels and higher property tax rates.

The decrease in income taxes was primarily a function of the operating
loss in 1997 as compared to earnings in 1996. Income tax expense in
1997 was increased by $184,000 in investment tax credits (ITC) recorded
in 1996 for financial reporting purposes, which were subsequently
unable to be utilized when the 1996 federal income tax return was filed
in 1997. Income tax expense in 1996 was reduced by the utilization of
$947,000 of federal and state ITC. Federal and state income tax expense
increased in 1996 over 1995 due principally to increased earnings,
offset by the utilization of federal and state ITC.

The 1997 decrease in allowance for funds used during construction
bangor hydro federal credit union was principally a function of lower levels of construction work
in progress. AFDC decreased in 1996 as compared to 1995 due to the
discontinuance of recording AFDC on the Company's hydro relicensing
costs in March of 1995.

The decrease in other income in 1997 was due primarily to the write -
off of start-up costs associated with non-core business ventures by the
Company. The 1996 increase in other income was due principally to $1.4
million of interest income earned on the $21 million capital reserve
fund set aside in connection with the June 30, 1995 purchased power
contracts buyback financing with FAME.

Long-term debt interest expense decreased $1 million in 1997 as
compared to 1996 due to $14 million in principal repayments on the
medium term notes in 1997, as well as $1.9 million in sinking fund
payments on the Company's 12.25% first mortgage bonds. Long-term debt
interest expense increased by $6.1 million in the 1996 period as
compared to 1995 due to the borrowings to finance the purchased power
contract buyouts. The increase was offset to some extent by the impact
of $12 million in debt repayments on the medium term notes in June 1996
and sinking fund payments on the Company's 12.25% first mortgage bonds.

The decrease in other interest expense in 1997 was principally a
function of a $2.4 million reduction in weighted average short-term
borrowings outstanding in chinese food pittsburgh as compared to 1996, offset by an
approximately 1/2% increase in the weighted average short-term debt
interest rate (including fees) in 1997. Other interest expense in 1996
increased primarily due to the amortization of issuance costs incurred
in connection with financing the 1995 purchased power contracts buyout.


CONTINGENCIES

ENVIRONMENTAL MATTERS - On October 10, 1996, the American Institute of
Certified Public Accountants issued Statement of Position 96 1,
"Environmental Remediation Liabilities" (SOP). The principal objective
of the SOP is to improve the manner in which existing authoritative
accounting literature is applied by entities to specific situations of
recognizing, measuring and disclosing environmental remediation
liabilities. The SOP became effective January 1, 1997. This SOP has not
had a material impact on the Company's financial position or results of
operations.

In 1992, the Company received notice from the Maine Department of
Environmental Protection that it was investigating the cleanup of
several sites in Maine that were used in the past for the disposal of
waste oil and other hazardous substances, and that the Company, as a
generator of waste oil that was disposed at those sites, may be liable
for certain cleanup costs. The Company learned in October 1995 that the
United States Environmental Protection Agency placed one of those sites
on the National Priorities List under the Comprehensive Gamestop comenity card login Response, Compensation, and Liability Act and will pursue potentially
responsible parties. With respect to this site, the Company is one of a
number of waste generators under investigation. As to the only other
site which has been listed by the Department of Environmental
Protection as an Uncontrolled Hazardous Substance Site, the Company was
informed that it is considered a de minimis generator.

The Company has recorded a liability, based upon currently available
information, for what it believes are the estimated environmental
remediation costs that the Company expects to incur for these waste
disposal sites. Additional future environmental cleanup costs are not
reasonably estimable due to a number of factors, including the unknown
magnitude of possible contamination, the appropriate remediation
methods, the possible effects of future legislation or regulation and
the possible effects of technological changes. At December 31, 1997,
the liability recorded by the Company for its estimated environmental
remediation costs amounted to $331,000. The Company's actual future
environmental remediation costs may be higher as additional factors
become known.

IMPACT OF THE YEAR 2000 ISSUE - The "Year 2000" issue is the result of
computer programs being written using two digits rather than four to
define the applicable year. Any of the Company's computer programs that
have date - sensitive software may recognize a date using "00" as the
year 1900 rather than the year 2000. This could result in system
failure or miscalculations causing disruptions of operations,
including, among other things, an inability to process transactions,
send invoices or engage in similar normal business activities.

The Company has been in the process of replacing its aged customer
billing and information system and its financial systems for the past
several years. This effort will provide the added benefit of ensuring
that these computer systems will properly utilize dates beyond December
31, 1999. The Company will continue to assess the "Year 2000" issues as
it relates to information systems and personal computer based
applications and believes the risks associated with this issue can be
mitigated without significant additional costs. The Company presently
believes that, with replacement and modification of existing computer
systems, the "Year 2000" problem will not pose significant operational
problems for the Company. However, if such replacements and
modifications are not completed in time, the "Year 2000" problem may
have a material impact on the operations of the Company.

The "Year 2000" issue also creates risks for the Company from
unforeseen problems with the computer systems of third parties with
whom the Company deals. Such failures of third parties' computer
systems could have a material impact on the Company's ability to
conduct its business. The Company is currently formulating a plan to
assess the potential impact of third party vendor failures to address
the problem and, if necessary, address this issue. The Company
anticipates completing the assessment of the "Year 2000" issue as it
relates to its significant suppliers and major customers by jose andres cookbook end of
1998. The Company cannot predict whether the systems of other companies
will be converted in time or that a failure to convert by another
company would not have a material adverse effect on the Company.


NEW ACCOUNTING PRONOUNCEMENTS

In June 1997 the Financial Accounting Standards Board (FASB) issued
Statement No. 128, "Earnings per Share", which establishes standards
for computing and presenting earnings per share (EPS) and applies to
entities with publicly held common stock or potential common stock.
This Statement simplifies the standards for computing earnings per
share previously found in APB Opinion No. 15, "Earnings per Share", and
makes them how to close a credit card account bank of america to international EPS standards. It also requires
dual presentation of basic and diluted EPS on the face of the statement
of income for all entities with complex capital structures and requires
a reconciliation of the numerator and denominator of the basic EPS
computation to the numerator and denominator of the diluted EPS
computation. This Statement is effective for financial statements
issued for periods ending after December 15, 1997. The application of
this Statement currently does not impact the Company's EPS
calculations. If the Company's PERC restructuring transaction is
completed, as previously discussed, the issuance of warrants will cause
this Statement to have an effect on the Company's EPS calculations.

In June 1997 the FASB issued Statement No. 130, "Reporting
Comprehensive Income", which establishes standards for reporting and
display of comprehensive income and its components (revenues, expenses,
gains and losses) in a full set of general-purpose financial
statements. This Statement requires that all items that are required to
be recognized under accounting standards as components of comprehensive
income be reported in a financial statement that is displayed with the
same prominence as other financial statements. This Statement is
effective for fiscal years beginning after December 15, 1997.
Management does not believe the implementation of this Statement will
have a significant effect on the Company's financial statements.

In June 1997 the FASB issued Statement No. 131, "Disclosures about
Segments of an Enterprise and Related Information", which establishes
standards for the way public enterprises report information about
operating segments in annual financial statements and requires that
those enterprises report selected information about operating segments
in interim financial reports issued to shareholders. It also
establishes standards for related disclosures about products and
services, geographic areas, and major customers. This Statement
requires that a public business enterprise report financial and
descriptive information about its reportable operating segments, which
are components of an enterprise about which separate financial
information is available that is evaluated regularly by the chief
operating decision maker in deciding how to allocate resources and in
assessing performance. This Statement is effective for financial
statements for periods beginning after December 15, 1997. Management
does not believe the implementation of this Statement will have a
significant effect on the Company's financial statement disclosures.


ITEM 8
FINANCIAL STATEMENTS
& SUPPLEMENTARY DATA
- --------------------

BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED STATEMENTS OF INCOME



1997 1996 1995


ELECTRIC OPERATING REVENUE (Note 1): $187,324,379 $187,373,630 $184,913,771
------------- ----------- ------------

OPERATING EXPENSES:
Fuel for generation and purchased
power (Notes 1 and 12) $ 92,791,842 78,476,864 $ 98,683,991
Other operation and maintenance
(Notes 1 and 5) 32,471,149 32,440,649 35,711,185
Depreciation and amortization
(Note 1) 10,187,102 7,429,719 6,522,019
Amortization of Seabrook Nuclear
Project (Note 7) 1,699,050 1,699,050 1,699,050
Amortization of contract buyouts
(Note 6) 23,218,500 20,836,561 12,322,570
Taxes -
Local property and other 5,124,146 5,367,045 4,884,565
Income (Note 2) (1,956,303) 4,882,453 1,421,674
------------- ------------ ------------
$163,535,486 151,132,341 $161,245,054
------------- ----------- -------------
OPERATING INCOME $ 23,788,893 36,241,289 $ 23,668,717

OTHER INCOME AND (DEDUCTIONS):
Allowance for equity funds used
during construction (Note 1) 285,972 368,056 561,898
Other, net of applicable income taxes
(Notes 1 and 2) 1,005,849 1,097,931 197,924
------------- ------------ ------------
INCOME BEFORE INTEREST EXPENSE $ 25,080,714 37,707,276 $ 24,428,539
------------- ----------- -------------
INTEREST EXPENSE:
Long-term debt (Note 4) $ 22,638,201 23,651,316 $ 17,596,586
Other (Note 4) walmart asurion sign in 3,392,169 3,529,002 3,201,030
Allowance for borrowed funds used
during construction (Note 1) (562,966) (755,708) (705,552)
------------- ------------ ------------
$ 25,467,404 26,424,610 $ 20,092,064
------------- ------------ ------------
NET INCOME (LOSS) $ (386,690) 11,282,666 $ 4,336,475

DIVIDENDS ON PREFERRED STOCK (Note 3) 1,375,888 1,537,202 1,701,960
------------- ------------ ------------
EARNINGS (LOSS) APPLICABLE TO
COMMON STOCK $ (1,762,578) walmart asurion sign in $ 2,634,515
============= =========== =============
BASIC AND DILUTED EARNINGS (LOSS) PER
COMMON SHARE, based on the
weighted average number of shares
outstanding of 7,363,424 in 1997,
7,336,174 in 1996 and 7,264,860
in 1995 (Note 14) $ (0.24) 1.33 0.36
============= ============= ===========
DIVIDENDS DECLARED PER COMMON SHARE $ - 0.72 0.87
============= ============= ===========

The accompanying notes are an integral part of these consolidated
financial statements.


BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEETS

December 31,

ASSETS 1997 1996

INVESTMENT IN UTILITY PLANT:
Electric plant in service, at original
cost (Notes 4 and 6) $341,008,967 $317,832,993
Less - Accumulated depreciation and
amortization (Notes 1 and 6) 96,594,713 87,736,285
--------------------------
$244,414,254 $230,096,708

Construction work in progress (Note 1) 12,011,246 18,554,154
--------------------------
$256,425,500 $248,650,862
Investments in corporate joint ventures (Notes 1
and 6) -
Maine Yankee Atomic Power Company $ 5,531,912 $ 5,013,781
Maine Electric Power Company, Inc. 326,005 124,900
--------------------------
$262,283,417 $253,789,543
--------------------------
OTHER INVESTMENTS, principally at cost (Note 6) $ 5,274,213 $ 4,812,895
--------------------------
FUNDS HELD BY TRUSTEE at cost (Notes 4 and 10) $ 21,195,772 $ 21,199,004
bangor hydro federal credit union --------------------------
CURRENT ASSETS:
Cash and cash equivalents (Notes 1 and 10) $ 936,796 $ 1,274,386
Accounts receivable, net of reserve ($1,450,000
in 1997 and 1996) 16,614,977 20,691,010
Unbilled revenue receivable (Note 1) 11,605,163 9,229,777
Inventories, at average cost:
Materials and supplies 2,759,091 2,993,910
Fuel oil what is the routing number for renasant bank 34,771 302,851
Prepaid expenses 1,206,596 1,671,964
Deferred Maine Yankee refueling costs (Note 1 & 11) 285,894 895,798
--------------------------
Total current assets $ 33,443,288 $ 37,059,696
--------------------------
DEFERRED CHARGES:
Investment in Seabrook Nuclear Project, net of
accumulated amortization of $28,474,146 in 1997
and $26,775,096 in 1996 (Notes 7 and 11) $ 30,367,929 $ 32,066,979
Costs to terminate purchased power contracts, net
of accumulated amortization of $59,616,261 in
1997 and $36,397,761 in 1996 (Notes 6 and 11) 147,632,924 171,703,691
Maine Yankee decommissioning costs (Notes 6 and 11) 60,923,840 -
Deferred regulatory assets (Notes 2, 5 and 11) 32,551,381 29,498,630
Demand-side management costs (Note 11) 1,705,311 2,631,880
Other (Note 11) 5,204,718 3,867,087
--------------------------
Total deferred charges $278,386,103 $239,768,267
--------------------------
Total Assets $600,582,793 $556,629,405
==========================

The accompanying notes are an integral part of these consolidated
financial statements.


BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEETS


December 31,

1997 1996

STOCKHOLDERS' INVESTMENT AND LIABILITIES

CAPITALIZATION (see accompanying statement):
Common stock investment (Note 3) $106,558,488 $108,321,066
Preferred stock (Note 3) 4,734,000 4,734,000
Preferred stock subject to mandatory redemption,
exclusive of sinking fund requirements
(Notes 3 and 10) 9,137,160 10,670,171
Long-term debt, net of current portion
(Notes 4, 10 and 12) 221,642,897 274,221,451
---------------------------
Total capitalization $342,072,545 $397,946,688
---------------------------
CURRENT LIABILITIES:
Notes payable - banks (Note 4) $ 34,000,000 $ 32,500,000
---------------------------
Other current liabilities -
Current portion of long-term debt and sinking
fund requirements on preferred stock
(Notes 3, 4 and 10) $ 52,172,468 $ 15,447,429
Accounts payable 13,170,952 13,432,594
Dividends payable 327,443 1,687,495
Accrued interest 3,666,641 3,719,387
Deferred revenue (Notes 1 suntrust mortgage login 11) 1,570,995 1,008,402
Customers' deposits 296,706 359,974
Current income taxes payable 7,768 -
carolina trust federal credit union mobile banking ---------------------------
Total other current liabilities $ 71,212,973 $ 35,655,281
---------------------------
Total current liabilities $105,212,973 $ 68,155,281
---------------------------


COMMITMENTS AND CONTINGENCIES (Notes 6, 9 and 12)


DEFERRED CREDITS AND RESERVES (Note 2):
Deferred income taxes - Seabrook $ 15,765,811 $ 16,651,386
Other accumulated deferred income taxes 55,858,652 54,805,629
Maine Yankee decommissioning liability (Note 6) 60,925,586 -
Deferred regulatory liability (Note 11) 9,972,246 8,445,642
Unamortized investment tax credits 1,962,014 2,178,588
Accrued pension (Note 5) 658,880 640,328
Other (Note 5) 8,154,086 7,805,863
---------------------------
Total deferred credits and reserves $153,297,275 $ 90,527,436
---------------------------
Total Stockholders' Investment and Liabilities $600,582,793 $556,629,405
===========================


The accompanying notes are an integral part of these consolidated
financial statements.


BANGOR HYDRO-ELECTRIC COMPANY
CONSOLIDATED STATEMENTS OF CAPITALIZATION


December 31,
1997 1996

Common Stock Investment (Notes 1 and 3):
Common stock, par value $5 per share-
Authorized -- 10,000,000 shares
Outstanding -- 7,363,424 shares in 1997 and
1996 $ 36,817,120 $ 36,817,120
Amounts paid in excess of par value 56,969,428 56,969,428
Retained earnings 12,771,940 14,534,518
- -------------------------------------------------------------------------------
Total common stock investment $106,558,488 $ 108,321,066
- -------------------------------------------------------------------------------
Preferred Stock, Non-participating, cumulative, par
value $100 per share,
authorized 600,000 shares (Notes 3 and 10):
Not redeemable or redeemable solely at the
option of the issuer-
7%, Noncallable, 25,000 shares authorized
and outstanding $ 2,500,000 $ 2,500,000
4-1/4%, Callable at $100, 4,840 shares
bangor hydro federal credit union authorized and outstanding 484,000 484,000
4%, Series A, Callable at $110, 17,500
shares authorized and outstanding 1,750,000 1,750,000
- -------------------------------------------------------------------------------
$ 4,734,000 $ 4,734,000
- -------------------------------------------------------------------------------
Subject to mandatory redemption requirements-
8.76%, Callable at 103.75% if called on or
prior to December 27, 1998, 150,000
shares authorized and 105,000 shares
outstanding in 1997 and 120,000 out-
standing in 1996 $ 10,731,074 $ 12,264,085
Less-Sinking fund requirements 1,593,914 1,593,914
- -------------------------------------------------------------------------------
$ 9,137,160 $ 10,670,171
- -------------------------------------------------------------------------------
LONG-TERM DEBT (Notes 4, 10 and 12):
First Mortgage Bonds-
6.75% Series due 1998 $ 2,500,000 $ 2,500,000
10.25% Series due 2019 15,000,000 15,000,000
10.25% Series due 2020 30,000,000 30,000,000
8.98% Series due 2022 20,000,000 20,000,000
7.38% Series due 2002 20,000,000 20,000,000
7.30% Series due 2003 15,000,000 15,000,000
12.25% Series due 2001 5,521,451 7,374,966
- -------------------------------------------------------------------------------
$108,021,451 $ 109,874,966

the best bb gun in the world for sale Less-Current maturity and sinking fund
requirements 4,278,554 1,853,515
- -------------------------------------------------------------------------------
gpa requirements for south carolina state university $103,742,897 $ 108,021,451
- -------------------------------------------------------------------------------
Variable rate demand pollution control revenue
bonds Series 1983 due 2009 $ 4,200,000 $ 4,200,000
- -------------------------------------------------------------------------------
Other Long-Term Debt-
Finance Authority of Maine - Taxable Electric
Rate Stabilization
Revenue Notes, 7.03% Series 1995A, due 2005 $126,000,000 $ 126,000,000
Medium Term Notes, Variable interest rate -
LIBO rate plus 2%, due 2000 34,000,000 48,000,000
- -------------------------------------------------------------------------------
$160,000,000 174,000,000

Less: Current portion of long-term debt $ 46,300,000 $ 12,000,000
- -------------------------------------------------------------------------------
$113,700,000 $ 162,000,000
- -------------------------------------------------------------------------------
Total long-term debt $221,642,897 $ 274,221,451
- -------------------------------------------------------------------------------
Total Capitalization $342,072,545 $ 397,946,688
===============================================================================
The accompanying notes are an integral part of these consolidated
financial statements.




Bangor Hydro-Electric Company
CONSOLIDATED STATEMENT OF CASH FLOWS


For the Years Ending December 31,
1997 1996 1995
-------------- -------------- --------------

Cash Flows From Operations:
Net Income (Loss) $ (386,690)$ 11,282,666 $ 4,336,475
Adjustments to reconcile net income to net cash
provided by (used in) operations:
Costs to terminate purchased power contracts
(Note 6) - - (197,717,853)
Depreciation and amortization 10,187,102 7,429,719 6,522,019
Amortization of Seabrook Nuclear Project (Note 7) 1,699,050 1,699,050 1,699,050
Amortization of costs to terminate purchased
power contracts (Note 6) what is the capital of wyoming cheyenne 23,218,500 20,836,561 12,322,570
Other amortizations 1,665,566 2,000,150 1,440,501
Cost to terminate demand-side management contract - (1,702,678) -
Payment received related to terminated purchased
power contract (Note 6) 1,000,000 1,000,000 1,000,000
Cost of early retirement and involunary severance
plan - - 3,835,303
Allowance for equity funds used during
construction (Note 1) 1st bank locations colorado (285,972) (368,056) (561,898)
Deferred income tax provision (Note 2) (1,766,249) 4,495,490 1,791,082
Deferred investment tax credits, net (Note 2) (216,574) (175,464) (61,193)
Changes in assets and liabilities:
Deferred fuel revenue and Maine Yankee refueling
costs (Note 1) (398,498) 514,464 (3,191,510)
Accounts receivable, net and unbilled revenue 1,700,647 (2,872,894) 693,496
Accounts payable bangor hydro federal credit union (261,642) 2,905,952 (4,141,870)
Accrued interest (52,746) (1,188,433) 1,257,625
Current and deferred income taxes 344,790 (722,833) 625,059
Accrued postretirement benefit costs (Note 5) 547,237 1,411,000 612,446
Other current assets and liabilities, net chase bank in chicago locations 906,745 (85,138) 296,938
Other, net (Note 4) (1,528,112) (1,618,007) 4,719,636
- -------------------------------------------------------------------------------------------------------
Net Cash Provided By (Used In) Operations $ 36,373,154 $ 44,841,549 $ (164,522,124)
- -------------------------------------------------------------------------------------------------------
Cash Flows From Investing:
Construction expenditures $ (17,525,312)$ (18,816,194)$ (19,459,606)
Allowance for borrowed funds used during construction
(Note 1) (562,966) (755,708) (705,552)
- -------------------------------------------------------------------------------------------------------
Net Cash (Used In) Provided By Investing $ ($18,088,278)$ ($19,571,902)$ ($20,165,158)
- -------------------------------------------------------------------------------------------------------
Cash Flows From Financing:
Dividends on preferred stock $ (1,349,620)$ (1,481,020)$ (1,579,570)
Dividends on common stock (1,325,416) (5,273,157) (7,375,736)
Payments on long-term debt (15,853,515) (13,645,737) (2,107,705)
Payments on mandatory redeemable preferred stock (1,593,915) (3,187,828) -
Issuances:
Common stock dividend reinvestment plan (Note 3) - 668,215 1,218,400
Long-term debt (Note 4) - - 186,000,000
Short-term debt, net (Note 4) 1,500,000 (2,500,000) 8,000,000
- -------------------------------------------------------------------------------------------------------
Net Cash (Used In) Provided by Financing $ (18,622,466)$ (25,419,527)$ 184,155,389
- -------------------------------------------------------------------------------------------------------
Net Change in Cash and Cash Equivalents $ (337,590)$ (149,880)$ (531,893)
Cash and Cash Equivalents - Beginning of Year 1,274,386 1,424,266 1,956,159
- -------------------------------------------------------------------------------------------------------
Cash one main financial puyallup Cash Equivalents - End of Year $ 936,796 $ 1,274,386 $ 1,424,266
=======================================================================================================

The accompanying notes are an integral part of these consolidated financial statements.




