PNM loses support for rate increase request after hearings

SANTA FE, N.M. (AP) – Bernalillo County and other groups have withdrawn their support for Public Service Company of New Mexico’s request for a rate increase in light of new information provided at hearings.

The Santa Fe New Mexican reports that PNM is looking to increase its collections from customers by about $123.5 million per year, raising rates by an average of 14.39 percent. Company officials say the revenue will help cover the January purchase of an Arizona nuclear power unit.

The Public Regulation Commission heard arguments on the rate request in April and June and reopened hearings this week to allow commissioners to consider new evidence.

PRC spokesman Carlos Padilla says the new evidence shows the company already recovered from customers the costs of leasing and maintaining the plant.

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