Opinion & Commentary in The Paper.
Dr. Taylor Spence is an adjunct instructor of history at CNM and New Mexico Highlands University (NMHU) and lives in Albuquerque.
Alarm bells should be ringing for all New Mexicans as the Public Regulation Commission (PRC) is set to decide on allowing the sale of not just one but BOTH PNM and the New Mexico Gas Company to out-of-state hedge funds, Blackstone Infrastructure and Bernhard Capital.
Haven’t we learned by now that for-profit entities do not necessarily run more efficiently, but surely do run to maximize profits for their shareholders? In this case those profits would go to New York and Louisiana – not New Mexico. CEO Stephen Schwarzman just headlined a March 6 New York Times article about his millions-of-dollars donation to a senator from Montana who provided a key vote for him. These proposed sales are corrupt.
Can it be a coincidence that companies want to get into the energy business as demand rises because of the AI boom? My energy bill has been steadily going up month to month. Our governor told me her hands are tied, but she is jamming energy-sucking data centers down our throats. Who will benefit from rising prices? Billionaires in other states.
Hedge funds can’t be good partners for our state. When they have squeezed every drop of profit out of these utilities, they will sell them to the highest bidder, leaving us and our energy needs to chance. Enough! Every New Mexican requires electricity and gas on a daily basis. Utilities should not be for-profit enterprises because consumers don’t have choices and can’t just decide to not cook dinner or heat their homes. Utilities should be public and managed in-state. I call on the Governor and our state leaders to stand up for New Mexicans and demand these sales be stopped.
Dr. Taylor Spence, Albuquerque