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:  November, 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                            November, 1997


Item 5.   Other Material Events - Company Files for Annual Increase in
          Retail Rates Pursuant to Previously Approved Rate Plan

          In the Company's Form 10-K for December 31, 1996, the Company
          described the rate stabilization plan approved by the Maine
          Public Utilities Commission (MPUC) in Docket No. 95-052 in
          November, 1995.  In addition, in the Company's Form 10-Q for
          the quarter ended September 30, 1997, the decision by the
          Maine Yankee Board of Directors to close the nuclear
          generating facility and the impact of that closure on the
          Company's rate plan and financial covenants was also presented
          in detail.

          Amendments to the Company's revolving credit agreement and
          letter of credit and reimbursement agreement supporting the
          tax exempt bond issue only exclude Maine Yankee incremental
          replacement power costs through September 30, 1997.  Without
          these amendments, the Company would have been in violation of
          interest coverage tests on these instruments.  Interest
          coverage tests for the periods after September 30, 1997 will
          include Maine Yankee replacement power costs.  Based on
          projected 1997 financial results, it is likely that the
          Company will be in violation of its coverage tests at the end
          of 1997, without similar amendments or waivers from the Banks
          providing the revolving credit agreement and letter of credit. 
          The Company and the Banks have discussed additional amendments
          to the interest coverage tests.  However, the Banks are
          waiting for the MPUC's decisions on the restructured
          Wheelabrator-Sherman agreement and the Company's February 1,
          1998 rate increase pursuant to the rate plan as discussed
          below.  The Company cannot predict the terms of these
          additional amendments to the interest coverage tests, but is
          working with the Banks to reach a resolution.

          On November 13, 1997, the Company filed with the MPUC its
          annual rate increase pursuant to the Company's rate plan.  The
          filing supports an increase in retail rates of 7.6% effective
          February 1, 1998.  This increase consists of the following
          elements:

          -    2.75% specified annual increase provided in the rate
               plan;
          -    2.22% increase for 50% of the Maine Yankee replacement
               power costs in accordance with the Maine Yankee plant
               outage provisions of the rate plan; and
          -    2.63% increase in accordance with the profit-sharing
               mechanism of the rate plan since earnings for the review
               period, i.e. the twelve months ended September 30, 1997,
               were more than 300 basis points below the target return
               on equity.

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

          The Company expects a decision by the end of January, 1998. 
          However, the MPUC has commenced an investigation of the
          prudence of the Maine Yankee shutdown decision and of the
          operation of Maine Yankee prior to the shutdown, as more fully
          explained in the Form 10-Q for the quarter ended September 30,
          1997.  The Company has appealed to the Maine Supreme Judicial
          Court the question of whether the MPUC has jurisdiction over
          this subject matter, which the Company believes to rest
          exclusively with the Federal Energy Regulatory Commission. 
          The Company cannot predict the outcome of legal challenges to
          the investigation nor predict the effect of this investigation
          on the MPUC's review of the Company's rate plan filing for the
          February 1, 1998 increase.

          If the Company's earnings provided under the rate plan are not
          sufficient to satisfy its interest coverage tests and other
          obligations, the Company will likely seek an emergency rate
          increase.  In addition, the Company will review all cash
          expenditures, including its dividends on the Company's common
          stock.


                                   MAINE PUBLIC SERVICE COMPANY
                                             Registrant



Dated:  November 19, 1997           /s/  Larry E. LaPlante             
                                   Larry E. LaPlante, Vice President
                                   Finance, Administration and Treasurer