State seeks details on electric utility’s proposed rate hike

ALBUQUERQUE, N.M. (AP) – State regulators have ordered an electric utility to outline potential consequences of a recommended rate increase that its company officials have called unreasonable.

The Albuquerque Journal reports the New Mexico Public Regulation Commission issued the order for Public Service Company of New Mexico last week. The utility has until Tuesday to file a response.

The order comes after commission hearing examiner Carolyn Glick recommended cutting PNM’s rate hike request by two-thirds, from an annual increase of $123 million in annual revenue to about $41 million.

PNM, which has shown decreased earnings, has said it’ll appeal to the state Supreme Court if the commission adopts Glick’s recommendation.

The order issued Friday asks PNM to describe any anticipated financial harm it’s facing and detail actions it’ll take to mitigate lost revenue.

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