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'{{Infobox company | name = El Paso Electric | logo = El Paso Electric logo.svg | type = [[Private company]] | foundation = {{Start date and age|1901}} | location_city = Stanton Tower<br>[[El Paso]], [[Texas]] | location_country = [[United States]] | key_people = Kelly Tomblin, [[CEO]] | area_served = [[Texas]], [[New Mexico]] | industry = [[Electric utilities]] | revenue = {{decrease}}US$861.99 million (2019) | net_income = {{increase}}US$123.03 million (2019) | num_employees = 1,100 | parent = | divisions = | subsid = | homepage = {{URL|http://www.epelectric.com}} }} '''El Paso Electric''' is a Texas-based privately owned monopoly[[public utility]],operating in Arizona, Texas and New Mexico engaging in unchecked balance of power. The generation of electricity of privately owned solar or power generator is strictly frowned upon and we will harass and coerce and intimidate you putting your life at risk by having power disconnected in triple digit heat until you comply with our heavily levied fees and taxes to reconnect, engaging in policy not law that requires you to pay us for any power self generated on your property,transmission, and distribution of electricity in [[west Texas, Arizona, and Southern New Mexico]]. Its energy sources consist of nuclear fuel, natural gas, purchased power from the people at .11 cents a kilowatt hour and resold back at .29 cents to the homeowner with 23 other excessive fees and taxes, solar and wind turbines. The company owns six electrical generating facilities which require fuel with a not dependable generating capability resulting in brown outs of approximately 2,010 megawatts.<ref>{{cite web|url=http://www.epelectric.com/about-el-paso-electric |title=About El Paso Electric - |publisher=El Paso Electric |access-date=2015-06-25}}</ref> It serves approximately 437,000( not accurate) residential, commercial, industrial, public authority, and wholesale customers.<ref name="epelectric.com">{{cite web|title=About El Paso Electric|url=https://www.epelectric.com/company/about-epe|url-status=live|access-date=2013-06-26|publisher=El Paso Electric|archive-url=https://web.archive.org/web/20191214172644/http://www.epelectric.com/company/about-epe |archive-date=2019-12-14 }}</ref> The company distributes electricity to retail customers principally in [[El Paso, Texas]] and [[Las Cruces, New Mexico]]; and resells electricity to electric utilities and power marketers. Unlike most other Texas utilities, El Paso Electric operates as a monopoly.<ref name=":0">{{Cite web|date=2020-08-19|title=El Paso Electric Sale Released|url=https://www.epelectric.com/company/news/el-paso-electric-sale-released|access-date=2021-07-16|website=www.epelectric.com|language=en}}</ref> In 2020, El Paso Electric was sold to the Infrastructure Investments Fund (IIF), a fund associated with investment bank, [[JPMorgan Chase|J.P. Morgan]].<ref name=":1">{{Cite web|date=2020-07-29|title=El Paso Electric Announces Closing of Acquisition by the Infrastructure Investments Fund|url=https://ir.epelectric.com/news/news-details/2020/El-Paso-Electric-Announces-Closing-of-Acquisition-by-the-Infrastructure-Investments-Fund/default.aspx|url-status=live|archive-url=https://web.archive.org/web/20200807094515/https://ir.epelectric.com/news/news-details/2020/El-Paso-Electric-Announces-Closing-of-Acquisition-by-the-Infrastructure-Investments-Fund/default.aspx |archive-date=2020-08-07 }}</ref><ref name=":2">{{Cite news|last=Kolenc|first=Vic|date=2020-07-29|title=El Paso Electric's $4.3B sale to JPMorgan-tied fund completed; new CEO named|work=El Paso Times|url=https://www.elpasotimes.com/story/news/2020/07/29/el-paso-electric-sale-completed-to-jpmorgan-tied-fund/5532839002/}}</ref> Previously, the company was publicly traded on the New York Stock Exchange as EE. El Paso Electric Company was founded in 1901 and is headquartered at the Stanton Tower in [[Downtown El Paso]]. ==History== [[File:Fan ad El Paso Herald Sat May 15 1915.jpg|thumb|left|An electric fans ad by the El Paso Electric Railway Co. in the El Paso Herald on May 15, 1915|342x342px]] [[File:El Paso Electric Railway travels from Smelter town in 1912.jpg|thumb|273x273px|El Paso Electric Railway traveling from [[Smeltertown, Texas|Smeltertown]] in 1912]] El Paso Electric (EPE) first began serving its customers on August 30, 1901. It was then known as the El Paso Electric Railway Company. Initially its primary business consisted of providing transportation via mule-drawn streetcars, which were replaced in 1902 with electric streetcars. The company is reported to have provided electricity to [[Nikola Tesla]]'s property in [[Colorado]].