NEW MEXICO (KRQE) – PNM customers can expect a drop in their electric bills by the end of the summer. New Mexico’s Public Regulation Commission ordered the utility to cut rates by 10% when the San Juan Generating Station goes offline at the end of September. At that point, PNM will no longer be paying to operate the plant.
Also, the state says PNM is authorized to issue bonds to make up for the lost revenue from the plant’s closure. The state is ordering PNM to issue those bonds and pass the savings on to customers.