On Monday New Energy Economy asked the NM Supreme Court to reconsider it's decision to grant PNM’s Motion for Stay, a decision that will allow PNM to gouge ratepayers by continuing to collect indefinitely on fictional costs from customers for the no longer operating San Juan coal plant. Our petition asks the court to consider the regulatory train wreck that could result in overcharges of almost $100,000,000 per year for at least six to eight years.
The Hearing Examiners and the PRC agreed that PNM’s decision not to issue rate credits violated the ETA and the Financing Order, and would result in illegal windfall profits at the expense of New Mexican families. The simple logic underlying the PRC’s order was that if PNM is no longer incurring the almost $100,000,000/year in SJGS operating costs, PNM must stop collecting those costs from customers.
We are asking the Supreme Court to review its decision to stay the PRC’s requirement that PNM stop collecting on phantom costs at a closed coal plant. PNM’s claim that this is all a misunderstanding is fictitious. Let’s call it what it is: pure greed and windfall profit without ‘costs’ at the expense of New Mexicans.