Bangor Hydro-Electric Company
CONSOLIDATED STATEMENTS OF COMMON STOCK INVESTMENT


Amounts
Paid in
walmart asurion sign in Common Excess of Retained Total Common
Stock Par Value Earnings Stock Investment

BALANCE DECEMBER 31, 1994 $ 35,925,715 $ 55,974,218 $ 13,757,751 $ 105,657,684
Issuance of 116,414 shares of
common stock 582,070 636,330 - 1,218,400
Net income - - 4,336,475 4,336,475
Cash dividends declared on-
Preferred stock - - (1,579,570) (1,579,570)
Common stock - $.87 per share - - (6,318,919) (6,318,919)
Other (Note 3) - - (122,390) (122,390)
- ------------------------------ ------------ ------------ ------------ ---------------
BALANCE DECEMBER 31, 1995 $ 36,507,785 $ 56,610,548 $ 10,073,347 $ 103,191,680
Issuance of 61,867 shares of
common stock 309,335 358,880 668,215
Net income - - 11,282,666 11,282,666
Cash dividends declared on-
Preferred stock - - (1,448,170) (1,448,170)
Common stock - $.72 per share - - (5,284,293) (5,284,293)
Other (Note 3) - - (89,032) (89,032)
- ------------------------------- ------------ ------------ ------------ ---------------
BALANCE DECEMBER 31, 1996 $ 36,817,120 $ 56,969,428 $ 14,534,518 $ 108,321,066
Net loss - - (386,690) (386,690)
Cash dividends declared on-
Preferred stock - - (1,314,984) (1,314,984)
Other (Note 3) - - (60,904) (60,904)
- ------------------------------ ------------ ------------ ------------ ---------------
BALANCE DECEMBER 31, 1997 $ 36,817,120 $ 56,969,428 $ 12,771,940 $ 106,558,488
============ ============ ============ ===============
The accompanying notes are an integral part of these consolidated financial statements.



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS - Bangor Hydro-Electric Company (the Company) is a
public utility engaged in the generation, purchase, transmission,
distribution and sale of electric energy and other energy related services,
with a service area of approximately 5,275 square miles having a population
of approximately 191,000 people. The Company serves approximately 105,000
customers in portions of the Maine counties of Penobscot, Hancock,
Washington, Waldo, Piscataquis, and Aroostook. The Company is subject to the
regulatory authority of the Maine Public Utilities Commission (MPUC) as to
retail rates, accounting, service standards, territory served, the issuance
of securities and other matters. The Company is also subject to the
jurisdiction of the Federal Energy Regulatory Commission (FERC) as to certain
matters, including licensing of its hydro-electric stations, rates for
wholesale purchases and sales of energy and capacity and transmission
services. The Company is a member of the New England Power Pool, and is
interconnected with other New England utilities to the south and with New
Brunswick Power Corporation to the north.

BASIS OF CONSOLIDATION - The Consolidated Financial Statements of the Company
include its wholly owned subsidiaries, Penobscot Hydro Co., Inc. (PHC), and
Bangor Var Co., Inc. (BVC). The operations of PHC consist solely of a 50%
interest in Bangor-Pacific Hydro Associates (Bangor-Pacific), the owner and
operator of the redeveloped West Enfield hydroelectric station. PHC accounts
for its investment in Bangor-Pacific under the equity method. BVC was
incorporated in 1990 to own the Company's 50% interest in the Chester SVC
Partnership (Chester), a partnership which owns certain facilities used in
the Hydro-Quebec Phase II transmission project in which the Company is a
participant. BVC accounts for its investment in Chester under the equity
method. See Note 6 for additional information with respect to these
investments. All intercompany balances and transactions have been eliminated.
The accounts of the Company are maintained in accordance with the Uniform
System of Accounts prescribed by the regulatory bodies having jurisdiction.

EQUITY METHOD OF ACCOUNTING - The Company accounts for its investments in the
common stock of Maine Yankee Atomic Power Company (Maine Yankee) and Maine
Electric Power Company, Inc. (MEPCO) under the equity method of accounting,
and records its proportionate share of the net earnings of these companies as
a reduction of fuel for generation and purchased power expense. See Note 6
for additional information with respect to these investments.

ELECTRIC OPERATING REVENUE - Electric Operating Revenue consists primarily of
amounts charged for electricity delivered to customers during the period. The
Company records unbilled revenue, based on estimates of electric service
rendered and not billed at the end of an accounting period, in order to match
revenue with related costs.

ACCOUNTING FOR DEFERRED FUEL AND MAINE YANKEE REFUELING COSTS - Prior to
January 1, 1995, the Company utilized deferred fuel accounting. Under this
accounting method, retail fuel costs were expensed when recovered through
rates and recognized as revenue. Retail fuel costs not yet expensed were
classified on the Consolidated Balance Sheets as deferred fuel costs. The
fuel cost adjustment rate included a factor calculated to reimburse the
Company or its customers, as appropriate, for the carrying cost of funds used
to finance under- or over- collected fuel costs, respectively. Under the MPUC
fuel cost adjustment (FCA) regulations effective through December 31, 1994,
the Company was allowed to recover its fuel costs on a current basis. The
fuel charge was based on the Company's projected cost of fuel for a
twelve-month period. Under- or over- collections resulting from differences
between estimated and actual fuel costs for a twelve-month period were
included in the computation of the estimated fuel costs of the succeeding
fuel adjustment period. As of January 1, 1995, the Company's collections
under the FCA had exceeded its costs by approximately $3.03 million. With the
elimination of the FCA, the MPUC recognized that there would no longer be a
mechanism for the return of that sum to customers. The MPUC allowed the
Company to retain that over-collection and ordered that the amount be
amortized over a period of three years, effective January 1, 1995.

Prior to the receipt of the most recent rate order from the MPUC (See Note
11), the Company was allowed to defer Maine Yankee refueling costs and
amortize these costs over the period of Maine Yankee's refueling cycle. The
unamortized refueling costs are presented on the Consolidated Balance Sheets
as Deferred Maine Yankee Refueling Costs. With the previously mentioned rate
order, the Company was not be allowed recovery, in its new rates effective
February 13, 1998, of the deferred Maine Yankee Refueling Costs. Consequently
the Company charged to operations $1.9 million of such unrecoverable costs at
December 31, 1997.

DEPRECIATION OF ELECTRIC PLANT AND MAINTENANCE POLICY - Depreciation of
electric plant is provided using the straight-line method at rates designed
to allocate the original cost of the properties over their estimated service
lives. The composite depreciation rate (excluding intangible assets),
expressed as a percentage of average depreciable plant in service, and
considering the amortization of the over-accrued depreciation (discussed
below), was approximately 3.0% in 1997, 2.4% in 1996, and 2.3% in 1995.

A study conducted in 1989 determined that the Company's reserve
for depreciation was over-accumulated by $11.4 million. The agreement on base
rates with the MPUC which became effective on October 1, 1990, contained a
provision to amortize the remaining balance of the over-
accumulated reserve for depreciation account over a six-year period. This
amortization ended in 1996.

The Company follows the practice of charging to maintenance the cost of
repairs, replacements and renewals of minor items considered to be less than
a unit of property. Costs of additions, replacements and renewals of items
considered to be units of property are charged to the utility plant accounts,
and any items retired are removed from such accounts. The original costs of
units of property retired and removal costs, less salvage, are charged to the
depreciation reserve.

Depreciation, local property taxes and other taxes not based on income, which
were charged to operating expenses, are stated separately in the Consolidated
Statements of Income. Rents, advertising and research and development
expenses are not significant. No royalty expenses were incurred.

Maintenance expense was $5.7 million in 1997, $6.5 million in 1996 and $5.9
million in 1995.

EQUITY RESERVE FOR LICENSED HYDRO PROJECTS - The FERC requires that a reserve
be maintained equal to one-half of the earnings in excess of a prescribed
rate of return on the Company's investment in licensed hydro property,
beginning with the twenty-first year of the project operation under license.
The required reserve for licensed hydro projects is classified in retained
earnings and had a balance of approximately $1.9 million and $1.5 million at
December 31, 1997 and 1996, respectively.

ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (AFDC) - In accordance with
regulatory requirements of the MPUC, the Company capitalizes as AFDC
financing costs related to portions of its construction work in progress, at
a rate equal to its weighted cost of capital, into utility plant with
offsetting credits to other income and interest. This cost is not an item of
current cash income, but is recovered over the service life of plant in the
form of increased revenue collected as a result of higher depreciation
expense and return. The average AFDC rates computed by the Company were 8.7%
in 1997, 8.6% for 1996 and 9.0% in 1995.

CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt
instruments purchased with an original maturity of three months or less to be
cash equivalents.

USE OF ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
Consolidated Financial Statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Cash paid for interest,
net of amounts capitalized was approximately $24.6 million, $26.7 million and
$17.9 million in 1997, 1996 and 1995, respectively. Cash paid for income
taxes was approximately $545,000, $2.3 million and $346,000 in 1997, 1996 and
1995, respectively.

DERIVATIVE FINANCIAL INSTRUMENTS - The Company uses derivative financial
instruments (derivatives), including swaps and interest rate caps (see Note
12), as a means of hedging exposure to price and interest rate risk. The
Company does not hold or issue derivatives for trading purposes. The
Company's accounting for derivatives that are used to manage risk is in
accordance with Statement of Financial Accounting Standards No. 80,
"Accounting for Futures Contracts".

RECLASSIFICATIONS - Certain prior year amounts have been reclassified to
conform with the presentation used in the 1997 Consolidated Financial
Statements.

