SANTA FE, N.M. — New Mexico regulators are on track to make a final decision on a request by the state’s largest electric provider to raise rates for its 500,000 customers.
The Public Regulation Commission met Wednesday in Santa Fe and made plans to consider Public Service Co. of New Mexico’s proposed rate hike at a meeting in late September.
Concerns raised by environmentalists over the value of the utility’s stake in an Arizona nuclear plant spurred a recommendation earlier this month that the multimillion-dollar request be slashed by two-thirds.
The commission last week suggested reopening hearings so PNM could provide more information about the Palo Verde nuclear power plant. The utility declined, saying the case has been delayed long enough.
If regulators approve the hearing officer’s recommendation, PNM customers on average would see their bills increase by more than 6 percent, rather than the 14.4 percent requested by the utility.