New Mexico PRC: Help Save AND Create Jobs
New Mexico needs to keep jobs and create new jobs.
If the New Mexico Public Regulation Commission rejects PNM's request for a Conditional Certificate of Public Convenience and Necessity for San Juan Unit 4, more than 700 New Mexicans will lose their jobs at the generation plant and coal mine. This equates to a loss of $100 million in annual payroll to our state, and take a toll on the service-based businesses that rely on PNM's employees and the company's purchases. Additionally, it's a potential loss of more than $31 million annually in state and local taxes.
The negative consequences of rejecting PNM's request for the Conditional CCN reach far beyond direct job loss in the Farmington region, however. It would also damage our state's efforts to put New Mexicans back to work and negatively affect the future of the Albuquerque metropolitan area.
For the last few years, New Mexico's Governor and Legislature have worked together to pass a series of laws to improve New Mexico's ability to recruit manufacturers and other employers. For example, legislation enacted in 2015 allows utilities to offer an economic development incentive rate to expanding employers, an important tool that other states have used against us to create jobs for their residents. Rejection of PNM's request would render worthless this critical legislation, designed to boost the state economy and get New Mexicans back to work.
In addition to higher commercial electric rates, it is anticipated that PNM's residential electric rates will increase more than double what they would under PNM's plan if the PRC rejects PNM's request. It could unnecessarily raise PNM's costs and could prevent PNM from being able to offer discounted rates, which is critical to economic development and the recruitment of new employers. It also will likely lead to a shutdown of all San Juan generation, which is the backbone of PNM's system and its cheapest source of power. The company will have to replace coal generation with expensive generation sources. This will mean much higher electric bills for Albuquerque businesses and create financial hardship for many residents.
I urge you to protect job creation in Albuquerque and New Mexico and grant PNM's request for a Conditional CCN for San Juan Unit 4.
Albuquerque Economic Development, Inc.
Albuquerque Hispano Chamber of Commerce
Associated Builders and Contractors of New Mexico
Associated General Contractors of New Mexico
Commercial Association of Realtors of New Mexico
Commercial Real Estate Development Association – New Mexico
Economic Forum of Albuquerque
Estancia Valley Economic Development Association
Greater Albuquerque Chamber of Commerce
Home Builders Association of Central New Mexico
NAIOP, the Commercial Real Estate Development Association
New Mexico Association of Commerce and Industry
Realtors Association of New Mexico
Sandoval Economic Alliance