2. INCOME TAXES

In accordance with Statement of Financial Accounting Standards No. 109
"Accounting for In-come Taxes" (FAS 109), the Company recorded net additional
deferred income tax liabilities of approximately $22.1 million as of December
31, 1997 and $20.5 million as of December 31, 1996. These additional deferred
income tax liabilities have resulted from the accrual of deferred taxes on
temporary differences on which deferred taxes had not been previously accrued
($32.1 million and $29 million as of December 31, 1997 and 1996,
respectively), offset by the effect of the 1987 change to lower income tax
rates (reduced by the 1% increase in the federal income tax rate in 1993)
that will be refunded to customers over time ($8.8 million and $7.2 million
as of December 31, 1997 and 1996, respectively), and the establishment of
deferred tax assets on unamortized investment tax credits ($1.2 million as of
December 31, 1997 and $1.3 million as of December 31, 1996). These latter
amounts have been recorded as deferred regulatory liabilities at December 31,
1997 and 1996. The accrual of the additional amount of deferred tax
liabilities have been offset by regulatory assets which represent the
customers' future payment of these income taxes when the taxes are, in fact,
expensed. As a result of this accounting, the Consolidated Statements of
Income are not affected by the implementation of FAS 109. The rate-making
practices followed by the MPUC permit the Company to recover federal and
state income taxes payable currently, and to recover some, but not all,
deferred taxes that would otherwise be recorded in accordance with FAS 109 in
the absence of regulatory accounting. The individual components of other
accumulated deferred income taxes are as follows at December 31, 1997 and
1996:

1997 1996
- -------------------------------------------------------------------------------
Deferred Income Tax Liabilities:
Costs to terminate purchased power contracts $ 58,026,033 $ 67,731,973
Excess book over tax basis of electric plant
in service 51,559,302 52,708,038
Investment in jointly owned companies 1,405,388 832,646
Deferred demand-side management costs 685,447 pnc bank credit card processing Other 701,047 510,215
- -------------------------------------------------------------------------------
$ 112,377,217 $ 122,801,605
- -------------------------------------------------------------------------------
Less: Deferred Income Tax Assets:
Net tax operating loss carryforwards wells fargo banca por internet $ 39,757,653 $ 51,252,151
Deferred income taxes provided on alternative
minimum tax 6,447,244 5,808,234
Investment in Basin Mills 2,825,592 2,801,261
Unamortized investment tax credits 1,160,073 gpa requirements for south carolina state university 1,251,322
Postretirement benefit costs other than pensions 2,122,130 1,861,054
Deferred state income tax benefit 1,987,659 2,213,840
Accrued pension costs 458,869 1,008,523
Reserve for bad debts 873,007 807,447
Other 886,338 992,144
- -------------------------------------------------------------------------------
$ 56,518,565 $ 67,995,976
- -------------------------------------------------------------------------------
Total other accumulated deferred income taxes $ 55,858,652 $ 54,805,629
===============================================================================

The individual components of federal and state income taxes reflected in the
Consolidated Statements of Income for 1997, 1996 and 1995 are stated in the
table below.

Year Ended December 31,
- -----------------------------------------------------------------------
1997 1996 1995
---------- ----------- ---------
Current:
Federal $ 524,373 $ 1,804,206 $ --
State 141,581 526,576 --
- -----------------------------------------------------------------------
$ 665,954 $ 2,330,782 $ --
- -----------------------------------------------------------------------
Deferred:
Federal-Other $ (661,330) $ 4,034,809 $ 2,131,643
State-Other (690,829) 861,136 70,424
Federal-Seabrook thank you for smoking streaming free (341,917) (331,076) (339,415)
State-Seabrook (72,173) (69,379) (71,570)
- -----------------------------------------------------------------------
$(1,766,249) $ 4,495,490 $ 1,791,082
- -----------------------------------------------------------------------
Investment Tax Credits, Net $ (140,379) $(1,122,798) $ (61,193)
- -----------------------------------------------------------------------
Total Provision $(1,240,674) $ 5,703,474 $ 1,729,889
Allocated to Other Income (715,629) (821,021) (308,215)
- -----------------------------------------------------------------------
Charged to Operating Expense $(1,956,303) $ 4,882,453 $ 1,421,674
=======================================================================

The table below reconciles an income tax provision (benefit), calculated by
multiplying income (loss) before federal income taxes (as reported on the
Consolidated Statements of Income) by the statutory federal income tax rate
to the federal income tax expense (benefit) reported on the Consolidated
Statements of Income. The difference is represented by the permanent and
timing differences for which deferred taxes are not provided for ratemaking
purposes.

1997 1996 1995
- -----------------------------------------------------------------------
Amount % Amount % Amount %
-------------------------------------------
(Dollars in Thousands)
-------------------------------------------
Federal income tax
provision at statutory
rate $(569) 35.0% $5,860 34.5% $2,063 34.0%
Less (Plus) permanent
reductions in tax expense
resulting from
statutory exclusions from
taxable income:
Dividend received
deduction related to
earnings of associated
companies 29 (1.8) 116 .7 31 .5
Equity component of AFDC 100 (6.2) 127 .8 191 3.1%
Amortization of equity
component of AFDC
on recoverable
Seabrook investment (160) 9.8 (157) (.9) (155) (2.5)
Other (80) 5.1 (68) (.5) (104) (1.7)
- ------------------------------------------------------------------------
Federal income tax provision
before effect of timing
differences $(458) 28.1% $5,842 34.4% $2,100 34.6%
Less (Plus) timing differences
that are flowed through for rate-
making and accounting purposes:
Amortization of debt component
of AFDC and capitalized
overheads on recoverable
Seabrook investment (151) 9.3 (149) (.9) (146) (2.4)
Book depreciation greater
than tax depreciation on
assets acquired
before 1971 (79) 4.8 (90) (.5) (292) (4.8)
Equity earnings in excess
of dividends 217 (13.3) (6) how to make paypal account without phone number -- 129 2.1
State income tax liability
deducted for federal income
tax purposes (186) 11.4 314 1.9 -- --
Reversal of excess deferred
income taxes 173 (10.6) 101 .6 101 1.7
Amortization of investment
tax credits 217 (13.3) 175 1.0 676 11.1
Investment tax credits
flowed through (184) 11.3 540 3.2 62 1.0
Other 46 (2.9) 164 .9 (161) (2.6)
- ------------------------------------------------------------------------
Federal income tax provision $(511) 31.4% $4,793 28.2% $1,731 28.5%
========================================================================

Under the federal income ax laws, the Company received investment tax credits
(ITC) on qualified property additions through 1986. ITC utilized were
deferred and are being amortized over the life of the related property. In
1997 the Company recorded $108,140 of state of Maine ITC and $216,574 of
amortization of deferred ITC. Income tax expense in 1997 was increased by
$184,000 in ITC recorded in 1996 for financial reporting purposes, which were
subsequently unable to be utilized when the 1996 federal income tax return
was filed in 1997. In 1996 the Company recorded the utilization of
approximately $540,000 of ITC, which were utilized to reduce income taxes
payable upon an Internal Revenue Service (IRS) examination of the Company's
1993 and 1994 federal income tax returns and to reduce federal alternative
minimum income taxes, which were flowed-through for financial reporting
purposes as a reduction of income tax expense. The Company in 1996 also
recorded $407,000 of state of Maine ITC and $175,000 of amortization of
deferred ITC.

ITC available of about $3.2 million ($2.2 million which is attributable to
PHC and $955,000 to BVC) have not been utilized or recorded and, subject to
review by the IRS, may be used prior to their expiration, which occurs
between 2001 and 2005.

At December 31, 1997, the Company had federal and state alternative minimum
tax credits of approximately $6.4 million for the reduction of future tax
liabilities. In 1997 and 1996 the Company utilized approximately $21.5
million and $32.6 million, respectively, of tax net operating loss
Источник: http://getfilings.com/o0000009548-98-000006.html

Note: Maine Deposits and Loans for Ocean Bank, Which Operates in a Multi-State Environment

Note: Maine Deposits and Loans for Ocean Bank, Which Operates in a Multi-State Environment

STATE CHARTERED
COMMERCIAL BANKS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
Joseph Murphy, CEO
BAR HARBOR BANKING AND TRUST COMPANY
82 Main St.
Bar Harbor, ME 04609 / 891,127 / 539,247 / 579,711
Earle Harvey, President
BORDER TRUST COMPANY
227 Water St.
Augusta, ME 04330 / 91,854 / 80,204 / 63,709
Thomas Finn, Jr., President
DAMARISCOTTA BANK & TRUST
25 Main St.
Damariscotta, ME 04543 / 151,746 / 131,717 / 108,769
Jon Prescott, President
KATAHDIN TRUST COMPANY
11 Main St.
Patten, ME 04765 / 427,514 / 339,327 / 323,907
Samuel Ladd, III, President
MAINE BANK & TRUST COMPANY
467 Congress St., PO Box 619
Portland, ME 04104 / 389,099 / 282,093 / 308,251
William Lucy, President
MERRILL MERCHANTS BANK
201 Main St., PO Box 925
Bangor, ME 04402-0925 / 529,230 / 347,085 / 367,638
James Delamater, President
Northeast Bank
500 Canal Street
Lewiston, ME 04240-6594 / 585,519 / 364,929 / 408,236
Noel Graydon, President
RIVERGREEN BANK
36 Portland Rd.
Kennebunk, ME 04043 / 107,571 / 99,180 / 88,286
Peter Blyberg, President
UNION TRUST COMPANY
66 Main St., PO Box 479
Ellsworth, ME 04605 / 539,169 / 342,440 / 373,378
TOTAL: 9 / 3,712,829 / 2,526,222 / 2,621,885

1

STATE CHARTERED
COMMERCIAL BANKS
CHARTERED BY OTHER STATES
12/31/07
$ in (000’s)
Assets / Deposits / Loans
Danny O’Brien, President
OCEAN BANK
325 State St.
Portsmouth, NH 03801
7 Maine branches / N/A / 185,146 / 126,330
TOTAL: 1 / N/A / 185,146 / 126,330

Note: Maine deposits and loans for Ocean Bank, which operates in a multi-state environment, are included in this exhibit; however, Maine assets are not available:

1

STATE CHARTERED
LIMITED PURPOSE BANKS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
Daniel Hurley, III, President
BAR HARBOR TRUST SERVICES
135 High St., PO Box 1100
Ellsworth, ME 04605 / 1,511 / N/A / N/A
G. West Saltonstall, President
EATON VANCE TRUST COMPANY
255 State Street
Boston, MA 02109 / 2,518 / N/A / N/A
John Keffer, President
FORUM TRUST, LLC
Two Portland Sq., PO Box 446
Portland, ME 04112 / 80,949 / N/A / N/A
John Walker, President
H. M. PAYSON AND COMPANY
1 Portland Sq., PO Box 31
Portland, ME 04101 / 3,846 / N/A / N/A
Warren Eastman, President
INTERNATIONAL CLEARING TRUST COMPANY
6940 Columbia Gateway Drive, Suite 200.
Columbia, MD 21046 / 2,885 / N/A / N/A
Joseph Yohlin, President
MAINE Merchant Bank
977 Congress St., Suite 1100
Portland, ME 04101 / 42,892 / 0 / 0
Donald Groves, Conservator
QUADS TRUST COMPANY[1]
c/o Maine Bureau of Financial Institutions
36 State House Station
Augusta, ME 04333-0036 / N/A / N/A / N/A
John Higgins, CEO
RAM TRUST COMPANY
45 Exchange St.
Portland, ME 04101 / 930 / N/A / N/A
William Dannecker, President
RSGROUP TRUST COMPANY
317 Madison Ave.
New York, NY 10017 / 6,680 / N/A / N/A
Richard Curran, Jr., President
SPINNAKER TRUST
5 Milk St., PO Box 7160
Portland, ME 04112-7160 / 768 / N/A / N/A
TOTAL: 10 / 142,979 / 0 / 0

