SANTA FE, N.M. (KRQE) – New Mexicans could learn by as early as Wednesday morning if they will see an increase in their electric bill.
The Public Regulation Commission could make a decision over PNM’s proposed rate hike Wednesday. It’s a decision that would affect the company’s 500,000 customers. It’s been an ongoing issue since early this year.
The company set out to increase the base rate by about 14 percent, bringing in more than $120 million and costing customers about $13 more. The company says it needed to pay for about $650 million worth of investments made over five years.
Back in April, the Public Regulation Commission began hearing arguments for and against the hike. Last month, hearing examiner Carolyn Glick recommended the company only raise rates by about a third of what PNM wanted.
PNM says it could layoff 200 to 300 employees if state regulators adopt the recommended rate increase that’s drastically lower than the one they’re requesting.
It’s been about five years since the last PNM rate hike.
The PRC will meet at 9:30 a.m. in Santa Fe at the PERA Building in the fourth floor hearing room.