May 24, 2021 Read More →

PNM sale of Four Corners draws fire as financial, environmental loser

Santa Fe New Mexican:

Many environmental groups and other organizations say Public Service Company of New Mexico should get out of the pollution-spewing Four Corners Power Plant — but not the way the utility has proposed.

PNM’s agreement to transfer its share of the coal-fired plant to Farmington-based Navajo Transitional Energy Co. is worse than the status quo, they contend. They argue customers and shareholders will pay the tab, additional expenses will arise to procure replacement energy and, after all that, Four Corners will stay open and keep polluting.

A PNM executive, on the other hand, calls it an excellent deal for all involved.

“I see it as a win-win-win-win-win for all parties,” said Tom Fallgren, a PNM vice president. He generally described the groups’ criticisms of the deal as unfair or poorly informed. He said one of the criticisms — that PNM has agreed not to vote for closure of the plant before leaving it at the end of 2024 — is “very standard contract language.”

It might be hard to find viewpoints more contrasting than those of PNM and organizations that oppose the transfer of its shares of the Four Corners Power Plant. The New Mexico Public Regulation Commission is expected to consider the proposal this summer.

[Rick Ruggles]

More: PNM proposal to pull out of coal-fired Four Corners plant contested

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