Yesterday the NM Supreme Court granted PNM's Motion for Stay, allowing PNM to continue charging ratepayers for the operating costs of the San Juan Generating Station, including salaries and expenses, even though the plant has closed its doors.
Under the Energy Transition Act (ETA), in exchange for a bailout at the expense of ratepayers, PNM promised the legislators, the Court and the people that there would be customer savings when PNM abandoned San Juan. PNM failed on its promise and customers are still being charged, which is particularly harmful during these "inflationary" times when families are being squeezed by corporate price gouging from all directions.
When the ETA was proposed, we warned that the bill did not guarantee savings. The promised benefits were all dependent on the market, a variable outside of anyone's control, but the bill's proponents refused to hold the company accountable. PNM received a bailout from ratepayers and then hatched a plan to delay the promised savings for customers, potentially collecting up to $94M extra per year from New Mexico families. The PRC denied their brazen plan and ruled that a rate credit must be issued, but PNM once again refuses to respect their oversight.
All parties, even ETA proponents, were shocked by PNM's greed and came together to argue that PNM must comply with the PRC's ruling and issue a rate credit immediately, but the NM Supreme Court punted. PNM has offered to keep track of the San Juan related charges and deduct them from any future rate increases if the court ultimately rules against their appeal, hardly a financial assurance especially because it could mean that the refund won't come for another six years. In the meantime the company collects on every bill and earns interest on this unjust taking, and the people suffer.
PNM's MONOPOLY STRANGLEHOLD OVER NEW MEXICO FAMILIES MUST COME TO AN END!
The New Mexico legislature granted PNM and the other private utility companies a monopoly over our energy system, and they have the power to take it away. Why do these utilities continue to obstruct the adoption of solar and wind, despite the catastrophic drought, fire and floods that are already costing New Mexico billions?? Because once a solar panel or a wind turbine is installed, the sun and wind provide free energy for at least the next 25 years. Can you imagine a future without energy bills?? PNM doesn't want you to.
These private utility companies are draining New Mexicans dry, threatening our homes and loved ones with their addiction to fossil fuel profits, and proving again and again that they have no respect for our people or our laws.
Join New Energy Economy in demanding change! We must pass Local Choice Energy legislation this year.
IN THE NEWS
Court grants stay, delaying savings for PNM customers - SF New Mexican
NM Supreme Court presses pause on rate credits for PNM customers - NM Political Report