PNM plans to file for another rate hike by this December, according to a recent Albuquerque Journal report. The hike, if approved by the state Public Regulation Commission, will continue the trend of ever increasing PNM rates, and will likely mean higher bills for PNM’s customers.
According to the article, “the utility expects to file a rate case with the state Public Regulation Commission by December, although it’s not yet clear how much of a hike it will request”.
Why Another Rate Hike?
PNM explains that the rate hike is necessary to pay for recent upgrades to the grid and upgrades planned in the next few years. In addition, a decrease in power consumption is affecting PNM’s bottom line, as more individuals and businesses reduce their reliance on the grid through conservation or by choosing to go solar. The slow economic recovery in New Mexico doesn’t help either, resulting in significantly decreased earnings for PNM this year.
For consumers of PNM’s electricity services, the rate hike will probably not come as a surprise. PNM rates have been going up for some time, and that trend looks likely to continue.
Tired of electricity rate increases? Feel free to contact us about to learn how you can lock in your electricity rate at a low rate, to hedge against increasing energy costs. This planned PNM rate hike, combined with an expected increase in solar panel prices due to new import tariffs, make now a great time to go solar.
Read the Albuquerque Journal article here.