PNM proposes rate change, would charge New Mexicans 75 cents more per month

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ALBUQUERQUE, N.M. — PNM has filed to increase rates for its customers. So what does that mean for your bill?

According to the company’s projections, the average New Mexican will pay 75 cents more per bill, or $9 more every year, to help pay for over $2 billion in clean energy investments.

“We think this is a great deal for New Mexicans,” said Ray Sandoval, PNM spokesperson. “Listen, nobody wants a rate increase. We understand that, especially now.”

The proposal for the residential base rate hike is over 9%. However, they said that the savings from closing the San Juan Generation Center – among other moves – will keep the real increase of people’s bills to less than 1%.

However, there’s another potential point of contention. PNM wants to increase how profitable their company is allowed to be – meaning they want the ability to make more money. Officials said the move is important in order to be competitive.

“We want to balance these things, which is that we have to remember that our customers are the ones being affected,” Sandoval said. “But, we also have to run a business in a way that attracts outside investment – and helps us pay for these investments and help us pay for these investments.”

Right now, this is just a proposal. The Public Regulation Committee will go over it, change it, and finalize it in the next 10-13 months. For more information, click here.