Pricing Supplement No. 1    Dated June 17, 1998                   Rule 424(b)(3)
                                                              File No. 333-35235
(To Prospectus dated February 17, 1998)

CENTRAL MAINE POWER COMPANY

Medium-Term Notes, Series D
(Floating Rate)
  THESE SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED BY THE SECURITIES AND
  EXCHANGE  COMMISSION  OR  ANY  STATE  SECURITIES  COMMISSION  NOR  HAS  THE
  SECURITIES  AND  EXCHANGE  COMMISSION  OR ANY STATE  SECURITIES  COMMISSION
  PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PRICING SUPPLEMENT OR THE
  PROSPECTUS TO WHICH IT RELATES. ANY REPRESENTATION TO THE CONTRARY IS A
  CRIMINAL OFFENSE.

Principal Amount:     $10,000,000        Initial Interest Rate       5.95234%
Issue Price:          $10,000,000
                                         Base Rate:           1-mo. LIBOR + .30%
Trade Date:            June 15, 1998     Federal Funds Rate   Prime Rate
Original Issue Date:   June 18, 1998     Treasury Rate        Other (see att.)
Maturity Date:         June 18, 1999     Commercial Paper Rate
Form: X Book-Entry
        Certified   Interest Reset Period  Daily       Weekly         X Monthly
        Both                               Quarterly   Semi-Annually    Annually
Interest Determination Dates: Two London business days    Spread (+/-):   + .30%
                               before interest payment    Spread Multiplier:
                               date                       Alternate Rate Event
Interest Payment Period:      Monthly                     Spread
Interest Payment Dates:       1st of each month           Maximum Interest Rate:
                                                          Minimum Interest Rate:
Index Maturity:     Monthly
Redemption:
                The Notes cannot be redeemed prior to maturity
         X      The Notes may be redeemed prior to maturity

                     Redemption                                     Redemption
                       Date(s)                                        Price(s)
   12/1/98 and each payment date thereafter w/30 days notice           Par
Repayment:
         X      The Notes  cannot be repaid  prior to  maturity at the option of
                the holders thereof
                The Notes may be repaid prior to maturity at the option of the
                holders thereof

                     Redemption                                     Redemption
                       Date(s)                                        Price(s)

Original Issue Discount Note:         Yes          X   No
         Total Amount of OID:
         Yield to Maturity:
         Initial Accrual Period:

         As of the date of the  issuance of the Series D Notes  covered  hereby,
after giving  effect to the  issuance  thereof,  and after giving  effect to the
principal  amount of any  Medium-Term  Notes being  concurrently  or theretofore
issued or retired (including, without limitation, any Series A, Series B, Series
C and any Series D Notes),  there will be $150  million in  aggregate  principal
amount of the Company's Medium-Term Notes (including, without limitation, Series
A Notes, Series B Notes, Series C and the Series D Notes) outstanding.