Sale of El Paso Electric
What to know about the possible sale of El Paso Electric
JP Morgan / IIF are attempting to purchase El Paso Electric Co. The city is considering this transaction without even having all of the data to research if they should keep the Utility and Municipalize since they DO NOT have to give away their Franchise Agreement. We are requesting a delay so they can conduct a feasability study for municipalization. The city should know more about this possible acquisition and how it could negatively affect our community. Contact City Council and the Mayors office asking them to VOTE NO on the sale of El Paso Electric to JP Morgan.
Below are a few articles to keep you informed:
- El Paso Electric, J.P. Morgan-tied investment fund close to final deal with sale opponents
- Environmental Group Asks City Council to Stop El Paso Electric Sale
- US Rep Veronica Escobar voices concerns about proposed sale of El Paso Electric
- FERC Probes Ties between potential El Paso Electric buyers and JPMorgan
- Group asks US nuclear regulator to scrutinize buyer behind El Paso Electric deal
- David Leeper spells out who profits from the sale of El Paso Electric: not the ratepayers
- Law requires City Council to hold public hearing on El Paso Electric's pending sale
- Investors see value in El Paso deal, but will regulators?
- El Paso Electric to be sold for $4.3B to JP Morgan's Infrastructure Investment Fund
VIDEOS:
- Why we oppose the JP Morgan Buyout of El Paso Electric: Financial Exploitation + Climate Injustice
- Resist JPMorgan & El Paso Electric! 11.25.19 Public Comment during El Paso City Council meeting
- Municipalize El Paso Electric! 11.26.19 Public Comment during El Paso City Council meeting
- URGENT: Tomorrow's City Council Executive Session is a climate justice issue.
Contact us with any questions you may have: info@ecoelpaso.org
Did You Know?
- Did you know that JP Morgan was fined over $400M in 2014 for manipulating energy markets?
- Why did they bid over $500M more than the value of the Utility?
- Why did they ask for the ability to add $850M in additional debt to the Utility?
- Why would the city not municipalize and keep the $100M per year in profit the Utility currently makes?
- Why not open the market to competition in El Paso and end the Monopoly?
- Why is the IIF and JP Morgan hiding the true owners of the company buying EP Electric?
Visit our friends at Sunrise El Paso on Facebook - www.facebook.com/SunriseElPaso
Example of Utility Municipalization
Pueblo, Colorado City Council voted 5-2 in favor of funding the phase 2 feasibility study on the fiscal realities of the city ending its franchise agreement with Black Hills Energy early and creating its own municipal utility. They will examine the details of breaking away from it's Franchise Agreement. The city will pay EES Consulting Inc. $150K-$200K for the study. The 51-page Phase 1 Study, which cost the City $122K, determined that Pueblo ratepayers could save 10%-12% a year if the city creates its own municipal electric utility. Read the Full Article.
Steps to Forming a Municipal Utility
Below are PDF documents outlining Case Studies on Municipalization and the steps to creating a municipal utility:
- City of Pueblo - Case Study #1 - How to Municipalize
- City of Pueblo - Case Study #2 - Municipal Electric Utility Feasability Study
- Benefits of Municipalization
- Steps to forming a public power utility
Why do we want to take control of our Electric Utility?
We feel that the citizens of El Paso, the City of El Paso, and those customers outside of Texas, should take control of the Electric Utility and create a Municipal Electric Utility. We want to do this for the same reasons that we created a Municipal Water Utility in El Paso. This would benefit all rate payers and our city.
- Control over our own energy future. Energy independence.
- Allows us to move our Utility toward 100% renewable energy.
- Allows us to battle climate change in our region and saves our precious water resources.
- Control over our financial future.
- Keep profits and jobs in El Paso.
