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<P ALIGN="CENTER">FORM 8-K</P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>

<P ALIGN="CENTER">Washington, D.C. 20549</P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER">CURRENT REPORT</P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the</P>

<P ALIGN="CENTER">Securities Exchange Act of 1934</P>

<P ALIGN="CENTER">Date of Report: February, 2000</P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><U>MAINE PUBLIC SERVICE COMPANY</U></P>

<P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><U> Maine </U> <U> 1-3429 </U> <U> 01-0113635 </U> </P>

<P>(State, or other jurisdiction (Commission (IRS Employer</P>

<P>of incorporation) File Number) Identification No.)</P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><U> 209 State Street, Presque Isle, Maine </U> <U> 04769 </U></P>

<P ALIGN="CENTER">(Address of principal executive offices) (Zip Code)</P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><U> Registrant's Telephone Number, Including Area Code</U> <U>207-768-5811</U></P>

<BR WP="BR1"><BR WP="BR2">
<P>Current Report, Form 8 K for Maine Public Service Company</P>

<P>Date of Report: February, 2000</P>

<P>Item 5(a) <U>Other Material Events - Maine Public Utilities Commission Approves Stipulation</U><U> Regarding Stranded Cost
Recovery</U>.</P>

<P>Reference is made to the Company's Form 10-Q, Part II, Legal Proceedings, Item 1(d) for the quarter ended September 30,
1999, and Form 8-K, Item 5(b) filed on December 1, 1999, in which the Company reported that a Stipulation resolving the
revenue requirements and rate design issues for the Company's Transmission and Distribution (T&amp;D) utility had been
approved by the Maine Public Utilities Commission (MPUC). In its December 1, 1999 Order in Docket No. 98-577, the
MPUC approved certain stranded costs principles but lacked the information to determine the precise amount of stranded
cost recovery to be included in customer rates starting March 1, 2000, or the recovery period of the stranded costs. </P>

<P>On January 27, 2000, the MPUC approved a Stipulation in Phase II of Docket No. 98-577 that provided for the recovery in
rates of the Company's stranded investment. The major element of the Phase II Stipulation was the $12.5 million of
stranded investment recoverable annually beginning March 1, 2000. This revenue requirement includes a return on
unrecovered stranded investment based on the capital structure approved by the MPUC in its December 1, 1999 Order. The
approved capital structure will consist of 51% common equity with an authorized return on equity of 10.7%. The Phase II
Stipulation also allowed the Company to offset its unrecovered stranded investment in Seabrook by approximately $7
million, representing an amount equal to 35% of the available value from the sale of the generation assets. The parties to
the Phase II Stipulation also resolved several rate design issues, principally the elimination of the inclining block rate for
residential customers. In addition, the Company was granted several accounting orders incorporating certain accounting
methodologies used in determining the elements of stranded costs. The annual revenue requirement associated with the
recovery of stranded costs will be reviewed every two years.</P>

<P>With the award of the standard offer rate on November 18, 1999, and orders approving the Company's T&amp;D rates and
stranded investment recovery rates described above, the MPUC has established all elements of customer rates effective
March 1, 2000, the beginning of deregulation in Maine. On average, our customers' rates will be reduced by approximately
6%.</P>

<P ALIGN="CENTER">-2-</P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P>Current Report, Form 8-K for Maine Public Service Company</P>

<P>Date of Report:  February, 2000</P>

<P>Item 5(b) <U>Other Material Events - Maine Public Utilities Commission Approves Common Stock Repurchase Program</U>.</P>

<P>Reference is made to the Company's Form 10-Q, Part II, Legal Proceedings, Item 1(d) for the quarter ended September 30,
1999, Form 8-K, Item 5(b) filed on December 1, 1999, and Item 5(a) above in which the Company reported that
stipulations resolving revenue requirements and rate design issues for transmission and distribution rates, as well as
stranded investment, have been approved by the Maine Public Utilities Commission (MPUC). In the Stipulations, approved
by the MPUC, the parties also agreed to a capital structure consisting of 51% common equity and 49% of debt. After
paying off debt with proceeds from the sale of the Company's generating assets, as required under the Company's mortgage
indentures, the Company projects that the percentage of common equity as a component in its capital structure would
exceed 51%.</P>