1

STATE CHARTERED
SAVINGS BANKS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
Steven Roslyn savings bank east meadow, President
ANDROSCOGGIN SAVINGS BANK
30 Lisbon St., PO Box 1407
Lewiston, ME 04240 / 599,132 / 390,513 / 487,854
James Conlon, CEO
BANGOR SAVINGS BANK
99 Franklin St., PO Box 930
Bangor, ME 04402-0930 / 2,277,658 / 1,652,820 / 1,683,191
Glen Hutchinson, President
BATH SAVINGS INSTITUTION
105 Front St., Amazon employee login Box cox login pay bill, ME 04530-0548 / 467,707 / 346,122 / 341,600
Wayne Sherman, President
BIDDEFORD SAVINGS BANK
254 Main St., PO Box 525
Biddeford, ME 04005-0525 / 284,070 / 195,983 / 213,902
Peter Judkins, President
FRANKLIN SAVINGS BANK
197 Main St., PO Box 825
Farmington, ME 04938-0825 / 301,801 / 221,116 / 260,307
Christopher Emmons, President
GORHAM SAVINGS BANK
10 Wentworth Dr., PO Box 39
Gorham, ME 04038 / 767,190 / 473,591 / 577,470
Mark Johnston, President
KENNEBEC SAVINGS BANK
150 State St., PO Box 50
Augusta, ME 04330 / 620,152 / 378,845 / 519,332
Kendall Reed, President
KENNEBUNK SAVINGS BANK
104 Main St., P.O. Box 28
Kennebunk, ME 04043-0028 / 745,471 / 606,644 / 621,256
Edward Hennessey, Jr., President
MACHIAS SAVINGS BANK
4 Center St., PO Box 318
Machias, ME 04654-0318 / 845,235 / 705,466 / 760,228
Rick Vail, President
MECHANICS’ SAVINGS BANK
100 Minot Ave., PO Box 400
Auburn, ME 04210 / 262,788 / 207,412 / 232,412

1

STATE CHARTERED
SAVINGS BANKS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
Robert Harmon, President
NORWAY SAVINGS BANK
261 Main St., PO Box 347
Norway, ME 04268 / 868,631 / 669,840 / 729,951
Kevin Savage, President
SACO Banks that have free checking accounts BIDDEFORD SAVINGS
INSTITUTION
252 Main St., PO Box 557
Saco, ME 04073 / 700,168 / 430,875 / 548,264
Mark Mickeriz, President
SANFORD INSTITUTION FOR SAVINGS
900 Main St., PO Box 472
Sanford, ME 04073 / 436,884 / 295,592 / 357,639
John Witherspoon, President
SKOWHEGAN SAVINGS BANK
13 Elm St., PO Box 250
Skowhegan, ME 04976 / 388,544 / 276,379 / 273,450
TOTAL: 14 / 9,565,431 / 6,851,198 / 7,606,856
STATE CHARTERED
SAVINGS AND LOAN ASSOCIATIONS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
William Weir, President
BAR HARBOR SAVINGS AND LOAN ASSOCIATION
103 Main St.
Bar Harbor, ME 04609 / 33,362 / 27,564 / 30,749
Harry Mank, Jr., President
ROCKLAND SAVINGS AND LOAN ASSOCIATION
582 Main St., PO Box 585
Rockland, ME 04841 / 67,019 / 47,717 / 57,829
TOTAL: 2 / 100,381 / 75,281 / 88,578

1

STATE CHARTERED
CREDIT UNIONS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Shares & Deposits / Loans
Matthew Griffiths, CEO
COAST LINE CREDIT UNION
333 Cottage Rd.
South Portland, ME 04106 / 36,784 / 26,706 / 23,319
Donna Steckino, CEO
COMMUNITY CREDIT UNION
144 Pine St., PO Box 7810
Lewiston, ME 04240 / 42,743 / 38,528 / 36,824
Eugene Ardito, CEO
cPORT CREDIT UNION
50 Riverside Industrial Pkwy., PO Box 777
Portland, ME 04101-0777 / 106,796 / 95,210 / 67,796
David Tozier, CEO
DOWN EAST CU
23 Third Ave., PO Box 130
Baileyville, ME 04694 / 76,449 / 56,916 / 64,026
H. Tucker Cole, CEO
EVERGREEN CREDIT UNION
225 Riverside St.
Portland, ME 04103 / 184,584 / 166,350 / 153,426
Richard Dupuis, CEO
FIVE COUNTY CREDIT UNION
765 Washington St., PO Box 598
Bath, ME 04530-0598 / 143,298 / 127,088 / 115,863
Richard LaChance, CEO
MAINE EDUCATION CREDIT UNION
23 University Dr., PO Box 1096
Augusta, ME 04330-1096 / 21,757 / 18,983 / 15,164
Normand Dubreuil, CEO
MAINE STATE CREDIT UNION
200 Capital St., PO Box 5659
Augusta, ME 04332-5659 / 234,340 / 197,411 / 148,318
Luke Labbe, CEO
PEOPLESCHOICE CREDIT UNION
35 Bradbury St., PO Box 463
Biddeford, ME 04005 / 132,878 / 117,360 / 70,409
Charles Hinkley, CEO
SABATTUS REGIONAL CREDIT UNION
2 Middle Rd., PO Box 250
Sabattus, ME 04280 / 30,442 / 27,627 / 16,013
Carrie Shaw, CEO
SACO VALLEY CREDIT UNION
312 Main St., PO Box 740
Saco, ME 04072-0740 / 60,861 / 54,455 / 46,464
Matthew Walsh, CEO
UNIVERSITY CREDIT UNION
Rangeley Rd.
University of ME
Orono, ME 04469-5779 / 159,049 / 101,598 / 123,984
TOTAL: 12 / 1,229,981 / 1,028,232 / 881,606
STATE CHARTERED
CREDIT UNIONS
CHARTERED BY OTHER STATES
12/31/07
$ in (000’s)
Assets / Shares & Deposits / Loans
Peter Kavalauskas, CEO
NORTHEAST CREDIT UNION
100 Borthwick Ave.
Portsmouth, NH 03801
1 Maine branch / N/A / 9,534 / 9,892
TOTAL: 1 / N/A / 9,534 / 9,892

Note: Maine shares and loans for Northeast Credit Union, which operates in a multi-state environment, are included in this exhibit; however, Maine assets are not available:

1

FEDERALLY CHARTERED
NATIONAL BANKS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
Elizabeth Greenstein, Regional CEO
BANK OF AMERICA, Chase home mortgage online Portland Sq.
Portland, ME 04101 / N/A / 1,447,635 / 1,075,726
Gregory Dufour, President
CAMDEN NATIONAL BANK
2 Elm St., PO Box 310
Camden, ME 04843 / 1,700,760 / 1,157,368 / 1,145,640
Ken Glass, President
FIRST TENNESSEE BANK, NATIONAL ASSOCIATION
Doing business as First Horizon Bank
165 Madison Ave.
Memphis, TN 38101
2 Maine branches / N/A / 3,475
As of 6/30. / Not provided.
Richard Lucas, District President
KEYBANK, NATIONAL ASSOCIATION
One Monument Sq., PO Box 678
Portland, ME 04112 / N/A / 2,759,324 / 1,243,365
Larry Wold, President
TD BANKNORTH,NATIONAL ASSOCIATION
One Portland Sq., PO Box 9540
Portland, ME 04112 / N/A / 2,850,136 / 3,067,547
Daniel Daigneault, President
THE FIRST, N.A.
223 Main St., PO Box 940
Damariscotta, ME 04543 / 1,191,117 / 781,649 / 920,164
TOTAL: 6 / 2,891,877 / 8,999,587 / 7,452,442

Note: Maine deposits and loans for the following banks authorized to do business in a multi-state environment are included in this exhibit; however, Maine assets are not available:

Bank of America, N.A.

First Tennessee Bank, National Association

KeyBank, National Association

TD Banknorth, National Association

1

FEDERALLY CHARTERED
NONDEPOSITORY TRUST COMPANIES
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
Lawrence Blaisdell, Chief Operating Officer
ACADIA TRUST, NATIONAL ASSOCIATION
511 Congress St.
Portland, ME 04101 / 8,203 / N/A / N/A
TOTAL: 1 / 8,203 / N/A / N/A
FEDERALLY CHARTERED
SAVINGS BANKS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
Allen Sterling, President
AUBURN SAVINGS BANKS, FSB
256 Court St., PO Box 3157
Auburn, ME 04210 / 63,500 / 45,082 / 54,781
Arthur Markos, President
SAVINGS BANK OF MAINE
190 Water St., PO Box 190
Gardiner, ME 04345-0190 / 939,598 / 784,920 / 722,224
TOTAL: 2 / 1,003,098 / 830,002 / 777,005

1

FEDERALLY CHARTERED
SAVINGS AND LOAN ASSOCIATIONS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Deposits / Loans
John Swanberg, President
AROOSTOOK COUNTY FEDERAL
SAVINGS AND LOAN ASSOCIATION
43 High St., PO Box 808
Caribou, ME 04736-0808 / 86,200 / 77,941 / 76,148
Andrew Perry, President
FIRST FEDERAL SAVINGS AND
LOAN ASSOCIATION OF BATH
125 Front St., PO Box 488
Bath, ME 04530 / 106,353 / 82,958 / 97,118
Allen Rancourt, President
KENNEBEC FEDERAL SAVINGS AND
LOAN ASSOCIATION
70 Main St., PO Box 488
Waterville, ME 04903-0497 / 78,313 / 45,596 / 69,390
TOTAL: 3 / 270,866 / 206,495 / 242,656

