PNM Shareholders Rally

PNM Shareholders Rally

Tuesday, May 16, 2017

8:00am

414 Silver Ave SW #4

Albuquerque, NM 87102

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PNM has pushed rates more than 50% higher on its residential customers from 2008-2014, including an additional 9.5% non-fuel rate increase in October 2016, PNM’s ongoing after tax profits rose 461% from 2008 to 2014 – and its stock price rose 194%. Over the same time period median income for New Mexicans decreased by 6%. Simultaneously, PNM disconnected the electricity of 22,485 New Mexicans in 2014. Less than a year later PNM and the other parties have agreed to squeeze another 9% revenue increase from ratepayers.
 
All this is as a result of PNM's reliance on coal and nuclear, 80%. Old dirty behemoths that spew toxins into the air, poison water, create toxic waste and threaten the survivability of humanity and the world as we know it. 
 
In this recent rate case, PNM is asking ratepayers to foot the bill for $150 million dollars of capital expenditures at the 50-year old Four Corners coal plant, even though it provided no financial analysis to show that its investment in Four Corners Coal Plant is justified, substantiated, supported or cost-effective. The law requires that utilities demonstrate, through a meaningful financial analysis, that major capital expenditures are cost-effective and to the benefit of ratepayers.  PNM, the Attorney General and PRC staff have reached a settlement under which PNM will be permitted to collect reimbursement for the $150 million without any showing that it benefits ratepayers.
Its egregious that PNM would seek cost recovery from ratepayers without any showing that there is benefit to them.  And it is simply outrageous that Hector Balderas, the law enforcement officer for the State of New Mexico whose duty it is to protect ratepayers from a utility’s overreaching, and the PRC Staff, who are suppose to ‘balance the interests of ratepayers and the utilities’, would go for such a ‘deal’ (just to avoid litigation), allowing a heavy and unjustified burden on New Mexican families. The only reason ratepayers will see their rates rise again by $150 million without financial justification is because the powers that be let them PNM get away with this robbery!
PNM specializes in privatizing profits and socializing loss and risk. That’s the naked reality. The real question is: will the PRC Commissioners allow PNM to get away with its unsubstantiated claims that rob ratepayers? 
WHEN?
May 16, 2017 at 8am - 11am
WHERE
PNM Resources Inc
414 Silver Ave SW
#4
Albuquerque, NM 87102
United States
Google map and directions
CONTACT
Jessica Montoya · · (505) 989-7262
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