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Xcel Energy seeks rate hike for New Mexico customers

July 3, 2019

ROSWELL, N.M. (AP) — Xcel Energy is asking New Mexico regulators to approve a rate increase so the utility can recover investments in power plants, transmission lines and other infrastructure.

The company filed its application with the Public Regulation Commission this week.

The utility has invested more than $1.6 billion in the regional power grid since the latter part of 2017. Xcel officials say the investments are helping sustain a booming economy in eastern New Mexico.

If approved, residential customer bills would increase by about $7.80 starting in mid-2020.

Xcel says natural gas will continue to be part of its portfolio as fuel costs have hit historic lows.

Wind turbines make up about 20% of the supply. The utility says the Sagamore Wind Project near Portales is expected to be completed next year.

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