The New Mexico Public Regulation Commission voted 4-1 Wednesday to allow Public Service Co. of New Mexico to raise its rates by 9 percent, to be phased in over the next two years. However, the Commission ruled PNM investments made in recent years in the coal-fired Four Corners Power Plant were “imprudent,” thus rejecting the utility’s request to recover $148 million it has spent on new pollution controls and other upgrades there since 2013. According to the Albuquerque Journal, PNM sought $62.3 million in new annual revenue in the case, which it filed last December. Santa Fe-based New Energy Economy, praised the PRC decision to deny PNM recovery for investments in Four Corners. That organization opposed the $148 million in recovery that PNM sought because the utility allegedly failed to conduct a thorough financial analysis to justify its investments.
KSFR’s Tom Trowbridge spoke with NEE’s Executive Director Mariel Nanasi Wednesday.
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