Parties reach agreement in New Mexico rate case
ALBUQUERQUE, N.M. (AP) — New Mexico’s largest electric utility and other parties are throwing their support behind a rate increase proposal adopted by state regulators.
A divided Public Regulation Commission approved the revamped proposal earlier this week. It calls for spreading out a roughly 1 percent increase over two years.
Public Service Co. of New Mexico estimates the average increase would be closer to 1.4 percent when other adjustments are factored in.
The commission had set a deadline of noon Friday for the parties to sign off. With their acceptance, the contentious case is expected to be closed soon.
Part of the negotiations among the utility, state attorney general’s office, consumer groups and others focused on coal-related investments. The federal tax overhaul also ended up playing a role as the utility plans to pass along savings from lower corporate tax rates.