PRC to limit rate rehearings

The New Mexico Public Regulation Commission agreed Wednesday to hear limited arguments for and against its December decision to grant Public Service Company of New Mexico a 9 percent rate hike but deny the utility the right to recover $148 million it invested in the coal-fired Four Corners Power Plant.

PNM and the environmental group New Energy Economy will have 20 minutes each on Wednesday to present opposing positions.

PNM wants the commission to approve the full settlement agreement it signed with other parties in the case, which allowed the utility to recover its Four Corners investments. New Energy Economy had rejected the settlement because of that recovery stipulation, and commissioners backed the group’s position in a 4-1 vote in December.

After next week’s oral arguments, commissioners could uphold their December order, rescind it or alter it. If they uphold it, the entire case would be reheard based on PNM’s original request for a 14 percent rate hike.