----- Forwarded Message ----- From: Camilla Feibelman, Rio Grande Chapter
<reply@xxxxxxxxxxxxxxxxxxxxx>To: "nmcheryl@xxxxxxxxx" <nmcheryl@xxxxxxxxx>Sent:
Wednesday, March 6, 2019, 7:33:28 AM MSTSubject: NM Senate votes TODAY on
carbon-free New Mexico
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| Dear Cheryl,
The New Mexico state Senate may vote on landmark climate legislation TODAY, and
your voice is key to passing it.
The Energy Transition Act lowers electric rates, provides significant
reinvestment in the Four Corners community, ensures San Juan coal plant is
retired, and creates a safety net for coal workers. It also requires 100%
carbon-free electricity from New Mexico's investor-owned utilities by 2045.
Labor and community groups like AFSCME, Building Trades and Somos Un Pueblo
Unido join the Sierra Club and other environmental groups in enthusiastic
support of the Energy Transition Act, but the bill's foes, like the hard-right
Rio Grande Foundation and the city of Farmington, which wants to keep San Juan
coal plant open, are making a lot of noise.
This legislation has passed two Senate committees and now heads to the Senate
floor for a vote -- as soon as tomorrow.
Your senator is a key vote. Please ask for a "YES" on SB489, the Energy
Transition Act. For greater impact, please edit the sample message to include
your own words about why you support clean energy.
Here's what the Energy Transition Act does:
-- Requires 50% renewable energy in New Mexico by 2030; 80% by 2040; and 100%
carbon-free energy by 2045. Those mandates are for our state's investor-owned
utilities (PNM, El Paso Electric and Southwestern Public Service). Co-ops get
five years longer to comply. That is huge progress toward protecting our
children from the biggest crisis facing humanity: climate change.
-- Stops the pollution from coal-fired San Juan Generating Station for good by
requiring that the facility meet pollution requirements that coal plants are
unable to meet. Without this legislation, there is a possibility that this
plant could remain open. No other bill or scenario requires the plant to stop
burning coal.
-- Provides significant reinvestment in the Four Corners community. This is why
this legislation exists. Low-rate financing of the costs customers are already
paying for San Juan creates funding to reinvest in workers and the community.
The Energy Transition Act directs $20 million to San Juan County economic
development and requires 450 MW of replacement power in the same school
district as the plant to replace the lost property taxes.
-- Provides a safety net for San Juan plant and mine workers. The ETA provides
another $20 million in severance payments and retraining for the plant and mine
workers. Again, securitization provides funding to ensure an equitable
transition for workers. Without this bill, there will be no means to take care
of employees who have worked hard to keep our lights on all these years. This
is unavailable at the PRC.
-- Lowers rates. Yes, the Energy Transition Act would LOWER your current PNM
bill. This is another benefit of securitization. This bill refinances costs you
are already paying if you're a PNM customer. You would continue to pay them
until 2053 if San Juan didn't close. If you're not a PNM customer, your rates
won't be affected -- except that more renewables will likely mean lower fuel
costs and lower bills.
When PNM or other utilities build plants and invest in them (for new equipment
or pollution controls, etc.), it's a bit like making a loan to ratepayers, and
the PRC authorizes PNM to put those costs into rates, plus a rate of return of
about 10%. The Energy Transition Act would allow PNM to sell low-interest bonds
to recoup the principle on its San Juan investments at about 3% instead of the
10% customers are currently paying. PNM gets its principle back but loses the
entire 10% return. That's a loss of about $16 million in profit yearly on this
deal.
-- It makes it much less likely that PNM will replace San Juan coal with gas.
The bill's renewables requirements make PNM much more likely to replace San
Juan coal power with renewable energy, but there's also language in the bill
requiring replacement power to be the most environmentally friendly and
cost-competitive option, meaning the PRC is more likely to reject gas as a
replacement source if the Energy Transition Act passes.
Please email your state senator today to ask for a "YES" on SB489, the Energy
Transition Act, and a better future for New Mexico families.
Thanks for being part of a big moment of hope for New Mexico and future
generations.
Camilla Feibelman
Sierra Club Rio Grande Chapter director
505-715-8388, riogrande.chapter@xxxxxxxxxxxxxx
P.S.: Have questions about the Energy Transition Act and want to learn more?
I'm doing a webinar at noon today, Wednesday. Register here. |
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| Sierra Club Rio Grande Chapter |
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This email was sent to: nmcheryl@xxxxxxxxx
This email was sent by the Sierra Club Rio Grande Chapter
1807 Second St, Unit 45 Santa Fe, NM 87505
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