New Mexico – ALBUQUERQUE, N.M. (KRWG) The state's largest electric utility says a 9.2 percent base rate increase approved by the New Mexico Public Regulation Commission has been finalized.
Public Service Company of New Mexico says its bills will be calculated using the new rates starting Aug. 21. The utility serves 550,000 customers.
PNM says the average residential customer in central and northern New Mexico and Deming can expect their bill to increase by $1.26 a month, or 1.9 percent.
Officials say that reflects both a basic rate increase and a drop in their fuel and energy efficiency charge.
PNM says 51,000 customers in southern New Mexico will no longer have separate rates from other PNM customers. The average residential bill in southern New Mexico will go up by about $7 a month, or 10.8 percent.
Copyright 2011 The Associated Press. KRWG