SECURITIES AND EXCHANGE COMMISSION

                                Washington, D.C. 20549


                                       FORM 8-K


                                    CURRENT REPORT


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



          Date of Report (Date of earliest event reported):January 27, 1995



                             CENTRAL MAINE POWER COMPANY
                (Exact name of registrant as specified in its charter)




               Maine                 1-5139          01-0042740
          (State of Incorporation)   (Commission     (IRS Employer
                                     File Number)    Identification Number)




                        83 Edison Drive, Augusta, Maine 04336
                 (Address of principal executive offices) (zip code)



          Registrant's telephone number, including area code:(207) 623-3521





          Item 1. through Item 4.  Not applicable.

          Item 5.  Other Events.

             As previously reported, on December 20, 1994, the Maine Public
          Utilities  Commission  ( MPUC )  voted  unanimously  to  adopt  a
          stipulated five-year alternative rate plan ( ARP )  applicable to
          the Company, effective January 1, 1995.  On January 10, 1995, the
          MPUC  issued  its   Detailed  Opinion  and  Subsidiary  Findings 
          formally adopting the ARP.

             The ARP contains an inflation-indexed  price cap, an offset to
          reflect  productivity gains,  provisions for  pricing flexibility
          for  the  Company  within the  price  cap  to  assist in  meeting
          competition  for segments  of its  customer base,  mechanisms for
          sharing risks and savings between ratepayers and the Company, and
          other terms  that had been negotiated by  the parties to the MPUC
          ARP proceeding.  The terms of the ARP also require the Company to
          take certain charges to 1994 earnings.

             On  January  27, 1995,  the  Company  announced its  financial
          results  for 1994.    As a  result  of  the charges  to  earnings
          required by the ARP, the Company reported a loss of $33.8 million
          ($1.04 per  share) for the year.   The charges  to earnings total
          $100.4  million, before income taxes, and representing write-offs
          of: (1)  the unrecovered balance  of the Company s  deferred fuel
          and  purchased-power costs as of December 31, 1994, in the amount
          of $58.6 million; (2) the unrecovered balance of deferred demand-
          side  management costs for 1993  and 1994 in  the amount of $14.9
          million; (3) the unrecovered balance of deferred Electric Revenue
          Adjustment Mechanism (ERAM) revenues as of  December 31, 1994, in
          the amount of $24.3  million; and (4) the unrecovered  balance of
          deferred costs related to the possible extension of the operating
          life of one of  the Company s generating stations, in  the amount
          of $2.6 million.

             The  Company s electric  operating  revenues for  1994 totaled
          $904.9 million, up from  $893.6 million in 1993.   Total service-
          area  electricity sales for the Company in 1994 were 9.17 billion
          kilowatt-hours ( kwh ), down 0.5  percent from 1993.  Residential
          sales decreased  by 0.9 percent  to 2.86 billion  kwh, commercial
          sales   increased  by  2.2  percent  to  2.44  billion  kwh,  and
          industrial sales decreased  by 1.9 percent  to 3.72 billion  kwh.
          Non-territorial sales  rose substantially from the  1993 level to
          1.21 billion kwh.

             Although the ARP was broadly supported in the MPUC proceeding,
          the ARP remains subject to the possibility of  appeal.

          Item 6. through Item 8.  Not applicable.





                                      SIGNATURE


             Pursuant to the requirements of the Securities Exchange Act of
          1934, the registrant has duly caused this report to be signed on
          its behalf by the undersigned thereunto duly authorized.



                                    CENTRAL MAINE POWER COMPANY




                                    By                                   
                                      R. S. Howe, Comptroller


          Dated: January 27, 1995