fbpx

ETA credits lighten PNM bills for 2024

ETA credits lighten PNM bills for 2024

If you’re a PNM customer, check the line item on your bill titled “San Juan ETA Settlement Credit” for a credit of around $9. The credits come as compensation for PNM’s delay in issuing Energy Transition bonds to refinance debt customers had been paying for San Juan Generating Station. Instead of issuing the low-interest bonds when the coal plant closed, PNM continued to collect its 10% rate of return on the debt from customers. The Public Regulation Commission in 2022 ordered PNM to credit customers to reflect the savings the bonds would have brought, but PNM appealed and won a stay at the state Supreme Court.

Energy Transition Act Delivers $115 Million Back to PNM Customers

Energy Transition Act Delivers $115 Million Back to PNM Customers

PNM agreed today to deliver $115 million back to PNM customers in a settlement agreement with advocacy groups. These savings come from switching from expensive coal to solar with battery storage and from expected savings from Energy Transition Act bonds. PNM should have issued bonds when the coal-fired San Juan Generating Station closed in September. The bonds were meant to refinance PNM’s previous investments in the plant that customers would otherwise still have to pay off after the plant was no longer producing electricity.

NM Supreme Court Rules ETA Constitutional

NM Supreme Court Rules ETA Constitutional

The New Mexico Supreme Court today rejected New Energy Economy’s challenges to the constitutionality of the Energy Transition Act (ETA) and upheld the New Mexico Public Regulation Commission (PRC) decision relating to the coal-fired San Juan Generating Station. These rulings end months of delays in sending transition funds to communities and issuing bonds that will reduce customer costs.

PNM cites ETA in proposing 100% solar and storage to replace nuclear

PNM cites ETA in proposing 100% solar and storage to replace nuclear

After announcing it would drop one of its leases in the Palo Verde Nuclear plant last year, this month PNM proposed replacing the energy with 100% solar and battery. In support of its proposal, PNM cited the Energy Transition Act’s requirements and the Public Regulation Commission’s decision last year to choose a 100% solar/storage proposal rather than PNM’s favored gas-inclusive replacement scenario for San Juan Generating Station coal. The replacement proposal will need to be approved by the commission.

Sierra Club Rio Grande Chapter statement on Supreme Court ruling on the Energy Transition Act

Sierra Club Rio Grande Chapter statement on Supreme Court ruling on the Energy Transition Act

Our members and supporters have worked hard to ensure a speedy transition to renewables in the light of the climate crisis and a just transition for workers and communities as the coal economy collapses. The Energy Transition Act represented an innovative path forward supported by the public, the legislature, the Governor, the Navajo Nation, and now the Supreme Court.