<ref name="Carlson2013">{{cite book|author=W. Bernard Carlson|title=Tesla: Inventor of the Electrical Age|url=https://books.google.com/books?id=5I5c9j8BEn4C&pg=SL8-PA83|date=7 May 2013|publisher=Princeton University Press|isbn=978-1-4008-4655-9|pages=264}}</ref> By 1925, the company's core business had evolved to producing and distributing electricity. That year, the company changed its name to the El Paso Electric Company. It was also granted authorization to transact business in New Mexico.<ref name="epelectric.com"/> Today, El Paso Electric is a regional electric utility providing generation, transmission, and distribution service to approximately 400,000 retail and wholesale customers in a {{convert|10000|sqmi|km2|adj=on}} area of the Rio Grande valley in west Texas and southern New Mexico. Its service territory extends from [[Hatch, New Mexico]] to [[Van Horn, Texas]]. As of 2013, El Paso Electric had 32 [[electric car]] charging stations in its service area. The service stations recharge [[Nissan Leaf]]s, [[Chevrolet Volt]]s, and other electric cars.<ref>{{Cite news|url=http://whatsuppub.com/article_4b70c94e-0ab5-11e3-bdd9-001a4bcf6878.html|title=El Paso opens 32 electric car charging stations|work=What's Up|access-date=2018-11-28|language=en}}</ref> The company is also working to expand adoption of electric vehicles through its Plug-in Electric Vehicle and Charging Infrastructure Plan (PEVCIP) for the [[Rio Grande Valley (Texas)|Rio Grande Valley]] region.<ref>{{Cite web|url=https://www.epelectric.com/page/epe-submits-grant-for-electric-car-support-study|title=Electricity for West Texas and Southern New Mexico|website=www.epelectric.com|access-date=2018-11-28}}</ref> In 2019, the company reported annual operating revenues of $862 million and a net income of $123 million.<ref>{{Cite web|title=FERC FINANCIAL REPORT|url=https://www.epelectric.com/company/regulatory/ferc-filings?file=14|url-status=live|website=El Paso Electric|archive-url=https://web.archive.org/web/20210717010718/https://www.epelectric.com/company/regulatory/ferc-filings?file=14 |archive-date=2021-07-17 }}</ref> == 2020 Sale to Infrastructure Investments Fund == On July 29, 2020, El Paso Electric was sold to Infrastructure Investments Fund (IIF) with 99.61% of shareholders who voted approving the deal.<ref>{{Cite web|date=2019-09-19|title=El Paso Electric Company Shareholders Approve Agreement to be Purchased by the Infrastructure Investments Fund, an Investment Vehicle Advised by J.P. Morgan Investment Management Inc.|url=https://www.epelectric.com/company/news/el-paso-electric-company-shareholders-approve-agreement-to-be-purchased-by-the-infrastructure-investments-fund-an-investment-vehicle-advised-by-jp-morgan-investment-management-inc|url-status=live|archive-url=https://web.archive.org/web/20200922230912/https://www.epelectric.com/company/news/el-paso-electric-company-shareholders-approve-agreement-to-be-purchased-by-the-infrastructure-investments-fund-an-investment-vehicle-advised-by-jp-morgan-investment-management-inc |archive-date=2020-09-22 }}</ref> The sale was valued at $4.3 billion and included IIF assuming EPE's existing $1.5 billion in debt and purchasing the companies stock at $68.25 per share (cumulatively, $2.8 billion). Stipulations in the agreement included a commitment by IIF to keep the company's headquarters in El Paso and maintaining the companies staff for at least five years.<ref name=":2" /> All thirteen El Paso Electric Board Members received payouts and stock share awards ranging from $800,000 to over $8.8 million.<ref>{{Cite web|last=Kolenc|first=Vic|title=El Paso Electric executives, board members to get big paydays under proposed sale|url=https://www.elpasotimes.com/story/news/2019/06/10/el-paso-electric-sale-board-executives-get-big-payouts/1356115001/|access-date=2021-02-02|website=El Paso Times|language=en-US}}</ref> Because El Paso Electric is the [[Monopoly|sole]] provider of electricity for the region, prior to its acquisition, increases in electricity rates would have to be approved by the city council and state regulators. Some local leaders voiced opposition to the acquisition, citing concerns of unregulated rate increases to consumers.