FORM 8-K



                  SECURITIES AND EXCHANGE COMMISSION

                        Washington, D.C.  20549



                            CURRENT REPORT



                Pursuant to Section 13 or 15(d) of the
                    Securities Exchange Act of 1934

                    Date of Report:  June, 1997


                      MAINE PUBLIC SERVICE COMPANY            
        (Exact name of registrant as specified in its charter)



            Maine                   1-3429          01-0113635      
(State, or other jurisdiction    (Commission       (IRS Employer
      of incorporation)          File Number)    Identification No.)


209 State Street, Presque Isle, Maine                 04769  
(Address of principal executive offices)            (Zip Code)


Registrant's Telephone Number, Including Area Code   207-768-5811










Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   a)   Other Material Events - Restructuring of Maine's Electric
               Utility Industry

          In the Company's Form 10-K for December 31, 1996 as well as
          the form 10-Q for the quarter ended March 31, 1997, the
          Company described electric utility restructuring efforts in
          Maine, including the Maine Public Utilities Commission's
          (MPUC) recommendation to the legislature.  After months of
          hearings and deliberations, the Maine legislature passed L.D.
          1804, "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
          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, Central Maine Power
          Company (CMP) and Bangor Hydro-Electric Company (BHE) must
          divest of all generation related assets and business functions
          except for:

               (a)  contracts with qualifying facilities, such as the
               Company's power contract with Wheelabrator-Sherman (W/S),
               and conservation providers;

               (b)  nuclear assets, namely, the Company's investment in
               the Maine Yankee Atomic Power Company, however, the MPUC
               may require divestiture on or after January 1, 2009;

               (c)  facilities located outside the United States, i.e.,
               the Company's hydro facility in New Brunswick, Canada;
               and

               (d)  assets that the MPUC determines necessary for the
               operation of the transmission and distribution services.

          The MPUC can 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 shall
          submit to the MPUC its divestiture plan no later than January
          1, 1999.





                                   -2-

Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   a)   Other Material Events - Restructuring of Maine's Electric
               Utility Industry - Continued

          3)   Billing and metering services will be subject to
          competition beginning March 1, 2002, but 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, without limitation.  Both CMP and BHE are
          limited to 33% of the load within their respective service
          territories, but may sell an unlimited amount outside their
          service territories.  Consumer-owned utilities are allowed to
          market and sell within their service territories, but the MPUC
          can limit or prohibit competition in their service territory,
          if the tax-exempt status of the consumer-owned utility is
          threatened.

          5)   The Company, through a regulated affiliate, will continue
          to provide transmission and distribution services which will
          be subject to continued regulation by the MPUC.

          6)   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 MPUC shall
          determine these stranded costs by considering:

               a)   the utility's regulatory assets related to
               generation, i.e., the Company's unrecovered Seabrook
               investment;

               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, i.e.,
               the W/S contract.

          By July 1, 1999, the MPUC will have estimated the stranded
          costs for the Company and the manner for the collection of
          these 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 utilizing demand-side management measures
          cannot be assessed exit or entry fees.  The MPUC shall include
          in the rates charged by the transmission and distribution
          utility decommissioning expenses for Maine Yankee.  In 2003 

                                   -3-       
Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   a)   Other Material Events - Restructuring of Maine's Electric
               Utility Industry - Continued
          
          and every three years thereafter until the stranded costs are
          recovered, the MPUC shall review and revaluate the stranded
          cost recovery. 

          7)   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% renewable
          resources in their energy portfolios, including hydro-electric
          generation.

          8)   A standard-offer service will be available, ensuring
          access for all customers to reasonably priced electric power. 
          Unregulated affiliates of CMP and BHE providing retail
          electric power are prohibited from providing more than 20% of
          the load within their respective service territories under the
          standard offer service, while any unregulated affiliate of the
          Company does not have a similar restriction.

          9)   Unregulated affiliates of CMP and BHE 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 distribution affiliate must provide
               equal access to customer information;

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

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

               (e)  the 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.

                                   -4-

Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   a)   Other Material Events - Restructuring of Maine's Electric
               Utility Industry - Continued

               The MPUC shall determine the extent of separation
               required in the case of the Company to avoid cross-
               subsidization and shall consider all similar relevant
               issues as well as the Company's small size.

          10)  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
          distribution company.

          11)  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.

