PNM Files 2025 Rate Request

Source: www.gulfoilandgas.com 6/14/2024, Location: South America

Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources, Inc. filed a request for a change in electricity customer rates with the New Mexico Public Regulation Commission (NMPRC) to begin July 1, 2025.

The requested change reflects investments in transmission and distribution infrastructure, updated cost of capital and capital structure, battery storage resources previously approved in prior cases, alignment of Four Corners rate base recovery with its expected abandonment date, wildfire mitigation and insurance costs.

The request seeks recovery on total rate base of $3.0 billion, an increase of $423 million from PNM's last general rate review, at a 52.5% equity ratio and a 10.45% return on equity. The requested $174.3 million increase in retail revenues is comprised of a $92.2 million increase in non-fuel base rates and an $82.1 million increase in pass-through fuel costs. The filing is based on a future test year with projected costs for the period July 1, 2025, through June 30, 2026.

To mitigate the customer impact, PNM has proposed a phased-in rate path under which 50% of the $92.2 million non-fuel rate impact would be implemented July 1, 2025, and the remaining impact implemented January 1, 2026.


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