PROP 127 AND ITS IMPACTS ON ARIZONA
A California hedge fund that made billions in fossil fuels is now heavily invested in alternative forms of energy. The profits from this California organization are bankrolling the push to pass Proposition 127 in Arizona.
Prop 127, drafted by this California organization, would cement in our state constitution the forms of energy generation 50 percent of Arizona’s electricity would have to come from. Curiously, this organization chose forms of energy it is heavily invested in. Should Arizona pass Prop 127, its financial backer would stand to personally benefit, even if it causes your utility bill to rise.
This group has already committed to spending more than 10 million dollars to support its passage. That is quite the investment to make in convincing Arizonans to live more like California.
If this proposed constitutional mandate is approved by voters, it will require utility customers to spend billions of dollars on expensive forms of energy generation, even if the technology costs more than current sources, is not “cleaner”, or is not ready to properly serve the public.
An inquisitive reader might wonder why this organization, that cloaks itself as being concerned with emissions purposefully disqualifies the state and country’s single largest clean power source, the Palo Verde Nuclear Plant, from being counted in the mix. Interesting. Perhaps it’s really about profits for them?
The Arizona Advocate will cover what a similar mandate has done in California, but according to the rural, non-profit energy cooperatives, this mandate will increase the average Arizonan’s utility bill by 40 percent, hitting all Arizonans directly in the pocket, but most hurting those on a fixed income.
The Seidman Institute at Arizona State University, an independent research organization, calculates that prop 127 will additionally cause Arizona to forego 13,000 jobs per year and will cost public schools more than $20 million per year in lost property tax revenues alone.
At best, Prop 127 is a misguided attempt by a California hedge fund to change Arizona’s constitution, which in turn will cost Arizona families to pay billions more for the same energy they receive today. Or, at worst, Prop 127 is a scheme by a California hedge fund to force billions of dollars out of Arizona through increased utility bills that will funnel billions into the California hedge fund’s personal investment portfolio.