ALBUQUERQUE (AP) — New Mexico’s largest electric utility is renewing its request to raise rates, this time by more than 14 percent.
Public Service Company of New Mexico filed its request with the state Public Regulation Commission on Thursday. A previous attempt was rejected by commissioners earlier this year because the utility failed to provide enough information.
Utility officials say they expect the rate increase, if approved, to be offset by lower fuel costs as well as savings that would be realized through a new coal supply contract if the company’s plan for shutting down part of the San Juan Generating Station is approved.
PNM says revenue raised through the proposed increase would cover the half-billion dollars in investments being made in solar and natural gas power plants, pollution controls and grid maintenance.