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The Status Quo Cannot Stand
April 17, 2019 @ 5:30 pm - 7:00 pm MDT
Legislative Debrief & Discussion on upcoming regulatory and judicial actions
Join us at El Museo Cultural de Santa Fe next Wednesday to discuss how it all went down at the Roundhouse this legislative session. Hear about the steps we are taking this Spring to address climate disruption and fight for justice in the wake of newly enacted energy policy that limits our toolset for building energy democracy.
This event is free and open to the public. Light refreshments and snacks will be served.
May 6 – Corporate Monopoly Expansion v. Fair Competition
New Energy Economy Argues Before NM Supreme Court Hearing to End Bid-Rigging Practice on Renewable Energy Projects
Join us at the Supreme Court for our argument on May 6th at 1:00PM, corner of Don Gaspar & Alameda. New Energy Economy will ask the Supreme Court to reject PNM’s bid rigging for renewable energy procurement which is unfair and anti-competitive, violates PRC precedent, results in higher energy costs for consumers, and quashes the renewable energy economy in NM.
New Energy Economy is one of the strongest advocates of renewable energy in the state, but was forced to oppose PNM’s solar project because PNM rigged its bidding process, allowing them to self-select and own the solar despite the higher cost. Our expert stated, and the PRC Hearing Examiner agreed, that the process was rigged, unfair, anti-competitive and exclusionary.
PNM sought to expand its monopoly and own all the solar so that it could charge ratepayers more for:
- Their solar generated electricity; and
- Earn profit of 9.575% “return on equity” on an annual basis on the solar equipment (asset);
- And, in a novel new theory, earn profit of 9.575% “return on equity” annually on the land (a separate asset) on which the solar was located.
PNM’s padding resulted in 49% higher cost than if an independent power producer had been selected to build the same solar for us. Higher PNM costs are not in the public interest because PNM’s ownership solely benefits PNM’s senior management and Wall St. shareholders.