More PNM bill credits to start in three weeks
New Mexicans getting electricity from the Public Service Company of New Mexico can expect another $1.47 in savings every month starting in mid-February.
The savings will come in the form of bill credits ordered by the New Mexico Public Regulation Commission earlier this month. State regulators approved a PNM request on Thursday to delay starting the credits until Feb. 16 so the company would have time to implement changes to the billing system.
The commission told PNM, which serves about a quarter of the people living in New Mexico, to give out the bill credits due to investments the utility made in an Arizona-based nuclear generating station that state regulators disagreed with.
The state regulators ruled the utility has to return $38.4 million to its customers over 24 months.
That will amount to a bill credit of $1.47 per customer per month, according to PNM. The credits will run from February 2024 to February 2026, following Thursday’s decision.
The additional savings will come on top of cheaper bills that kicked in for New Mexicans last week, after the PRC largely ruled against many of PNM’s requests in its latest rate change case. The utility plans to file another rate case at some point this year.
Bernalillo County and the Albuquerque Bernalillo County Water Utility Authority jointly filed a response to PNM’s request to postpone the bill credits, arguing it could harm consumers.
Commissioner James Ellison said that’s a valid concern but thinks it’s a reasonable request from PNM.
All three commissioners voted to allow PNM to start up the bill credits in three weeks.