Maine regulators criticize Versant Power for delaying electricity rate audit

Maine regulators have criticized Versant Power for delaying a state-ordered audit related to electricity rate increases. The audit's cost has risen to $554,025, exceeding the original contract by over $140,000, which ratepayers will cover unless regulators intervene. Regulators threatened Versant with financial penalties for not paying audit invoices on time. They noted that the utility's disputes and delays have contributed to the increased costs. The audit aims to assess Versant's management and operations. Versant claims it has cooperated by answering numerous data requests and providing staff for interviews. The utility seeks clarification on the audit contract terms and hopes to resolve the payment issues with regulators by February 28.