(14) comments Back to story

B H

[smile] As I hear all this concern about what will happen to the PNM consumers in the merger of PNM with Avangrid, I am surprised that the local consumers aren't considering buying out PNM themselves. I live in Los Alamos which owns its own electric power distribution service and I have heard few complaints about our service over the years.

Corporations are in business to make money and the new company created by the merger will be no different. Citizens will be paying for administrators and other workers to bring electricity to homes but on top of that it will be paying even more money so the corporations can make a profit.

In Los Alamos we pay our utility which buys electricity from a number of sources including its own hydroelectric dam. Los Alamos citizens are elected to the Public Utilities Board which along with the County Council governs the Los Alamos utility organization. Over the years I have been impressed with the planning and thought that the group has done to keep the lights on in Los Alamos and at Los Alamos National Laboratory which uses a great deal of electicity, not just for the lights but also for the Lab's high tech experiments. Check out the following website on public power companies and the money they are actually saving their customers.

https://www.publicpower.org/public-power/stats-and-facts

While the PNM and a large corporation are trying to thrash out a deal to benefit the citizens of Santa Fe, it is time to think seriously about having local control of electricity and other utilities.

Mike Johnson

One thing is obvious and people should be prepared, for it will happen. Your electricity rates will go up, far more than if PNM stayed intact as they are today. Larger companies have more shareholders who demand more returns, do the math, this will be a very bad situation for the poorest New Mexicans. These kind of mergers, just like inflation, are the cruelest of regressive taxes, they hurt the poorest people the most.

Philip Taccetta

I find myself agreeing with you again!

Richard Reinders

[thumbup][thumbup]

Kathy Riley

How would NM Government guarantee the best is done for it's citizens, - supply, maintenence & cost, - by this utility company that has company income & stock holders' profits as it's priority ?

Really, HOW ? ?

Philip Taccetta

“The shareholder investment is really a different bucket. The investors risk their money. So they get the upside and they get the downside,” Collawn said.

I would like PNM to list how many times shareholders lost money in say, the last two decades. If any at all I’m certain that it’s minimal. How many of their executives went for more than a year without a raise and a bonus?

Anyone think PNM would respond to this?

Ann Maes

I read the merger would mean lower costs for it’s customers. Hmmm, when has that EVER happened. Maybe in writing, included in the contract, that customers charges will not increase. If they sell energy to other states, then New Mexican customers should share in the profit with lower bills. And what will the CEO’s be paid? What bonuses and golden parachutes will be added?? ‘For Profit’ means the company is only concerned about the bottom line aka, higher pay for corporate execs and value added for share holders. I say NIX this merger.

Richard Reinders

They said the rates went up in other states not down.

Richard Reinders

When you have this crowd Gov. Michelle Lujan Grisham, Attorney General Hector Balderas, former Gov. Bill Richardson supporting the merger you to run away from the deal as fast as you can. A classic example was Home Depot when they got started with the two founders they had profit sharing, high wages for the employees professionals in every isle , and the best customer service, when they went public and the ex CEO from GE took over they eliminated profit sharing, went to min wage and treated the customers like sheep. This is exactly how Avangrid will treat the customers and employees, they have already shown their colors in other parts of the country. Contact the PRC Commission and tell them NO!

Dan Lewis

And Home Depot went on to open stores all over the country with many, many greater selections at lower prices for all customers. Along with tens of thousands of new jobs. And I bet very few jobs are now minimum wage without benefits.

Richard Reinders

They did on the backs of the employees and at the cost of customer service, you probably don't remember the old HD you had an electrician retired in the electrical dept and a retired plumber in the plumbing dept. you didn't run back and forth 5 times trying to figure out what you need to do the job , the employees made sure you had what you needed to do the job. And it was the 2 partners that built 90% of the stores.

Paul Gibson

Every once in awhile, Richard and I agree and here is one of those times. Avangrid's experience in three others states.....a pathetic track record for which they offer up a pack of lies and misrepresentations to "explain" their malfeasance.

Charles W Rodriguez

It's a complete conflict of interest to mix a for-profit corporation with a public utility. Making a profit for shareholders supercedes providing good service for utility customers. If the state seems intent on supporting this merger, there needs to be some financial penalties for under performance.

Richard Reinders

Penalties end up being less than the profit so it is a win win for the Corporation.

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