What is with PNM? Is Gordon Gekko running the electric company? First, residential customers are hammered with a 9 percent rate boost approved in October and now the monopoly utility is back at the feeding trough asking for an outrageous rate increase of 13 percent.
PNM is in trouble because it is serving a stagnating, declining state where electricity demand is falling. Add in the downsizing of Intel in Rio Rancho–a huge industrial user–and you see their problem. But it is their problem, not ours.
Businesses across the board have been taking a hit because of the lousy economy while PNM tries to exempt itself from the new reality of doing business here. It seeks to keep its return on equity (its profit) above 10 percent. Why aren’t they sharing the pain with the consumers?
The Public Regulation Commission (PRC) ought to reject any rate increase, and PNM should realize it’s serving a market where many are struggling economically and which many are leaving. joemonahan.com
More on the New Mexico Economy Front:
New Mexico is at the bottom of another list. New Mexico ranks as the worst run state by 24/7 Wall St. for the second consecutive year. Following a large. . . shortfall in the state’s 2016 and 2017 budgets, Moody’s downgraded the state’s credit rating and outlook. . The likelihood of living in poverty is very high for individuals without a high school diploma. In New Mexico, fewer than 85% of adults have a high school diploma. New Mexico’s labor market is struggling. The state’s labor force declined over the last five years, and 6.5% of workers were unemployed in October, the highest October jobless rate of in the nation.
Pastor Dewey Post from this week:
Sadly, it is hard to see the light at the end of the tunnel financially for New Mexico. The Albuquerque Journal is reporting that New Mexico is running out of money, or when you really look at, the state already has. According to the Journal report the state is on track to have a deficit of about $69 million, despite a special session and budget cuts. It’s really going to take a good “gut check” to get the state in the black. The state has many challenges, who will have the boldness to make the necessary cuts? ABQ Journal Report
Pray for New Mexico…….We are in constant prayer for Godly wisdom for our leaders.
God is to be our financial planner!
What is going to happen to our children? Our grandchildren?……the future generations of New Mexico?
My Daddy always taught me to leave the world a better place than I found it!
Look at this budget surplus in Minnesota!
Minnesota budget forecast shows $1.4 billion surplus – Story | KMSP
www.fox9.com/news/221100132-story
4 days ago – Updated:Dec 03 2016 08:06AM CST. ST. PAUL, Minn. (KMSP) – Minnesota’slatest budgetforecast and economic outlook shows a projected …
Frank Haley: UNM officials announced yesterday that a projected $43 million decline in revenue this year will require the University of New Mexico Health Sciences Center to nix plans to add 340 new clinical positions.
The state’s largest health care system also plans to cut about 180 jobs by attrition across UNM’s School of Medicine and the colleges of nursing, pharmacy and population health.
The planned job cuts will affect posts for 33 physicians, 174 nurses, 167 other hospital staff and additional academic and clinical positions.
The reduction could negatively impact patient care and access to care at University Hospital.