          The MPUC will conduct several rulemaking proceedings
          associated with the new restructuring law.  The Company is
          presently reviewing its business operations and the
          opportunities that the new restructuring law presents.  The
          Company cannot predict the value of the Company's stranded
          investment that the MPUC will determine.

          b)   Other Material Events - Maine Yankee Owners Cut Spending
               and Consider Closure of Maine Yankee

          In the Company's Form 10-K for December 31, 1996 as well as
          the Form 10-Q for the quarter ended March 31, 1997, the
          Company described the significant regulatory and operational
          issues at the Maine Yankee Atomic Power Plant (Maine Yankee),
          of which the Company is a 5% owner.  Previously, the Company
          reported that the unscheduled Maine Yankee outage that began
          on December 6, 1996 had materially impacted the Company's
          earnings and cash flows for the first quarter of 1997, and the
          adverse impact would continue until the plant restarted. 
          After considering the financial implications of the Maine
          Yankee outage, at a regular meeting on March 7, 1997, the
          Company's board of directors reduced the quarterly dividend to
          $.25 per share (annualized rate of $1.00 per share) from $.46
          per share (annualized rate of $1.84 per share).



                                   -5-

Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   b)   Other Material Events - Maine Yankee Owners Cut Spending
               and Consider Closure of Maine Yankee - Continued

          The Company's short-term revolving credit agreement and letter
          of credit supporting its 1996 tax-exempt revenue bonds contain
          interest coverage tests that the Company must satisfy to avoid
          default.  The Company and the Banks agreed on amendments to
          the revolving credit agreement and letter of credit and
          reimbursement agreement which adjust the interest coverage
          tests to exclude Maine Yankee incremental replacement power
          costs through September 30, 1997.  Without these amendments,
          the Company would have been in violation of its interest
          coverage tests for the twelve months ended March 31, 1997, and
          would have been in default on those instruments.  Under the
          amendment to the revolving credit agreement, the Company was
          obligated to issue a first mortgage bond of $11 million as
          collateral for the maximum amount of the Company's obligation
          under the revolving credit agreement.  On April 28, 1997, the
          Maine Public Utilities Commission approved the issuance of the
          first mortgage bonds, and the Company issued the bonds on May
          5, 1997.

          On May 27, 1997, the Board of Directors of Maine Yankee
          announced that it is considering permanent closure of Maine
          Yankee based on the economics of the facility as well as
          uncertainty regarding the operation of the plant.  No final
          decision was made but spending levels will be reduced
          immediately to a level that will preserve the option of
          restarting the 810-megawatt facility or closing it.  The
          preservation plan for the plant reduces spending by $41
          million from June through December of 1997, a reduction of $2
          million for the Company.  However, the Company will be
          incurring replacement power costs during the period that the
          plant is not operating.  The Maine Yankee Board of Directors
          has also had preliminary discussions with Peco Energy Company
          regarding the sale of Maine Yankee but no agreement has been
          reached.  The Company cannot predict whether Maine Yankee will
          return to service or whether Maine Yankee will be sold. 
          Without a change in ownership of Maine Yankee or other
          significant changes in relevant circumstances, the Company
          believes it is unlikely that Maine Yankee will return to
          service.








                                   -6-
Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   b)   Other Material Events - Maine Yankee Owners Cut Spending
               and Consider Closure of Maine Yankee - Continued

          As mentioned above, the amendments to the Company's revolving
          credit agreement and letter of credit and reimbursement
          agreement allow only the exclusion of Maine Yankee incremental
          replacement power costs through September 30, 1997.  Interest
          coverage tests for periods after September 30, 1997 will
          reflect incremental Maine Yankee replacement power costs after
          that date, presently estimated to be approximately $170,000
          per week.  The Company's rate plan contains a provision for
          additional rate increases in the event of a Maine Yankee plant
          outage exceeding six consecutive months.  After the six month
          period, 50% of the replacement power costs can be recovered in
          rates with the annual rate increase.  In addition, the profit-
          sharing mechanism allows additional rate increases if earnings
          are more than 300 basis points below the target return on
          equity, currently 11%, with 50% of the earnings deficiency
          recoverable from customers with the annual rate increase.  The
          Company believes that the rate plan provisions will be
          triggered in 1997.  If the Company's earnings provided under
          the rate plan are not sufficient to satisfy its interest
          coverage tests and the Company is unable to restructure its
          purchase power contract with Wheelabrator-Sherman, the Company
          will likely seek an emergency rate increase in advance of any
          possible violation of the previously mentioned interest
          coverage tests.

