PNM customers to receive $115M in credits following settlement

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SANTA FE, N.M. — No one has been looking forward to opening their PNM bills this summer. However, there’s now a little bit of good news for everyone who might be seeing some higher payments due.

For the next year, every residential power customer of PNM will get a credit of about $9 a month. It’s part of a settlement centered on the San Juan Generating Station.

The plant closed last year, but advocacy groups and the attorney general said PNM was dragging its feet in giving credit for station financing backed by ratepayers.

“It’s not something that’s going to reset where they are in life in terms of their finances, but every little bit helps,” Attorney General Raúl Torrez said. “And especially people who are living on a fixed income, every little reduction in those costs makes a difference. And paying electricity bills… that’s not optional.”

The settlement includes $115 million in rate credits. That includes businesses, who can contact PNM to estimate their rate credit.

The settlement – approved by advocacy groups and the AG’s office – also sets a cap on how much PNM can charge its customers for financing related to the plant’s closure.