As a result of our persistence and unified strong position against PNM’s continued coal burning they announced some welcome news today. New plans among plant owners moves Four Corners Power Plant to seasonal operations beginning in the fall of 2023, reducing annual carbon emissions by 20% - 25%.
Of course this doesn’t address the elephant in the energy room: PNM did NO financial analysis before investing nearly a billion dollars in the non-performing climate altering Four Corners coal plant. The Supreme Court has already held with regard to PNM’s investment (in nuclear) that failure to perform a financial evaluation and comparison with other energy alternatives was a “fundamental flaw” and ratepayers should be “held harmless for the imprudent actions of utility management.” Yet PNM wants us to pay $300 million plus interest for their bad business decision to invest in Four Corners. We don’t think that’s fair! But in the meantime, they’ve already decided to “derate” the plant (partially closing it for seven months of the year) because of our strong unified advocacy. We like the direction this is going but this is not nearly enough: we want the plant closed and we don’t owe PNM shareholders a dime!