PNM Seeks Huge $85 Rate Hike (11%)

KOB TV - PNM has requested an 11% rate hike which is the largest hike of its kind that the state has seen and if approved New Mexicans will see their electricity bills skyrocket. PNM had originally asked the state to approve a rate hike that totaled $165 million but it has since been scaled back to $85 million. Officials claim they need the extra money to keep up thousands of miles of new transmission lines, aging power plants and infrastructure across the state. PNM Vice President Ron Darnell told regulators that the rate increase was negotiated with customers in mind. "$85 million is a good compromise between the needs of the customer and the needs of the company," Darnell said. Read full story here: News New Mexico

PNM Seeks Huge $85 Rate Hike (11%)