State regulators approve $115M in credits for PNM customers

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ALBUQUERQUE, N.M. — The New Mexico Public Regulation Commission approved $115 million in PNM rate credits during its meeting Thursday.

Last month, Attorney General Raúl Torrez announced those credits as a part of a settlement centered on PNM closing the San Juan Generating Station.

Commissioner James Ellison had initial opposition to the approval. He said he had more questions about the value of the settlement.

“I see a different number as having been calculated as over-collected or will have been over-collected by the end of this year,” Ellison said.

However, Commissioner Pat O’Connel emphasized he had trust in the settlement.

“The thing that I really put a lot of weight on is this was a unanimous settlement among a very diverse set of parties to the case. And I can’t think of a case that had a more diverse group,” O’Connell said.

O’Connell added he didn’t want to keep customers waiting.

Last June, the PRC ordered PNM to issue the credits. Then, PNM objected and the New Mexico Supreme Court granted them a delay.

The settlement and Thursday’s decision mean PNM customers will finally see that credit.

Customers can expect a credit of around $9 a month for the next year. Business owners can contact PNM to see how much their credit will be.