Now that the 5-year moratorium on increasing electricity rates has ended, PNM has filed for one rate increase after the next. The New Mexico Public Regulation Commission (PRC) approved a $33 million rate increase for PNM in April – then tripled the award to around $100 million after PNM protested that the increase was too small. This week, the utility filed a request for another $123 million on top of that, which will raise residential electricity bills by another 23.5 percent next year if approved.

In addition to the rate increases granted by the PRC, PNM was awarded the right to raise its rates as needed to cover increases in their fuel costs.

Ratepayers should not only expect PNM’s new rate request to be granted, they should expect similar rate increases every year for awhile as PNM works to recover the $1.3 billion it plans to spend on its system over then next five years.