ALBUQUERQUE, N.M. (KRQE) – It looks like PNM customers won’t have to pay a hefty rate hike after all.
The state’s Public Regulation Commission approved a hike of 9 percent for the average customer last month.
Now, PNM says thanks to the change in federal tax rules, they’ll be saving more money than expected.
The company’s still working out the details with the PRC, but it looks like the hike will be reduced to 1 or 2 percent.
All the parties still have to sign off on the agreement.