                                   MAINE PUBLIC SERVICE COMPANY
                                             Registrant



Dated:   June 4, 1997               /s/ Larry E. LaPlante              
                                   Larry E. LaPlante, Vice President
                                   Finance, Administration and Treasurer














                                   -7-
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FORM 8-K

                  SECURITIES AND EXCHANGE COMMISSION

                        Washington, D.C.  20549

                            CURRENT REPORT

                Pursuant to Section 13 or 15(d) of the
                    Securities Exchange Act of 1934

                    Date of Report:  June, 1997

                      MAINE PUBLIC SERVICE COMPANY            
        (Exact name of registrant as specified in its charter)

            Maine                   1-3429          01-0113635      
(State, or other jurisdiction    (Commission       (IRS Employer
      of incorporation)          File Number)    Identification No.)

209 State Street, Presque Isle, Maine                 04769  
(Address of principal executive offices)            (Zip Code)

Registrant's Telephone Number, Including Area Code   207-768-5811

Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   a)   Other Material Events - Restructuring of Maine's Electric
               Utility Industry

          In the Company's Form 10-K for December 31, 1996 as well as
          the form 10-Q for the quarter ended March 31, 1997, the
          Company described electric utility restructuring efforts in
          Maine, including the Maine Public Utilities Commission's
          (MPUC) recommendation to the legislature.  After months of
          hearings and deliberations, the Maine legislature passed L.D.
          1804, "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
          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, Central Maine Power
          Company (CMP) and Bangor Hydro-Electric Company (BHE) must
          divest of all generation related assets and business functions
          except for:

               (a)  contracts with qualifying facilities, such as the
               Company's power contract with Wheelabrator-Sherman (W/S),
               and conservation providers;

               (b)  nuclear assets, namely, the Company's investment in
               the Maine Yankee Atomic Power Company, however, the MPUC
               may require divestiture on or after January 1, 2009;

               (c)  facilities located outside the United States, i.e.,
               the Company's hydro facility in New Brunswick, Canada;
               and

               (d)  assets that the MPUC determines necessary for the
               operation of the transmission and distribution services.

          The MPUC can 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 shall
          submit to the MPUC its divestiture plan no later than January
          1, 1999.

                                   -2-

Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   a)   Other Material Events - Restructuring of Maine's Electric
               Utility Industry - Continued

          3)   Billing and metering services will be subject to
          competition beginning March 1, 2002, but 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, without limitation.  Both CMP and BHE are
          limited to 33% of the load within their respective service
          territories, but may sell an unlimited amount outside their
          service territories.  Consumer-owned utilities are allowed to
          market and sell within their service territories, but the MPUC
          can limit or prohibit competition in their service territory,
          if the tax-exempt status of the consumer-owned utility is
          threatened.

          5)   The Company, through a regulated affiliate, will continue
          to provide transmission and distribution services which will
          be subject to continued regulation by the MPUC.

          6)   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 MPUC shall
          determine these stranded costs by considering:

               a)   the utility's regulatory assets related to
               generation, i.e., the Company's unrecovered Seabrook
               investment;

               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, i.e.,
               the W/S contract.

          By July 1, 1999, the MPUC will have estimated the stranded
          costs for the Company and the manner for the collection of
          these 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 utilizing demand-side management measures
          cannot be assessed exit or entry fees.  The MPUC shall include
          in the rates charged by the transmission and distribution
          utility decommissioning expenses for Maine Yankee.  In 2003 

                                   -3-       
Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   a)   Other Material Events - Restructuring of Maine's Electric
               Utility Industry - Continued
          
          and every three years thereafter until the stranded costs are
          recovered, the MPUC shall review and revaluate the stranded
          cost recovery. 

          7)   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% renewable
          resources in their energy portfolios, including hydro-electric
          generation.

          8)   A standard-offer service will be available, ensuring
          access for all customers to reasonably priced electric power. 
          Unregulated affiliates of CMP and BHE providing retail
          electric power are prohibited from providing more than 20% of
          the load within their respective service territories under the
          standard offer service, while any unregulated affiliate of the
          Company does not have a similar restriction.

          9)   Unregulated affiliates of CMP and BHE 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 distribution affiliate must provide
               equal access to customer information;

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

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

               (e)  the 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.

                                   -4-

Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   a)   Other Material Events - Restructuring of Maine's Electric
               Utility Industry - Continued

               The MPUC shall determine the extent of separation
               required in the case of the Company to avoid cross-
               subsidization and shall consider all similar relevant
               issues as well as the Company's small size.

          10)  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
          distribution company.

          11)  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.