1

FEDERALLY CHARTERED
CREDIT UNIONS
AUTHORIZED TO DO BUSINESS IN MAINE
12/31/07
$ in (000’s)
Assets / Shares & Deposits / Loans
David Desjardins, CEO
ACADIA FEDERAL CU
9 East Main St.
Fort Kent, ME 04743-1398 / 75,235 / 62,336 / 52,227
Judith Griffin, CEO
ALLIANCE OF MAINE
44 Edison Dr., PO Box 1056
Augusta, ME 04332-1056 / 29,330 / 22,898 / 13,914
Roger Sirois, CEO
ATLANTIC REGIONAL FEDERAL CU
55 Cushing St., PO Box 188
Brunswick, ME 04011-0188 / 212,971 / 179,313 / 151,176
Stephen Clark, CEO
BANGOR FEDERAL CU
339 Hogan Rd., PO Box 1161
Bangor, ME 04401-1161 / 81,041 / 73,480 / 68,527
Darla King, CEO
BANGOR HYDRO FEDERAL CU
193 Broad St. STE 3
Bangor, ME 04401-6323 / 16,835 / 14,694 / 13,773
Cynthia Burke, CEO
BLUE CROSS AND BLUE SHIELD
OF ME FEDERAL CU
2 Gannett Dr.
South Portland, ME 04106-6911 / 5,413 / 4,197 / 3,788
Richard Kaul, CEO
BREWER FEDERAL CU
77 N. Main St., PO Box 189
Brewer, ME 04412-0189 / 37,520 / 33,956 / 29,375
Diana Winkley, CEO
CAPITAL AREA FEDERAL CU
10 North Belfast Ave., PO Box 2626
Augusta, ME 04438 / 14,472 / 12,787 / 11,640
James Stone, CEO
CASCO FEDERAL CU
375 Main St., PO Box 87
Gorham, ME 04038-0087 / 34,086 / 30,361 / 21,038
Vicki Stuart, CEO
CENTRAL MAINE FEDERAL CU
1000 Lisbon St., PO Box 1746
Lewiston, ME 04241-1746 / 72,426 / 62,485 / 39,341
Scott Harriman, CEO
CUMBERLAND COUNTY FEDERAL CU
101 Gray Rd.
Falmouth, ME 04105-2514 / 89,737 / 76,529 / 63,184
Ralph Ferland, CEO
EASTERN MAINE MEDICAL CENTER FEDERAL CU
489 State St.
Bangor, ME 04401-6616 / 32,286 / 28,626 / 22,234
Daniel Byron, CEO
EASTMILL FEDERAL CU
60 Main St.
East Millinocket, ME 04430-1128 / 53,758 / 44,230 / 16,741
Cass Hirschfelt, CEO
FRANKLIN SOMERSET FEDERAL CU
485 Wilton Rd., PO Box 5061
Farmington, ME 04938-9600 / 49,262 / 43,762 / 31,999
Philip Bergeron, CEO
GARDINER FEDERAL CU
8 Brunswick Rd. RR 5 Box 105
Gardiner, ME 04345-9006 / 17,795 / 16,349 / 13,639
Nancy Bard, CEO
GREAT FALLS REGIONAL FCU
34 Bates St.
Lewiston, ME 04240 / 21,658 / 17,456 / 11,615
Peter Prinz, CEO
HANNAFORD ASSOCIATES FEDERAL CU
145 Pleasant Hill Rd., PO Box 1440
Scarborough, ME 04104-5034 / 26,737 / 21,366 / 21,776
Deborah Pomeroy, CEO
HEALTHFIRST FEDERAL CU
9 Quarry Rd.
Waterville, ME 04901 / 11,826 / 10,750 / 11,267
Kathleen Smith, CEO
HOULTON FEDERAL CU
13 Market Sq.
Houlton, ME 04730-1775 / 12,514 / 10,152 / 8,377
Gary Bragdon, CEO
HOWLAND ENFIELD FEDERAL CU
4 Coffin St., PO Box 405
Howland, ME 04448-0405 / 8,952 / 8,014 / 7,011
Kenneth Williams, CEO
INFINITY FEDERAL CU
202 Larrabee Rd., PO Box 9742
Westbrook, ME 04104-5060 / 177,931 / 105,278 / 127,182
Beverly Beaucage, CEO
KV FEDERAL CU
316 Northern Ave., PO Box 2108
Augusta, ME 04338 / 48,153 make america great again bucket hat 43,124 / 29,992
Donald Casko, CEO
KATAHDIN FEDERAL CU
1000 Central St.
Millinocket, ME 04462-2193 / 69,048 / 57,509 / 46,838
Deseree Gilman, CEO
KSW FEDERAL CU
222 College Ave.
Waterville, ME 04901 / 27,931 / 24,488 / 21,891
Kerry Hayes, CEO
LEWISTON MUNICIPAL FEDERAL CU
291 Pine St., PO Box 60
Lewiston, ME 04243-0060 / 13,847 / 12,034 / 9,679
David Brillant, CEO
LINCOLN MAINE FEDERAL CU
171 W Broadway, PO Box 220
Lincoln, ME 04457-0220 / 28,508 / 25,781 / 23,744
George Roy, CEO
LISBON COMMUNITY FEDERAL CU
325 Lisbon Rd., O Box 878
Lisbon, ME 04240-0878 / 63,788 / 55,661 / 45,049
Ronald Fournier, CEO
MAINE FAMILY FEDERAL CU
555 Sabattus St.
Lewiston, ME 04240-4195 / 91,840 / 81,503 / 65,817
Rhonda Taylor, CEO
MAINE HIGHLANDS FEDERAL CU
73 Main St., PO Box 233
Dexter, ME 04930-0233 / 56,869 / 50,295 / 44,837
Jennifer Hartel, CEO
MAINE MEDIA FEDERAL CU
390 Congress St., PO Box 7702
Portland, ME 04112-7702 / 4,228 / 3,053 / 3,518
John Reed, CEO
MAINE SAVINGS FEDERAL CU
1101 Western Ave., PO Box 347
Hampden, ME 04444-0347 / 183,601 / 158,602 / 152,784
Gail Richardson, CEO
MIDCOAST FEDERAL CU
831 Middle St., PO Box 780
Bath, ME 04530-0780 / 107,074 / 94,452 / 70,709
Marguerite Gagne, CEO
MONMOUTH FEDERAL CU
1176 Main St., PO Box 150
Monmouth, ME 04259-0150 / 9,089 / 8,254 / 6,286
Cutler Dawson, CEO
NAVY FEDERAL CU
P. O. Box 3000
Merrifield, VA 22119
1 Maine branch / N/A / 28,291 / 99,419
Ryan Poulin, CEO
NEW DIMENSIONS FEDERAL CU
61 Grove St.
Waterville, ME 04901-5826 / 43,731 / 39,203 / 23,967
Shelly Page, CEO
NEW ENGLAND UNITED METHODIST FEDERAL CU
P. O. Box 245
Westbrook, ME 04098 / 3,489 / 3,171 / 1,878
David Rossignol, CEO
NORSTATE FEDERAL CU
78 Fox St.
Madawaska, ME 04756 / 112,067 / 95,922 / 86,812
Joseph Chapin, CEO
OCEAN COMMUNITIES FEDERAL CU
1 Pool St., PO Box 1961
Biddeford, ME 04005-1961 / 124,387 / 108,742 / 100,399

Note: Maine shares and loans for Navy Federal Credit Union, which operates in a multi-state environment, are included in this exhibit; however, Maine assets are not available:

Roland Poirier, CEO
OTIS FEDERAL CU
170 Main St., PO Box 27
Jay, ME 04329-0027 / 93,114 / 74,089 / 69,412
Matthew Kaubris, CEO
OXFORD FEDERAL CU
225 River Rd., PO Box 252
Mexico, ME 04257-0252 / 116,258 / 101,164 / 96,599
Steve Baillargeon, CEO
PENOBSCOT COUNTY FEDERAL CU
191 Main St., PO Box 434
Old Town, ME 04468-0434 / 37,054 / 32,827 / 30,778
Hosea Carpenter, CEO
PORTLAND MAINE POLICE
DEPARTMENT FEDERAL CU
109 Middle St.
Portland, ME 04101 / 7,631 / 7,063 / 6,186
Robert Hill, CEO
PORTLAND ME TRANSIT FEDERAL CU
2 Frank Savage Rd.
Hollis, ME 04042 / 335 / 307 / 216
Lillian Turner, CEO
R.C.H. FEDERAL CU
420 Franklin St.
Rumford, ME 04276 / 353 / 251 / 161
Philippe Moreau, CEO
RAINBOW FEDERAL CU
391 Main St., PO Box 741
Lewiston, ME 04243-0741 / 131,423 / 108,284 / 75,074
Catherina Blais, CEO
RIVERVIEW FEDERAL CU
15 Depot Sq.
Gardiner, ME 04345-2117 / 5,209 / 4,478 / 3,656
Kyle Casburn, CEO
SEABOARD FEDERAL CU
177 Main St., PO Box G
Bucksport, ME 04416-1207 / 82,926 / 73,302 / 60,708
James Lemieux, CEO
SEBASTICOOK VALLEY FEDERAL CU
14 Sebasticook St., PO Box 10
Pittsfield, ME 04967-0010 / 50,540 / 37,852 / 42,529
Diana Garcia, CEO
SEMICONDUCTOR OF ME FEDERAL CU
333 Western Ave.
South Portland, ME 04106-0022 / 10,188 / 8,588 / 6,767
Susan Thurlow, CEO
SHAW’S EMPLOYEES FEDERAL CU
205 Spencer Dr.
Wells, ME 04090-5553 / 6,602 / 4,703 / 3,857
MaryAnn Chamberlain, CEO
ST. AGATHA FEDERAL CU
315 Mason St., PO Box 130
Saint Agatha, ME 04772-0130 / 15,110 / 13,596 / 8,040
Sidney Wilder, CEO
TACONNET FEDERAL CU
60 Benton Ave.
Winslow, ME 04901-6798 / 31,515 / 28,668 / 25,758
Kenneth Hensler, CEO
THE COUNTY FEDERAL CU
82 Bennett Dr., PO Box 939
Caribou, ME 04736-1944 / 99,817 / 88,776 / 72,223
Chris Daudelin, CEO
TOWN & COUNTRY FEDERAL CU
557 Main St., PO Box 9420
South Portland, ME 04106-9420 / 157,321 / 137,149 / 116,170
Kenneth Acker, CEO
TRUCHOICE FEDERAL CU
272 Park Ave., PO Box 10659
Portland, ME 04104-6059 / 61,813 / 51,890 / 54,984
Cathy Bond, CEO
WINSLOW COMMUNITY FEDERAL CU
12 Monument St., PO Box 8117
Winslow, ME 04901 / 21,164 / 18,731 / 13,128
Jeffrey Seguin, CEO
WINTHROP AREA FEDERAL CU
22 Highland Ave., PO Box 55
Winthrop, ME 04364 / 43,993 / 39,002 / 31,486
James Nelson, CEO
YORK COUNTY FEDERAL CU
1516 Main St.
Sanford, ME 04073-3530 / 159,213 / 130,840 / 131,261
TOTAL: 58 / 3,201,014 / 2,730,664 / 2,422,436

1

[1] See Order of Conservatorship issued by the Maine Bureau of Financial Institutions on January 31, 2007.

Источник: https://docsbay.net/note-maine-deposits-and-loans-for-ocean-bank-which-operates-in-a-multi-state-environment

Greetings!

 

As the school year winds down and Junior Achievement of Maine approaches its summer term, this seems like a good time to acknowledge and say Thank You for the generous contributions of our volunteers, sponsors and our Board of Directors throughout our State.

 

It has been a fast paced year. As many of you know, this year JA of Maine was powered by a new set of hires. Our predecessors were always at the sidelines cheering us on, and for that we are truly grateful. 

 

We are looking forward to the summer term for a chance to review the year and plan for what's ahead. It is with great pride that we show you our statistics for this school year to date. This is due to our volunteers and our sponsors, without them it would not have happened.

