No More Billion Dollar Bailouts for PNM!
PNM has filed a new Application to raise their rates an additional $123.5 million at the New Mexico Public Regulation Commission (NMPRC). This is a residential rate increase of 15.8%, over and above the 50% increase of rates from 2008-2014, while New Mexico real median household incomes have declined by 6.4% since 2008. As part of the newest increase request, PNM is asking for a 163% increase in the flat fee for residential ratepayers, hurting those who can least afford it.
In addition, PNM is attempting to sneak in the purchase of 64 MWs of nuclear power from Palo Verde Nuclear Generating Station, located in Arizona, send profits to Wall St. and charge us with exorbitant energy.
Why do we say sneak?
PNM has failed to abide the law that requires an analysis of:
- the most cost-effective resources;
- a risk assessment; and
- an evaluation of the resource on a “consistent and comparable basis” against “all feasible alternatives.”
In the last San Juan replacement power case PNM did an analysis but rigged the results. They got away with round 1 but they were beaten up for over a billion dollars of mistakes. In this rate case, PNM decided to dispense with those pesky ratepayer protection requirements and did “no financial analysis” whatsoever.
PNM is also trying to saddle us with a $580 million dollar take-or-pay coal contract at the Four Corners power plant.
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No Fracking Allowed in Sandoval County!
Overflow crowds create victory! Click here for more information.
Have you seen The Big Short?
This is New Mexico's version! PNM is doubling-down on nuclear from Arizona, that costs more than renewables, and guess what? PNM shareholders enjoy the profits and the public is left holding the bag for high cost electricity, risks and liabilities, including decommissioning, the Orwellian term meaning nuclear waste "clean-up"! Read on.