A Very Clear Description of PNM’s Proposal to steal $353M from Rate Payers, i.e. YOU

By paulgibson51 on January 20, 2018 • ( 0 )

PNM masks their thievery in gold plating to make a bad deal seem ok. And right now they are trying to sell a real bill of goods at the Roundhouse. You have to read this and we need you to take actions. $353M is a lot to pay….for the right to get screwed.

Events & Opportunities Alert

Retake Launches its Two-Prong 2018-19 Roundhouse Strategy TODAY!. We retook the Roundhouse. We have a plan to put it to work for us. See Sunday’s blog or come to the Progress NowNM Progressive Summit in ABQ at the Convention Center. We present at 10 Saturday morning. In addition to our presentation, there will be presentations from Olé, Planned Parenthood, Sierra Club, NM Conservation Voters, Prosperity Works, and many more progressive heroes. There will be deep dives into immigration, economic development, access to reproductive health, fracking, Chaco Canyon, money in politics and more. In addition, Democratic Gov. and Lt. Gov. candidates will be on hand for a lunch conversation. Only $12 and a great series of breakouts. Click here for info on the Summit, the Women’s March and other events and actions coming this week.

PNM Is At It Again. A Brief, Clear Explanation and then Some Simple Asks

Recently I promised more guest blogs and now one from Mariel Nanasi from New Energy Economy. I didn’t change a word. But before I pass the baton, one piece of information to put all this in context. Right now the Legislature and the Governor are squabbling over how to divvy up $200-$300M in unexpected revenue. PNM’s SB47- introduced by DEMOCRAT Jacob Candelaria would give PNM $353M for absolutely nothing. Read on.

A new bill before the state legislature would require New Mexico ratepayers—that’s you and me— to give PNM an incredible $353 million to compensate their for their poor business decisions. You read that right. They want to keep hundreds of millions in profits, while you and I pay for their mistakes.

And we have just a 3 1/2 weeks to stop it. Please sign this petition to oppose this outrageous corporate welfare bill, SB47 “PNM’s Energy Redevelopment Bond Act”. And forward this email to everyone you know.

The backstory.

PNM invested hundreds of millions in the toxic San Juan coal plant which contributes to climate change, pollutes the air and water, and generates some $30 million in annual health care costs like asthma and heart disease.

Now that the plant is closing— because coal is not cost-effective for consumers and PNM has decided they can make more money by closing it— they want New Mexico ratepayers to foot the bill for all of the $353 million they claim they would have made had the plant stayed open.

What part of that is fair?

It gets worse.

Bill SB47 would give PNM a monopoly on owning all future energy sources to replace the coal plant, including wind and solar. This virtually guarantees that you will pay more to PNM because there will be no open competition from other businesses or opportunities for job creation by those businesses.

That’s not even the worst part… there already is a process in place to determine compensation to PNM for their losses up to 50% through the PRC (New Mexico Public Regulation Commission).

This bill is an end-run around that process so PNM can get 100% of their supposed lost future revenue from ratepayers, and avoid having to divulge other information that might help us in a just transition that considers other impacts on workers, toxic clean up, etc…

Please help us stop this terrible bill by going to our home page and clicking on the banner: ACTION ALERT: STOP PNM’S PROPOSED SAN JUAN BAILOUT and consider doing three things:

1. Sign the petition on line.

2. Print out the letter to Legislators and sign it. Print out a couple more copies and ask your friends to sign them. Bring the signed letters into the office, 343 East Alameda, and we will deliver a stack as we gather hundreds of letters.

3. Volunteer – go to the legislature and let the legislators know how you feel, how you really, really feel about PNM’s corporate welfare bill. Call Miguel, who is coordinating this effort, at 505-989-7262.

Please sign now—we can stop this corporate giveaway and ensure a transition off of coal to solar and wind that is actually fair to ratepayers, our neighbors and workers!

Thank you Mariel. I would ask one more action while you are at it and while you have such a clear expression of what is wrong with this bill. Speaker Egolf and Sen. Wirth each have but one vote, but you’d best know that both of these elected officials have a good deal more influence than just in their one vote. So let them know that this one is important and we are paying attention. Contact info below.

In solidarity,

Paul & Roxanne….if you make it to the Summit, stop by and say hi!

CALL TO ACTION

Call, Email, Visit Democratic Party Leadership below. Tell them you do not want Democrats to allow PNM to circumvent PRC governance. You do not want to award PNM any compensation for SJ until a needs assessment for the region is completed and clear, specific commitments are made in relation to future replacement power. While you are at it, contact Jacob Candelaria the bill sponsor.

Speaker Brian Egolf: Visit him in RM 104 at the Roundhouse AND call/email. Office Phone: (505) 986-4782 Email: brian.egolf@nmlegis.gov

Sen. Peter Wirth: Capitol Phone: 986-4727, Capitol Room: 119, Office Phone: (505) 988-1668. Email: peter.wirth@nmlegis.gov