ALBUQUERQUE, N.M. — Customers of New Mexico’s largest electric provider will soon see their bills increase.
The state Public Regulation Commission this week approved the rate increase after more than a year of debate, public hearings and legal challenges.
The new rates take effect now that commission staff signed off Friday on a filing by Public Service Co. of New Mexico that detailed the rates.
Officials initially said the increase would amount to roughly 10 percent, but PNM spokesman Pahl Shipley says calculations show the overall average increase will be closer to 7 percent. For the average residential customer in the utility’s northern district, it will be nearly $7 a month more.
PNM initially requested a 14 percent increase to recoup hundreds of millions of dollars that have been spent on infrastructure.