  

"Thank you so much for all the hard work that you did for me and my classmates" Oliver, 3rd grade, Ocean Avenue School, "the one who owns 1/4 of Italian Victory Restaurant in  Chocolateville City."

 

kids drawing 

 Have a wonderful summer everyone!

 JA Staff

 

familypic

 

 

 

 

 

  2010-2011 Junior Achievement Program Statistics in the Works.

 

JA volunteers taught 506 classes Statewide and counting. 

  

New Area Board developed in Aroostook County 

 

Over 8,600 students participated in JA in grades K-12

 

611 Middle School students participated in Job Shadow Day

 

183 students from 22 high schools participated in the TITAN Challenge  

 

 

Thank you to the following companies whose employees taught the majority of JA classes!

 

Atlantic Regional Federal Credit Union

Bangor Hydro 

Bangor Savings Bank

Biddeford Savings Bank

Dead River Company

Diversified Business Communications

KeyBank

Maine Education Services

Maine Maritime Academy

Saco & Biddeford Savings Institution

The Bank of Maine

TD Bank

UNUM 

 

 

and a big Thank You roslyn savings bank east meadow all of our volunteers who made it banks that have free checking accounts for us to reach out to over 8,600 students who benefitted from financial literacy education! 

 

  

25th Annual Junior Achievement Golf Classic

 Thursday, September 15th, 2011
Dunegrass Country Club, Old Orchard Beach, ME 

http://www.dunegrass.com/

 

 

We invite you to join us on Thursday, September 15th for what is shaping up to be the premier tournament of the 2011 Golf season.  What better way to get on the green, than by supporting Junior Achievement of Maine's financial education, work readiness and entrepreneur programs!

  

We are in search of our 25th Annual Golf Classic Tournament Sponsor! 

http://jamaine.org/support-ja/golf-tournament/

**notice our offer includes two bibs to

TD Bank's 2011 Beach to Beacon Road Race

(offer expires Monday, June 20th)

 JA get involved

Over the years this Golf Tournament has raised thousands of dollars for JA class local food banks denver. This has enabled us to offer and maintain JA programs throughout the State of Maine-from York to Presque Isle, while giving Maine students opportunities to learn, exposure to careers and to make connections with local business professionals.

 

Reserve a spot for your foursome today!

 

golfcourse

  

Golf Sponsorships/Registration    


Kids "Thank You's"

 

 Kids thank you 5

kids thank you 

kids thank you2

 

kids thank you 3

 

Teachers

 

Interested in a JA program for Fall 2011?

 

Class Request Form  

 

 

A Message from Amy:

  

Ah, the wonderful months of summer are ahead of us.  Vacation plans, pools, lakes, oceans, fun with family and friends, cookouts, parties - it is a special time, and we are able to enjoy it within a special state.

 

School is out, and thoughts of classroom lessons are put aside while a more relaxed feeling is with us.  Financial education is probably the last thing on our minds, yet we can all teach many fiscal lessons during the weeks ahead.

 

  1. Let you kids help you create a summer budget, including all trips, parties, and vacation plans.  You may want to start small, especially with young children.  Select one trip or activity that you are planning, set a total budget and talk to your kids about each expense, including gas, food, entrance fees, lodging, etc.  Make a challenge to stay within your budget, telling them that this will help fund future plans. 

 

  1. Have your kids help find free or very low-cost things to do.  Parks, beaches, playgrounds, concerts, movies, museums and festivals all have free or first tech federal credit union salem or offerings that will keep your family busy and happy, while keeping your wallet in good shape. 

 

  1. Summer Jobs.  Whether they are babysitting, pet sitting, or working for an employer, teach your kids to save as well as spend.  Decide on a goal together, whether it is new school clothes or college tuition, each child should be saving a portion of his or her income for the future.

 There are many ways to teach kids about money, employment, budgeting, and saving, even during these warm summer months.  From all of us at Junior Achievement of Maine, we hope you enjoy time with family and friends, and as always, thank you for everything you do to help Maine's kids succeed.

 

Amy L. Thomas

President

 

About Junior Achievement of Maine 

Junior Achievement programs help to prepare young people for the real world by teaching them entrepreneurial skills, how to create jobs which make their communities more robust, and how to manage their personal finances. Students put these lessons into action, and help strengthen their communities.

 

Junior Achievement of Maine
82 Elm St
Portland, Maine 04101
tel 207-347-4333

fax 207-347-4344
 

Find us on FacebookFollow us on Twitter

 

Staff:

Amy Thomas, President

Jenny Jasa, Marketing & Greater Portland Program Director

Ann Goodenow, Administrative & Area Board Operations Director for Sanford/Springvale, Northern York, & Midcoast Maine

 Jill Jamison, Area Board Operations Director for Kennebec Valley, Androscoggin County, & Bangor Area

Michelle Anderson, Special Events & Marketing Coordinator

 

Источник: http://archive.constantcontact.com/fs016/1101761264358/archive/1106264838120.html
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211372129

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211372161

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211372187

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211372190

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211372200

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211372226

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211372239

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211372776

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Источник: http://internationalswiftcode.blogspot.com/2012/05/s-part-17.html

List of banks in Maine - USA

List of banks in Maine, Maine Banks List, Internet Banks, Online Banks in Maine.

Bangor Savings Bank, Bar Harbor Bank And Trust, Maine Bank And Trust, Kennebunk Savings Bank, Aroostook Federal Savings And Loan Assoc., First National Bank Of Bar Harbor, Kingfield Bank, Maine Municipal Bond Bank, Acadia Credit Union, Bangor Credit Union, Bangor Hydro Credit Union, Brewer Credit Union, Casco Credit Union, Coast Line Credit Union, Eastmill Credit Union, Evergreen Credit Union, Five County Credit Union, Franklin-somerset Credit Union, Hannaford Associates Credit Union, Houlton Credit Union, Katahdin Credit Union, Ksw Credit Union, Lewiston Municipal Credit Union, Lisbon Community Credit Union, Maine Family Credit Union, Maine Savings Credit Union, Monmouth Credit Union, New Dimensions Credit Union, New England United Methodist Credit Union, Ocean Communities Credit Union, Oxford Credit Union, Peopleschoice Credit Union, Saco Valley Credit Union, Seaboard Credit Union, Taconnet Credit Union, The County Credit Union, Winthrop Area Credit Union, credits unions and others banks

Источник: https://www.listofbanksinusa.com/maine.htm

Vol. XXXVII www chase toysrus com creditcard No. 7 dmv almaden san jose

In March 2008, TD Bank Financial Group of Toronto, Canada, completed its acquisition of Commerce Bancorp. On June 1, 2008, the merger of three banks involved in the deal was completed when Commerce Bank, NA and Commerce Bank/North of Cherry Hill, NJ, merged into TD Banknorth, NA of Portland, ME.

After the June 1st merger, TD Banknorth, NA changed its corporate title to "TD Bank, NA" and moved its corporate headquarters from Portland, ME, to Wilmington, DE. (Internal sources, 6/06/08)

Community Bank System Inc. and its unit Community Bank, NA of DeWitt, NY, have agreed to acquire 18 branches in northern New York from Citizens Financial Group Inc. of Providence, RI. Citizens Financial Group is the holding company for RBS Citizens, NA. Community Bank also will acquire approximately $135 million in loans and $630 million in deposits at a blended deposit premium of 12 percent. Subject to regulatory approval, the deal is slated to close during the fourth quarter of 2008. (SNL BankThrift Weekly, 6/30/08)

Gardiner Federal Credit Union of Gardiner, ME, completed its acquisition of Riverview Federal Credit Union of Gardiner, ME, on May 31, 2008. (Internal sources, 6/06/08)

On June 2, 2008, Massachusetts Mutual Life Insurance Company (MassMutual) of Springfield, MA, announced that it had completed its purchase of First Mercantile Trust Company from SunTrust Banks, Inc. of Memphis, TN. First Mercantile provides retirement plan recordkeeping and investment management services throughout the United States. The deal adds nearly $5 billion in ode to the west wind imagery assets to MassMutual's existing $40 billion retirement plan business and to its overall $500 billion in assets under management as of year-end 2007. (SNL BankThrift Daily, 6/03/08; MassMutual press release, 6/02/08)

Service Credit Union of Portsmouth, NH, completed its acquisition of Salmon Falls Community Credit Union of Somersworth, NH, on May 31, 2008. (Internal sources, 6/06/08)

New Branches

Bay State Savings Bank of Worcester, MA, opened a branch on Eastern Avenue in Worcester, MA, on May 6, 2008. (Internal sources, 6/20/08)

Cape Cod Five Cents Savings Bank of Harwich Port, MA, opened a branch on Main Street in South Dennis, MA, on April 22, 2008. Cape Cod Five is the largest independent bank on the Cape, with assets exceeding $1.7 billion. (Internal sources, 6/20/08)

Enterprise Bank, a subsidiary of Enterprise Bank and Trust Company of Lowell, MA, opened a branch on Broadway Street in Methuen, MA, on May 30, 2008. (Internal sources, 6/20/08)

On June 16, 2008, Maine Bank and Trust Co. of Portland, ME, opened a branch on Peaks Island, ME. Maine Bank and Trust is a subsidiary of People's United Bank of Bridgeport, CT. (SNL BankThrift Daily, 6/24/08)

Meredith Village Savings Bank of Meredith, NH, opened a branch on Union Street in Wolfeboro, NH, on May 13, 2008. (Internal sources, 6/20/08)

Newburyport Five Cents Savings Bank of Newburyport, MA, opened a branch on Main Street in Amesbury, MA, on June 12, 2008. It is the bank's sixth location. (SNL BankThrift Daily, 6/06/08)

People's United Bankof Bridgeport, Phone number santander customer service, opened a branch in Westchester County, NY, on Mamaroneck Avenue in White Plains, NY, on June 30, 2008. The branch is People's third location in Westchester County. (People's United Bank press release, 6/16/08)

RBS Citizens, NA, of Providence, RI, opened a branch at Merrick Road in Amityville, NY, on June 18, 2008. (Internal sources, 6/27/08)

On May 12, 2008, Rockville Bank of South Windsor, CT, opened a branch on Linwood Avenue in Colchester, CT. (Internal sources, 6/20/08)

Branch Closings

East Cambridge Savings Bank of Cambridge, MA, closed a branch on Canal Park in East Cambridge, MA, on April 12, 2008. (Internal sources, 6/20/08)

On June 2, 2008, Passumpsic Savings Bank of St. Johnsbury, VT, closed a branch at 119 Main Street in Newport, VT. (Internal sources, 6/20/08)

TD Bank, NA (formerly TD Banknorth) of Wilmington, DE, closed its Triton Regional School Bank branch in Byfield, MA, on June 20, 2008. (Internal sources, 6/27/08)

Relocated Financial Institutions

On May 19, 2008, New Haven County Credit Union relocated from 3011 Whitney Avenue, Hamden, CT, to 450 Universal Drive, North Haven, CT. (Internal sources, 6/13/08)

Bangor Hydro Federal Credit Union moved its offices from 193 Broad Street in Bangor, ME, to 115 Mecaw Road in Hampden, ME, in October 2007. (Internal sources, 6/30/08)

FDIC Issues Guidance for Managing Third-Party Risk

On June 6, the FDIC issued guidance that describes potential risks from third-party relationships and outlines risk management principles that may be tailored to suit the complexity and risk potential of a financial institution's significant third-party relationships.

