PNM rates to rise in July

ALBUQUERQUE (AP) - PNM customers in parts of New Mexico will see an increase in their electric rates beginning Wednesday.

Customers in Bernalillo, Santa Fe, Valencia and Sandoval counties will be affected by the new rates, as will customers in Clayton, Deming and Las Vegas.

PNM said the new rate will, among other things, reflect higher interest costs and the addition of new power sources to serve customers.

The utility said the average residential customer will pay about $2.33 more a month. Some business and commercial customers also may see a rate increase depending on their customer class.

PNM said even with the increase, its rates are significantly below regional and national averages.