On Earth Day in 2019 we filed a motion asking the PRC to launch a formal investigation of Palo Verde nuclear leases. The investigation proved that compared to solar and wind, those 114MW of nuclear power were not cost effective. No other regular intervenor supported this, but a fab bunch of Indigenous groups and grassroots folks joined with New Energy Economy to demand that PNM do a comparative analysis between PNM's preferred nuclear acquisition versus other resources - the conclusion: solar outcompetes! PNM was forced to give up 114MW of Palo Verde nuclear and will replace these nuclear assets with the cheapest solar + storage it has ever procured!!!!!
PNM had to relinquish its lease of 114MW of Palo Verde nuclear and filed an application for abandonment. The Hearing Examiner upheld our position on their application, and yesterday so did the commission. Their order is the final nail in the coffin - the PRC affirms that the leases are a done deal. We've been working on this for three years and we thank you ALL for the trust and confidence. Finally! Thank YOU so much to Larry King and David Van Winkle for providing expert testimony. Your intelligence and courage helped make this happen.
There will be more to come. On September 8th the commissioners will hear arguments on PNM's ploy to stick ratepayers with almost $100M in Palo Verde losses through the creation of "regulatory assets" - a financial instrument that allows them to add costs to ratebase and collect interest. We believe we will win again, leading to $100M in financial savings for NM ratepayers. And ultimately we believe these decisions will help lead to the closure of the Palo Verde Generating Station.