<P>In order to manage its capital structure to limit common equity to 51%, the MPUC, on November 17, 1999, approved the
Company's request to repurchase up to 500,000 shares of its common stock over a period of five years. The shares will be
repurchased through an open-market program. Previously over a five-year period from September, 1989 to September,
1994, the Company purchased 250,000 shares at a cost of $5.7 million, all of which are held in treasury shares, in order to
maintain the Company's capital structure at levels appropriate for an investor-owned electric utility. </P>

<P>                                                                                                               <U>MAINE PUBLIC SERVICE COMPANY</U></P>

<P>                                                                                                               Registrant</P>

<P>Dated: February 8, 2000                                                                        <U> /s/ Larry E. LaPlante </U></P>

<P>                                                                                                               Larry E. LaPlante, Vice President,</P>

<P>                                                                                                               Treasurer and Chief Financial Officer</P>

<P ALIGN="CENTER">-3-</P>

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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: February, 2000
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 Maine Public Service Company
Date of Report: February, 2000
Item 5(a)
Other Material Events - Maine Public Utilities Commission Approves Stipulation
Regarding Stranded Cost
Recovery
.
Reference is made to the Company's Form 10-Q, Part II, Legal Proceedings, Item 1(d) for the quarter ended September 30,
1999, and Form 8-K, Item 5(b) filed on December 1, 1999, in which the Company reported that a Stipulation resolving the
revenue requirements and rate design issues for the Company's Transmission and Distribution (T&D) utility had been
approved by the Maine Public Utilities Commission (MPUC). In its December 1, 1999 Order in Docket No. 98-577, the
MPUC approved certain stranded costs principles but lacked the information to determine the precise amount of stranded
cost recovery to be included in customer rates starting March 1, 2000, or the recovery period of the stranded costs.
On January 27, 2000, the MPUC approved a Stipulation in Phase II of Docket No. 98-577 that provided for the recovery in
rates of the Company's stranded investment. The major element of the Phase II Stipulation was the $12.5 million of
stranded investment recoverable annually beginning March 1, 2000. This revenue requirement includes a return on
unrecovered stranded investment based on the capital structure approved by the MPUC in its December 1, 1999 Order. The
approved capital structure will consist of 51% common equity with an authorized return on equity of 10.7%. The Phase II
Stipulation also allowed the Company to offset its unrecovered stranded investment in Seabrook by approximately $7
million, representing an amount equal to 35% of the available value from the sale of the generation assets. The parties to
the Phase II Stipulation also resolved several rate design issues, principally the elimination of the inclining block rate for
residential customers. In addition, the Company was granted several accounting orders incorporating certain accounting
methodologies used in determining the elements of stranded costs. The annual revenue requirement associated with the
recovery of stranded costs will be reviewed every two years.
With the award of the standard offer rate on November 18, 1999, and orders approving the Company's T&D rates and
stranded investment recovery rates described above, the MPUC has established all elements of customer rates effective
March 1, 2000, the beginning of deregulation in Maine. On average, our customers' rates will be reduced by approximately
6%.
-2-
Current Report, Form 8-K for Maine Public Service Company
Date of Report:  February, 2000
Item 5(b)
Other Material Events - Maine Public Utilities Commission Approves Common Stock Repurchase Program
.
Reference is made to the Company's Form 10-Q, Part II, Legal Proceedings, Item 1(d) for the quarter ended September 30,
1999, Form 8-K, Item 5(b) filed on December 1, 1999, and Item 5(a) above in which the Company reported that
stipulations resolving revenue requirements and rate design issues for transmission and distribution rates, as well as
stranded investment, have been approved by the Maine Public Utilities Commission (MPUC). In the Stipulations, approved
by the MPUC, the parties also agreed to a capital structure consisting of 51% common equity and 49% of debt. After
paying off debt with proceeds from the sale of the Company's generating assets, as required under the Company's mortgage
indentures, the Company projects that the percentage of common equity as a component in its capital structure would
exceed 51%.
In order to manage its capital structure to limit common equity to 51%, the MPUC, on November 17, 1999, approved the
Company's request to repurchase up to 500,000 shares of its common stock over a period of five years. The shares will be
repurchased through an open-market program. Previously over a five-year period from September, 1989 to September,
1994, the Company purchased 250,000 shares at a cost of $5.7 million, all of which are held in treasury shares, in order to
maintain the Company's capital structure at levels appropriate for an investor-owned electric utility.
MAINE PUBLIC SERVICE COMPANY
Registrant
Dated: February 8, 2000
/s/ Larry E. LaPlante
Larry E. LaPlante, Vice President,
Treasurer and Chief Financial Officer
-3-