          The MPUC will conduct several rulemaking proceedings
          associated with the new restructuring law.  The Company is
          presently reviewing its business operations and the
          opportunities that the new restructuring law presents.  The
          Company cannot predict the value of the Company's stranded
          investment that the MPUC will determine.

          b)   Other Material Events - Maine Yankee Owners Cut Spending
               and Consider Closure of Maine Yankee

          In the Company's Form 10-K for December 31, 1996 as well as
          the Form 10-Q for the quarter ended March 31, 1997, the
          Company described the significant regulatory and operational
          issues at the Maine Yankee Atomic Power Plant (Maine Yankee),
          of which the Company is a 5% owner.  Previously, the Company
          reported that the unscheduled Maine Yankee outage that began
          on December 6, 1996 had materially impacted the Company's
          earnings and cash flows for the first quarter of 1997, and the
          adverse impact would continue until the plant restarted. 
          After considering the financial implications of the Maine
          Yankee outage, at a regular meeting on March 7, 1997, the
          Company's board of directors reduced the quarterly dividend to
          $.25 per share (annualized rate of $1.00 per share) from $.46
          per share (annualized rate of $1.84 per share).

                                   -5-

Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   b)   Other Material Events - Maine Yankee Owners Cut Spending
               and Consider Closure of Maine Yankee - Continued

          The Company's short-term revolving credit agreement and letter
          of credit supporting its 1996 tax-exempt revenue bonds contain
          interest coverage tests that the Company must satisfy to avoid
          default.  The Company and the Banks agreed on amendments to
          the revolving credit agreement and letter of credit and
          reimbursement agreement which adjust the interest coverage
          tests to exclude Maine Yankee incremental replacement power
          costs through September 30, 1997.  Without these amendments,
          the Company would have been in violation of its interest
          coverage tests for the twelve months ended March 31, 1997, and
          would have been in default on those instruments.  Under the
          amendment to the revolving credit agreement, the Company was
          obligated to issue a first mortgage bond of $11 million as
          collateral for the maximum amount of the Company's obligation
          under the revolving credit agreement.  On April 28, 1997, the
          Maine Public Utilities Commission approved the issuance of the
          first mortgage bonds, and the Company issued the bonds on May
          5, 1997.

          On May 27, 1997, the Board of Directors of Maine Yankee
          announced that it is considering permanent closure of Maine
          Yankee based on the economics of the facility as well as
          uncertainty regarding the operation of the plant.  No final
          decision was made but spending levels will be reduced
          immediately to a level that will preserve the option of
          restarting the 810-megawatt facility or closing it.  The
          preservation plan for the plant reduces spending by $41
          million from June through December of 1997, a reduction of $2
          million for the Company.  However, the Company will be
          incurring replacement power costs during the period that the
          plant is not operating.  The Maine Yankee Board of Directors
          has also had preliminary discussions with Peco Energy Company
          regarding the sale of Maine Yankee but no agreement has been
          reached.  The Company cannot predict whether Maine Yankee will
          return to service or whether Maine Yankee will be sold. 
          Without a change in ownership of Maine Yankee or other
          significant changes in relevant circumstances, the Company
          believes it is unlikely that Maine Yankee will return to
          service.

                                   -6-
Current Report, Form 8-K for                           Date of Report:
Maine Public Service Company                           June, 1997

Item 5.   b)   Other Material Events - Maine Yankee Owners Cut Spending
               and Consider Closure of Maine Yankee - Continued

          As mentioned above, the amendments to the Company's revolving
          credit agreement and letter of credit and reimbursement
          agreement allow only the exclusion of Maine Yankee incremental
          replacement power costs through September 30, 1997.  Interest
          coverage tests for periods after September 30, 1997 will
          reflect incremental Maine Yankee replacement power costs after
          that date, presently estimated to be approximately $170,000
          per week.  The Company's rate plan contains a provision for
          additional rate increases in the event of a Maine Yankee plant
          outage exceeding six consecutive months.  After the six month
          period, 50% of the replacement power costs can be recovered in
          rates with the annual rate increase.  In addition, the profit-
          sharing mechanism allows additional rate increases if earnings
          are more than 300 basis points below the target return on
          equity, currently 11%, with 50% of the earnings deficiency
          recoverable from customers with the annual rate increase.  The
          Company believes that the rate plan provisions will be
          triggered in 1997.  If the Company's earnings provided under
          the rate plan are not sufficient to satisfy its interest
          coverage tests and the Company is unable to restructure its
          purchase power contract with Wheelabrator-Sherman, the Company
          will likely seek an emergency rate increase in advance of any
          possible violation of the previously mentioned interest
          coverage tests.

                                   MAINE PUBLIC SERVICE COMPANY
                                             Registrant

Dated:   June 4, 1997               /s/ Larry E. LaPlante              
                                   Larry E. LaPlante, Vice President
                                   Finance, Administration and Treasurer

                                   -7-