Investment Funds v. A Democratic Future
from Building Local Power Hosted by Institute for Local Self-Reliance
The Permian Basin, the largest producing oil field in the United States, is located in Texas. JP Morgan is a major shareholder of the Permian Basin and in 2019, through its affiliate, Infrastructure Investment Fund (IIF), successfully acquired the El Paso Electric utility company. The utility is responsible for powering the city and operates three significant gas plants that convert fracked gas into electricity, and JP Morgan saw the acquisition of El Paso Electric as a lucrative opportunity to amplify their profits from the oil and gas industry. Amanacer People’s Project saw it differently. They saw the proposed acquisition of El Paso Electric as a direct threat to climate justice. Despite unsuccessfully blocking the acquisition, Miguel Escoto from Amanacer is optimistic about the region’s prospects for transitioning to democratic control over our energy grid. For additional resources see: https://ilsr.org/building-local-power/
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