New Mexico’s largest electric utility plans to appeal a Public Regulation Commission hearing examiner’s decision to reject a rate hike proposal.
Public Service Company of New Mexico has two weeks to file objections with the PRC after their request to increase rates by more than $ 100 million was dismissed on Friday.
The proposal included increases of over 16 percent for residential electricity customers. It cuts rates for large industrial customers like Intel, the City of Albuquerque and the University of New Mexico.
PRC Hearing Examiner Carolyn Glick wrote in her decision that PNM’s financial modeling didn’t "explain, support or justify the rate increase… and that electronic versions of many key documents were not submitted as required."
PNM wants to raise rates to cover fuel costs associated with purchasing coal, natural gas and nuclear energy.
Five years ago the PRC approved a nine percent rate hike for PNM customers.