School of Economics
The state of Maine is a regional leader in renewable energy production and highly ranked nationally in proportion of renewable energy consumed. Maine is 3rd in the nation for highest percentage of renewable energy consumption as a share of state total (Maine State Energy Profile 2019). However, 61% of all primary energy consumed in Maine in 2017 was from non-renewable sources, about half of which were petroleum products. Because Maine does not have oil and natural gas reserves, it is reliant on oil and natural gas imports. This causes Maine to be subject to the volatility of national and world oil and natural gas prices. Striving towards developing the state’s renewable energy resources, such as offshore wind and solar, may help alleviate some of that volatility and drive down expenditure costs.
Pominova, Mariya and Rubin, Jonathan, "Maine Energy Overview" (2020). Economic Development. 15.