The FDIC suggests that each institution's management tailor the principles contained in the guidance to each significant third-party arrangement, taking into consideration factors such as the complexity, magnitude, and nature of the arrangement, and associated risks. The guidance also addressed four basic elements of an effective third-party risk management program

  • Risk assessment;
  • Due diligence in selecting a third party;
  • Contract structuring and review; and
  • Oversight.

In issuing the guidance, the FDIC emphasized that it is meant to supplement the principles contained in previously issued policy guidance on third-party risk, and is not meant to be a set of required procedures. The FDIC's June 6 Financial Institution Letter and detailed guidance is available online at www.fdic.gov/news/news/financial/2008/fil08044.html.offsite link (FDIC Financial Institution Letter FIL-44-2008, 06/06/08)

Reminder from Federal Financial Agencies Institutions Must Use Revised "Call Report" for June 30, 2008, Report

On June 30, 2008, the FDIC, in concert with the Federal Reserve Board of Governors and the Office of the Comptroller of the Currency, issued a letter to financial institutions reminding them to use revised forms when filing the June 30, 2008, Consolidated Reports of Condition and Income (Call Report).

All financial institutions, except for certain banks with foreign offices, must submit a completed Call Report by Wednesday July 30, 2008. The reports must be filed in accordance with revisions that were implemented on March 31, 2008.

The new forms and procedures that were voluntary for the first quarter are now mandatory. The Call Report formsoffsite link required to be filed for the June 2008 period and beyond are available on the FFIEC's web site (www.ffiec.gov/ffiec_report_forms.htm),offsite link as is a detailed instruction book.

In particular, financial institutions are urged to review the updated instructions for Schedule RC-O, "Other Bangor hydro federal credit union for Deposit Insurance and FICO Assessments," which contain clarifications to questions that arose when the revised schedule format was implemented earlier this year. Banks should also refer to the "Supplemental Instructions" for additional guidance on certain reporting issues.

More detailed instructions for institutions, including how to submit the reports in either paper or electronic format, are available by viewing the FDIC's June 30 Financial Institution Letter online at www.fdic.gov/news/news/financial/2008/fil08061.html. (FDIC Financial Institution Letter FIL-61-2008, 6/30/08)

Mortgage Relief Initiative Expands and Evolves

The Federal Reserve Bank of Boston and the Massachusetts Bankers Association (MBA)offsite link announced on June 6, 2008, that the Mortgage Relief initiative introduced in December 2007 is growing - from an initial five banks to more than 50 banks of every size, with branches throughout Massachusetts and much of New England. The expansion comes as community banks affiliated with the MBA join the effort.

The Mortgage Relief initiative is also evolving. The original plan was to reach out to borrowers with high-rate "subprime" loans who call of duty ghosts price best buy be eligible for a more secure, predictable, affordable mortgage from a bank. However, falling home prices in many parts of New England have eroded home equity. As a result, some borrowers' homes are now worth less than their loans, and refinancing into a new mortgage can be difficult.

"There is no single, easy answer," says Daniel Forte, president and CEO of the MBA. "Banks did not cause this problem but the Mortgage Relief banks, regardless of their size, want to be part of the solution. They have a stake in the success of the local and regional economy."

Whenever possible, banks participating in the initiative will help eligible homeowners refinance into conventional loans that will better meet their needs. "Unlike many subprime lenders," Forte adds, "banks are a safe and sound place to discuss your credit needs and financial situation, with expertise and respect."

Much like the original five institutions - Citizens Bank, Sovereign Bank, TD Bank, Webster Bank, and Bank of America - the banks joining the Mortgage Relief initiative have made a number of commitments

  1. Outreach - to reach out to borrowers in difficult mortgages, in part by contributing to a pool for mortgage relief advertising;
  2. Innovation - to expand their utilization of programs that may help borrowers with limited home equity (programs like Federal Housing Authority loan guarantees, and those of state agencies);
  3. Personnel - to designate one or more "go to" staff members who can help borrowers explore their mortgage relief options;
  4. Lending - to adopt a goal for responsible lending under the program (ranging from $500,000 for small banks with under $250 million in assets to $2.5 million for community banks with over $1 billion in assets); and
  5. Collaboration and Referral - to share with fellow participants the products and approaches that prove effective in helping challenged borrowers, and to refer individuals they cannot help to other participating banks or housing-counseling agencies.

The Federal Reserve Bank of Boston applauds the banks' continued efforts. "These are very challenging times for some borrowers," says Eric Rosengren, the Bank's president and CEO, "and I am genuinely pleased to see banks of all sizes and types stepping up and trying to make a bangor hydro federal credit union. It is not only the right thing to do for borrowers in distress, but also is in the long-term interest of the local and regional economy."

More information about the Mortgage Relief initiative is available at www.bos.frb.org/news/press/2008/pr060508.htm. (Joint MBA/FRB Boston press release, 6/05/08)

Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.

Источник: https://www.bostonfed.org/publications/bank-notes/xxxvii/july-2008.aspx

Content Management & Workflow Solutions

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Changing Seasons Credit Union was established over 40 years ago as Bangor Hydro Federal Credit Union to serve the needs of the employees of Bangor Hydro Electric Company. In 2007 the credit union built their first office and became known as Changing Seasons Federal Credit Union, adding services to include the local area towns.

Until 2013, Changing Seasons FCU was very much a paper-based business. Employee records, loan documents and other supporting documents were filed into traditional file cabinets lined in rows in various places around their offices. This "transaction-based" filing system was how things had been done for many years. Technology had certainly provided important workplace improvements in previous decades, including software designed specifically for credit unions, but in this competitive and highly-regulated industry, nothing was addressing the fact that they were dependent on excessive amounts of hardcopy paperwork.

Regulations require that credit unions retain member account-related information for seven years. At Changing Seasons FCU, all currently-active files were then kept in file cabinets in their primary office space, while older files were stored in less-handy locations in the same building, typically in plastic file boxes rather than metal file cabinets. The files were organized by member number, with no easy way to cross reference files using other criteria.

The CEO of Changing Seasons FCU, Sue Cross, is uniformly thrilled at the performance of the three main components of the solution.  Sue commented, "We have actually been able to back scan about 70% of our loan docs as of now.  And we are almost 100% on our new consumer loan docs (in conjunction with DocuSign). We are working on back scanning all of our membership docs as
well.  Within a couple of months, we will be getting rid of about 15 filing cabinets!!!!  Now that everyone has been scanning for a while, everyone loves it!"

The Challenge

Endeavoring to transform a company to significantly different business processes comes with high risks – hopefully the rewards outweigh the risks.  Changing Seasons FCU san jose apartments for rent not one of the early adopters of electronic document management (EDM) systems – these types of solutions had been available for years – so fortunately they could use the experience from those folks to help them make lower-risk decisions on how to roll out such a system. The key challenges facing the technical team at Changing Seasons FCU as they planned the transition to an EDM system were:

  • getting users of the system rapidly proficient at using it
  • achieving clear and immediate improvements
  • long-term viability of system
  • seamless integration into the existing environment
  • minimizing the need for new equipment purchases

For Changing Seasons FCU, it was clear that paperwork was still a necessary evil of their industry. A wide variety of paperwork still needs to be conducted between credit unions and their members, and in many cases, the paperwork needs to be reproducible for many years after. The key was to minimize the presence of the hardcopy paperwork, without losing anything in the process. To do this, the first step was to get an incoming document immediately into a digital format easily reproducible on either paper or a computer screen.

The other half of the gpa requirements for south carolina state university was in addressing the demand for better disaster recovery systems and procedures. Paper files are susceptible to a wide variety of malicious, accidental, and naturally-caused attacks. Another key aspect of the evolution away from paper would ideally minimize the chances of such an attack from having any serious impact on Changing Season's ability to keep its operations running smoothly.

Solution

Changing Seasons FCU chose to integrate three products to help them minimize the impact of hardcopy paper on their business:

EasyFile™ with DocBuild Plus™ Paperless Workflow
DocBuild Plus seamlessly integrates with the EasyFile CMS software, automatically notifying key personnel that newly-scanned documents have arrived and are ready to be added to the EDM (i.e. EasyFile). Before being stored in EasyFile, "indexing" information must be associated with each document. This data describes the key traits of the document, and is used subsequently
for accessing it and organizing it with others.  Once stored in EasyFile's repository, the paper is no longer needed – all that's necessary is a computer on Changing Seasons FCU network with the appropriate privileges.

Easy File Document ManagementDocBuil Plus


DocBuild Plus™ for DocuSign®: eSign & Authenticate
DocBuild Plus integrates with your DocuSign account to provide complete creation-to- completion paperless workflow. With a single click. your document automatically uploads and launches in your DocuSign Console. saving you time and completing transactions faster.

Using DocuSign's world-class digital transaction management, documents can have templates
'automatch' or selected and applied, then routed, reviewed, completed and signed by your
recipients, and automatically returned back to you for further action or archival.

DocBuil PlusDocuSign


Kodak™ SCANMATE i940
These reliable and user friendly scanners allow Changing Seasons FCU to scan/capture the documents into EasyFile with a single press of a button. Their compact size allows them to fit into any workspace needed.


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Results

Sue Cross went on the share "All of our staff has been using it for quite some time and everyone really likes it. Although it does take getting used to, in the end it is really worth it."

Sue pointed to a number of other key improvements that the system brought to the business:

  • Much faster access to current and non-current documents
  • Streamlined workflow including seamless interface to DocuSign within 2-3 steps.
  • No misplaced or otherwise lost files
  • Better and more effective disaster recovery
  • Simultaneous access to a document by multiple users at multiple sites
  • Having secure remote access to files (over the internet) when needed
  • Better security against natural disaster, malicious attack, and mishandling
  • More stringent safeguards against member privacy/confidentiality

Changing Seasons FCU has seen huge economic benefits by using EasyFile and DocBuild Plus.
The care and attention ScanPoint provides to its' clients from end to end is second to none.

About ScanPoint®

ScanPoint® is a leader in paperless workflow technology, now fueled by eSignature®. Our EasyFile™, DocBuild Plus™, and Virtual TWAIN™ products are used by 1,000's of individuals and companies from all verticals including, insurance, finance, healthcare, government, technology, legal and others. Fortune 50-1,000, SMB's and all sizes of government and organizations achieve the benefits of our solutions within their workflow.

Источник: https://www.scanpointusa.com/success-credit-union/

Comments

  1. Ami notun business korte chai....ekhono kono business korini..... planing kr6i....ami ki loan ta pete pari.....??

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