ALBUQUERQUE, N.M. (AP) — A New Mexico hearing examiner has recommended cutting a rate increase requested by an electric utility by about two-thirds.
The Public Service Company of New Mexico sought an increase of $123.5 million a year, but Public Regulation Commission hearing examiner Carolyn Glick on Thursday recommended an increase of only $41.3 million.
PNM's request would have meant a rate increase of nearly 16 percent for residential customers. According to Glick's recommendation, her plan would result in a 6.4 percent rate increase for the average customer. A typical residential customer in Albuquerque or Santa Fe would likely see a 7.24 percent increase.
PNM President and Chief Operating Officer Pat Vincent-Collawn says the recommendation is unreasonable.
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Information from: Albuquerque Journal, http://www.abqjournal.com