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:

VIDEOS:

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?

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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:

 

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.

  1. Control over our own energy future. Energy independence.
  2. Allows us to move our Utility toward 100% renewable energy.
  3. Allows us to battle climate change in our region and saves our precious water resources.
  4. Control over our financial future. 
  5. Keep profits and jobs in El Paso. 

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