ALBUQUERQUE (KRQE) – The first of several weeks of hearings will begin Monday for PNM’s rate hike proposal.
The electric company wants the state to say “yes” to many New Mexicans paying more.
PNM says the proposed increase will bring in more than $120 million in revenue by boosting the base rate up to 14 percent.
During these next couple weeks of hearings, the Public Regulation Commission will hear testimony from organizations and witnesses.
PNM says it needs to pay for big investments it has made in the last five years, after dishing out more than $650 million for electric system improvements.
Those opposed to the rate hike only had last Thursday to speak out, where very few were in attendance at the public comment session.
PNM has more than 500,000 customers. Those we spoke to think it’s unfair for the electric company to increase its base rate.
According to PNM however, very few New Mexicans will see the 14 percent increase. Most will see an 8 percent increase thanks to recent energy savings.
It’s been nearly five years since a rate increase. A recent rate increase proposal of 12 percent was rejected by the PRC.
Again, the hearings before the PRC will begin Monday and run through the April 22. If the PRC approves the increase, rates will go up starting in July.
To see the list of hearings, click here.