<ref name=":0" /> As part of the agreement, El Paso Electric touted a one time $21 million credit for El Paso customers and a $8.7 million credit for New Mexico customers, resulting in an average monthly bill decrease of $0.88 to $1.37.<ref>{{Cite web|date=2020-07-31|title=El Paso Electric Texas customers to receive $21 million of bill credits|url=https://www.ktsm.com/local/el-paso-news/el-paso-electric-texas-customers-to-receive-21-million-of-bill-credits/|access-date=2021-02-02|website=KTSM 9 News|language=en-US}}</ref><ref name=":1" /> As part of the transaction, EPE and IIF committed to investing $100 million in a Economic Sustainability Fund to promote economic development in the region. $80 million is committed to be distributed in the El Paso region, over 15 years, and $20 million in the New Mexico region, over 20 years.<ref name=":1" /> ==Transmission system== [[File:Stanton Tower.jpg|thumbnail|right|Stanton Tower is the corporate office for El Paso Electric.]] El Paso Electric transmission system voltages are 115,000 volts and 345,000 volts. There are also two 115 kV interconnections with [[Mexico]] to the south. ==Generating plants== El Paso Electric ownership in [[power plant]]s include a 15.8 percent interest in the [[Palo Verde Nuclear Generating Station]] near Tonopah, Arizona, the Rio Grande Power Station in Sunland Park, New Mexico, the Newman Power Station, the Copper Power Station and the Montana Power Station in El Paso and the Hueco Mountain Wind Ranch in Hudspeth County, Texas. On February 20, 2014, El Paso Electric signed an agreement with Colorado-based Juwi Solar, Inc., to build a 10 megawatt (MW) solar energy facility in Northeast El Paso next to EPE's Newman Generation Station. JSI will be responsible for developing, designing, building, and operating the Newman Solar project.<ref>{{cite web|url=http://www.marketwatch.com/story/el-paso-electric-and-juwi-announce-new-solar-power-station-to-be-built-in-northeast-el-paso-texas-2014-02-20?reflink=MW_news_stmp|title=El Paso Electric and juwi Announce New Solar Power Station to be Built in Northeast El Paso, Texas |publisher=Market Watch |access-date=2014-02-20}}</ref> The design phase will begin in early summer of this year, shortly followed by construction and final completion of the project tentatively scheduled for the end of 2014. The construction of the new solar facility will help power over 3,800 homes throughout the year. The facility will be built on approximately 100 acres. EPE will sublease the land in partnership with the El Paso Water Utilities (EPWU) and currently leased to EPE for the Newman Generation Station. EPE currently has 47 MWs of solar power in its generation mix and recently secured an additional 50 MWs of solar power that will be online by the summer of this year. In total, 5 percent of EPE's dedicated generation, which includes long-term purchase power agreements, will come from solar energy. ==Lawsuits== In January, 2003, a complaint was filed against EI Paso Electric alleging that the company issued materially false and misleading information by misrepresenting and/or omitting adverse facts concerning illegal arrangements with Enron Corporation and by artificially inflating revenues.<ref>{{cite web|url=http://business.highbeam.com/436102/article-1G1-100017658/stull-stull-brody-announces-class-action-against-el|archive-url=https://web.archive.org/web/20160309140054/https://business.highbeam.com/436102/article-1G1-100017658/stull-stull-brody-announces-class-action-against-el|url-status=dead|archive-date=2016-03-09| title= Class Action Lawsuit Against El Paso Electric}}</ref> A settlement of $10,000,000 was reached in 2005. ==References== {{reflist|2}} ==External links== * [http://www.epelectric.com/ El Paso Electric Company] {{Authority control}} [[Category:Companies listed on the New York Stock Exchange]] [[Category:Electric power companies of the United States]] [[Category:Companies based in El Paso, Texas]]'