Today’s PRC decision to deny the PNM-Avangrid merger shows just how important advocacy is and that your voice matters. Now we can turn our attention to the Roundhouse and the 2022 legislative session. And the PRC now turns its attention to Four Corners.
The Hearing Decision
The PRC vote was 5-0 to reject the PNM-Avangrid merger! I hope you all realize what a huge win this is. And the odds were stacked against us, with Democratic leadership, including the Governor, the Attorney General, several legislators, and faux environmental organizations like Western Resources Advocates and Conservation Voters New Mexico all lined up behind the merger.
While we owe this win to New Energy Economy for their courageous leadership, we also owe it to PNM/Avangrid/Iberdrola’s hubris, disregard for the regulatory process, and a long history of poor utility management, and corruption. We won. The people of New Mexico won. Thank you to all of you who raised your voice!
Four Corners Being Heard by PRC Now!
What is at stake? After more than 60 years, PNM is proposing to “abandon” its shares in the Four Corners Coal Power Plant (FCPP). But instead of supporting the closure of the plant, PNM is paying $75M to Navajo Transitional Energy Company (NTEC) to take over its shares and NTEC plans to keep the plant operating. This isn’t the first time PNM has prolonged the life of the coal plant. While El Paso Electric did a financial analysis and made a wise decision in 2013 to get out of the plant, PNM recklessly reinvested nearly $1 billion without a financial analysis, causing the coal plant to remain open. Now their planned sale of ownership shares could again prevent closure of FCPP, and PNM wants a $300M bailout from ratepayers for their poor management decisions.
The PRC Hearing Examiner recommended approval of the plan, ignoring experts who predict early closure if the transfer is denied, and proposing postponement of a previously agreed prudence review of PNM’s investments in the plant until the next rate case. This is a legally untenable solution that is likely to leave ratepayers holding the bag for PNM’s losses – an economic injustice that will affect rates for more than 25 years.
If you want to view that hearing, click here. It begins at 4 p.m. today (Dec. 8).
Join us tonight to kick off our 2022 Roundhouse Advocacy
Kick-Off Legislative Strategy Huddle, Weds., December 8, 6-7pm. Learn about the bills we will support and those we may oppose. Also find out how you can be part of the Retake legislative advocacy strategy, including organizing Constituent-Legislator Conversations before the Session begins. This is a crucial huddle as we prepare for the Session that begins Jan. 18. Click here to register.
After our Zoom tonight, Roxanne and I are taking a few days off to focus on preparing for the coming Session. So no posts for a bit.
In solidarity & hope
Paul & Roxanne