Left Nervous re Lawsuit Against NYC Pension Funds for Divesting FF
Three New York City pension funds — the New York City Employees’ Retirement System, the Teachers’ Retirement System, and the Board of Education Retirement System — were sued in May by four NYC employees for breaching their fiduciary duty and divesting from fossil energy companies (see 3 NYC Pension Funds Sued by Workers for Divesting from Fossil Fuels). The plaintiffs allege the divestments have resulted in the loss of billions of dollars that otherwise would have gone to retirees. The left is nervous that this lawsuit may have legs and (gulp) might actually prevail.
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The New York Independent System Operator (NYISO), the nonprofit that oversees the state’s electricity system, has warned New York State for YEARS of coming blackouts if peaker plants in New York City are forced to close in 2025 (see 
Another great American university has fallen to the forces of radical left Communism–New York University (NYU). Rich kids with no purpose in life other than to navel gaze and worry about the latest Taylor Swift video have found a new purpose: try to get the old farts in the board rooms at their school to divest from fossil fuel stocks. Not because it actually makes sense or would improve anything–but just to see if they can do it. Fortunately, 99% of colleges and universities have decided against divestment. Back in 2016, NYU and Cambridge University told the brainwashed kids to buzz off (see 
It will be lights-out in Times Square if New York insists on forcing peaker plants to close in 2025. That’s according to Rich Dewey, president and CEO of the New York Independent System Operator (NYISO), the nonprofit that oversees the state’s electricity system. Dewey has warned the state for YEARS of coming blackouts if peaker plants in New York City are forced to close in 2025. NY Dems, who irrationally hate fossil energy, are forcing the closure of NYC’s peakers, believing unreliable renewables and a big, fat power line from Canada will be enough to keep the lights on. Good luck with that.
Three New York City pension funds–the New York City Employees’ Retirement System, the Teachers’ Retirement System, and the Board of Education Retirement System–were sued this week by municipal employees for breaching their fiduciary duty and divesting from fossil energy companies. The plaintiffs allege the divestments have resulted in the loss of billions of dollars that otherwise would have gone to retirees. The pension funds went woke and decided they could no longer support companies that (in their wrong opinion) are creating catastrophic, man-made global warming.
We are extremely unimpressed with New York City’s main utility company, Consolidated Edison. Con Ed supplies customers in all of New York City and Westchester County with electricity, and major portions (but not all) of NYC and Westchester with natural gas. The company has thrown in its lot (colluded with) New York’s far-left Democrats on a plan to kill off natural gas for its customers, believing it can eliminate some of its competitors. Con Ed is more than happy to build new projects, like a six-mile electric transmission line through Queens, and then pass the $275 million price to its customers to pay back. The new transmission line is meant to deliver enough extra electricity that Con Ed can shut down the gas-fired peaker plants it uses to help supply electricity on heavy usage days.
Kinder Morgan issued its fourth quarter 2022 update yesterday. Among the news updates, we learned that work on two of three compressor station projects along the Tennessee Gas Pipeline in Pennsylvania and New Jersey (near New York City) is now underway. There was also some big news about top management shuffles. CEO Steve Kean is retiring, setting off a game of musical chairs (or musical ladders) with existing employees moving up the ladder at the company.
Two New York City Councilmembers recently introduced a resolution to block the construction of gas vaporizer expansions in National Grid’s Greenpoint Newtown Creek facility. The resolution calls on the state Dept. of Environmental Conservation (DEC) to deny a permit, and for the state Public Service Commission to deny allowing National Grid to fund it. National Grid is desperately trying not to run out of natural gas for its customers in Brooklyn and Queens (on Long Island). Antis are trying to force National Grid to do just that–run out of natural gas, leaving citizens in the cold in the dead of winter.
Tennessee Gas Pipeline’s (TGP) plan to flow more Marcellus gas to Westchester County, NY and New York City for Consolidated Edison customers, called the East 300 Upgrade Project, took a giant leap forward last Thursday when the Federal Energy Regulatory Commission (FERC) issued permits that allow TGP to upgrade two existing compressor stations (in PA), and build a brand new compressor station in West Milford (Passaic County, NJ), just across the border and not far from Westchester County. This is a major victory and a sign this project will now get completed.
Consolidated Edison (Con Ed), the local gas and electric utility serving Manhattan Island and Westchester County in the New York City region, has proposed increasing electricity rates by 17.6% and natural gas rates by a stratospheric 28.1% beginning Jan. 1, 2023. Why so high for both? Lack of natural gas in the region. Why is there a lack of natural gas? Lack of pipelines from the Pennsylvania Marcellus Shale.
This one doesn’t make a whole lot of sense for us. Late last year utility giant Consolidated Edison (ConEd) colluded with and supported the efforts of radicalized leftists in New York City to vote through a ban on new natural gas hookups starting next year (see 
Yesterday MDN told you that New York City was pointing the gun of economic suicide at its own head, ready to pull the trigger by outlawing the use of natural gas in all new buildings throughout the city (see