FOR IMMEDIATE RELEASE
August 29, 2023
Competitive Electricity Transmission Bidding Process Saves New Mexico Consumers $84 Million
WASHINGTON – Southwest Power Pool’s (SPP) board of directors awarded NextEra Energy Transmission Southwest, LLC a new competitively-bid electricity project that will provide millions in cost savings to families and business in New Mexico. The Crossroads – Hobbs – Roadrunner 345-kV Competitive Upgrade Project is the fifth and largest competitive transmission project that the SPP has released and will deliver savings to New Mexicans for decades to come.
In a statement by NextEra Energy, the transmission developer confirmed the cost-savings from the competitive bidding process: “Due to the project being competitively awarded, project savings to customers are $84 million with additional voluntary cost containment protections and schedule guarantees for SPP customers.”
In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition, said: “The result of the competitive bidding process in New Mexico clearly demonstrates the significant cost-saving benefits of electricity transmission competition. When utility companies are required to compete, consumers win. Electricity transmission competition drives down costs and competitive bidders bring innovation and new technologies to the table.”
According to the most recent CPI release, electricity inflation continues to outpace all other energy commodities. Competitive bidding processes like the one run by the SPP can save American households and business billions of dollars while delivering more reliable electricity services.
About the Electricity Transmission Competition Coalition
The Electricity Transmission Competition Coalition (ETCC) is a broad-based, nation-wide coalition committed to increasing competition in America’s electricity transmission infrastructure. We advocate for common-sense policies and solutions that result in competitively priced transmission projects, which reduce energy costs for all ratepayers – from large manufacturers to residential consumers. The ETCC represents a diverse group of more than 80 companies and organizations from 48 states, including manufacturing groups, retail electric consumers, state consumer advocates, public power representatives, think tanks, and non-incumbent transmission developers.
For more information, visit: www.electricitytransmissioncompetitioncoalition.org.