New Mexico utility wants regulators to reconsider rates
ALBUQUERQUE, N.M. (AP) — New Mexico’s largest electric provider wants state regulators to reconsider a recent decision that allows a rate increase for customers but limits the amount of money the utility can recoup on upgrades at a coal-fired power plant.
Public Service Co. of New Mexico filed the request Thursday, saying an agreement reached in May with other stakeholders sets a better path forward as the company transitions away from coal.
If the Public Regulation Commission doesn’t approve the settlement agreement, the utility warned there could be legal action.
Utility officials claim the order issued last week by the commission muddies the regulatory waters.
One group that opposes the settlement, New Energy Economy, said the utility has failed to convince commissioners that investments in the coal plant are prudent.