In this update:
On Friday, February 8, 2019 - 1:30 P.M. - Room 309 (third floor) of the State Capitol, HB-210 Community Solar Act is FIRST ON THE AGENDA before the House Judiciary Committee
New Energy Economy anticipates PNM is coming back for a >$400M Bail Out (Bill introduced, today!) - Help cover costs for our ad in this week's Santa Fe Reporter
COMMUNITY SOLAR ACT - 2nd Committee Hearing is Tomorrow, 2/8/19
When: Friday, February 8, 2019 - 1:30 P.M. Where: Room 309 (third floor) of the State Capitol What: HB-210 Community Solar Act is FIRST ON THE AGENDA in House Judiciary Committee
If you are unable to make it in person, please read on for opportunities to take action, today.
Read over the materials linked below. Pick from the facts and information those pieces that resonate with your passion, and make calls, write handwritten letters, or send personal emails to the committee members.
Tomorrow, at the hearing, we are only requesting a small number of New Energy Advocates to speak (this is done in respect of the efforts by legislators to address their voluminous schedule.) but please stand with your yellow "100% Renewable New Mexico" stickers when Mariel speaks on behalf of New Energy Economy. We will have stickers for everyone to wear.
Here is contact information of members of the House Judiciary Committee. Please copy firstname.lastname@example.org on your advocacy emails.
HOUSE JUDICIARY COMMITTEE
Dist. 18 - Gail Chasey-D, Chair 505-986-4411, Rm. 308A
Dist. 23 - Daymon Ely-D, Vice Chair 505-986-4332, Rm. 413F
Dist. 6 - Eliseo Lee Alcon-D 986-4415, Rm. 314A
Dist. 17 – Deborah A. Armstrong-D 986-4344, Rm. 312B
Dist. 33 – Micaela Lara Cadena-D 986-4210, Rm. 204B
Dist. 43 – Christine Chandler-D 986-4226, Rm. 203B
Dist. 56 – Zachary Cook-R 986-4243, Rm. 205A
Dist. 47 – Brian Egolf-D 986-4782, Rm. 104
Dist. 15 - Dayan Hochman-Vigil-D 505-986-4336, Rm. 203DN
Dist. 26 - Georgene Louis-D 505-986-4329, Rm. 306A
Dist. 50 – Matthew McQueen-D 986-4423, Rm. 316A
Committee Emails: email@example.com, firstname.lastname@example.org, email@example.com, firstname.lastname@example.org, email@example.com, firstname.lastname@example.org, email@example.com, firstname.lastname@example.org, email@example.com, firstname.lastname@example.org, email@example.com
Truth & Consequences How we protect New Mexicans against a PNM Bailout
New Energy Economy is backing a platform of tremendous legislation that breaks open the renewable energy economy and accomplishes the serious work we must do to confront climate devastation. Also, there is one bill in particular we expect to be opposing. The PNM Bailout Bill, aka Energy Transition Act, has been introduced today, but is only available to insiders, and should be available to the public on the morning of 2/8/19.
On its face, securitization sounds like a beneficial financial tool that gives utilities a mechanism for recouping their investment at a lower interest rate, before their polluting power plants' "useful lifespans" are over.
The coal-fired San Juan Generating Station belched to life in 1973 and has been poisoning the air, land, water, and people of New Mexico ever since. PNM's Wall Street shareholders insist they should be paid for hundreds of millions in anticipated earnings and profits, which they expected to be making by operating the plant through 2053. They want ratepayers to pay for these anticipated profits despite the fact that they have been paid a risk premium, or return on equity of 10% annually, in anticipation of just such an "early" retirement.
PNM is seeking 100% cost recovery for their anticipated earnings of $320M entirely from ratepayers, even though the plant will literally produce no electricity for ratepayers. (The reason we say more than $400 million is that we expect the forthcoming PNM bailout bill will include clean up costs and other related liabilities.)
We will carefully examine the legislation and share with you our final determination if the bill must be defeated or shows potential for being amended to accomplish beneficial goals for New Mexico, like helping the communities and environment around Shiprock, NM recover from generational impacts of the coal plant.
For now, see our ad in this week's issue of the Santa Fe Reporter and take the quiz!
We cannot do any of this work without your support. Please help us continue being effective advocates for the just transition to 100% renewable energy by making sustaining donation to New Energy Economy.