Statement on Avangrid purchase of PNM Resources

For immediate release: October 21, 2020

Camilla Feibelman, camilla.feibelman@sierraclub.org, 505.715.8388
Ben Shelton, ben@cvnm.org, 505.467.9480
Mike Eisenfeld, mike@sanjuancitizens.org, 505.360.8994

Statement on Avangrid purchase of PNM Resources

In response to Wednesday’s news of the planned acquisition of PNM Resources by Avangrid, community groups release the following statements:

“We look forward to more details on how Avangrid intends to invest in significant renewable energy innovation in the Four Corners region, in line with PNM’s current actions in accordance with the Energy Transition Act,” said Mike Eisenfeld, Energy and Climate Program Manager of San Juan Citizens Alliance. “Our expectation is that retiring coal plants require comprehensive transition planning with renewable energy replacement that provides investment for the community and workers.”

“Front and center is the opportunity to protect and manage water sources in the Four Corners region, said Nicole Horseherder of To Nizhoni Ani, Navajo Nation. “A transition to solar, wind, renewable, clean-energy investments helps eliminate the waste and misuse of water. Precious water sources have been used to feed giant power-plants all over the Four Corners region for over half a century. These water sources are limited and have been compromised in many regions.”

“New Mexicans are committed to a clean-energy future, and the Energy Transition Act will ensure New Mexico is a clean-energy leader,” said Noah Long, Western Director of NRDC’s Climate and Clean Energy Program. “It’s reasonable for New Mexicans to hope and expect that this transaction only accelerates investments and job opportunities in New Mexico’s renewable energy resources.”

“We urge Avangrid to commit to a complete cleanup of San Juan and Four Corners coal plant and a reinvestment into a long-term renewable economy for the communities that have sacrificed for PNM’s profits,” said Sierra Club Rio Grande Chapter Director Camilla Feibelman. “Retiring Four Corners and replacing it with solar and wind would save ratepayers about $97 million, according to a 2020 report by Strategen for Sierra Club. Avangrid could demonstrate its commitment to New Mexico by investing its own resources to back up the community funding created by the Energy Transition Act.”

“Between Avangrid’s acquisition of PNM and JP Morgan’s acquisition of El Paso Electric, New Mexico’s consumer energy markets appear to be of interest to global companies,” said Lucas Herndon, Energy and Policy Director of ProgressNow New Mexico. “We know that’s because the state is taking bold steps forward toward a renewable energy future and companies are excited to be a part of that.”

“Avangrid is one of the world’s largest developers of renewable energy. Their acquisition of PNM will hopefully continue to move New Mexico forward in its leadership role with solar, wind, and battery storage to get the state off coal,” said Sanders Moore, executive director of Policy Solutions Institute. “We urge Avangrid to make strong commitments to the communities that are most affected by the transition away from fossil fuels by investing in community needs.”

“New Mexico’s renewable generation potential has been on the cusp of a major boom for years,” said Ben Shelton, Political and Policy Director for Conservation Voters New Mexico. “We’re encouraged to see a large renewables-focused company like Avangrid validate that belief with their investment here. We hope this move will solidify a deep, long-term commitment to New Mexico’s future as a West-wide renewable energy generation leader. We also ask Avangrid to continue to build on the focus and investment of a just transition for energy-generating communities, like the San Juan community, that PNM has made in the last two years.”

“As wind and solar continue to power more and more of New Mexico’s electric grid and the state moves towards 100% clean energy, we’re hopeful that Avangrid’s acquisition of PNM Resources will serve to accelerate the state’s energy transition and make clear that renewable energy is the future, both for New Mexico and for the country and world at large”, said John Ammondson, State Director with Environment New Mexico.

“New Mexico has long-shouldered the burdens of energy generation while seeing the profits going to large corporations rather than our communities,” said Kyle Tisdel with the Western Environmental Law Center. “As PNM and it’s new owner make additional investment in clean energy and storage as required by the Energy Transition Act, we must continue to focus on the need for a just transition for people and the communities where this energy is generated. A rising tide should not only lift large corporations, but should be a source of sustainable economic development within our communities.”

Statement on Avangrid purchase of PNM Resources