By Hannah Grover
The crowd offering comments about a request by the Public Service Company of New Mexico (PNM) to raise electric rates was sparse at a public meeting on Wednesday.
The New Mexico Public Regulation Commission hosted the public hearing in Albuquerque to gather input about how a rate increase could impact customers.
PNM has reached an unopposed agreement with advocacy groups, local governments and other entities that have intervened in the case. The groups reached that agreement in late November.
For the few people who showed up to share their concerns about rate increases, their question was simply why.
Jeff Buell, a spokesperson for PNM, told NM Political Report rate increases are important for reliable energy service.
“This agreement really supports ongoing reliability — so reliable service, security, wildfire risk management and new energy resources necessary to continue to transition to a zero-carbon future,” he said.
Commission Chair Pat O’Connell told the group of commenters that commissioners met in Albuquerque to hear specifically from rate payers in the metro area.
“We try to get near where the folks will be most affected by the decisions we make to accept public comments,” Commission Chairman Pat O’Connell said.
Commissioner Gabriel Aguilera said that while public comments are not considered part of the evidentiary record, “hearing from the public can inform the commission and inspire [it] as to different types of areas to focus on throughout the evaluation of the record.”
PNM initially asked the PRC to approve recovery of $174.3 million through rates, but the power company has since agreed to only recover $105 million through rates.
The initial request would have increased the average utility bill for a residential customer by about $11 starting in July and by about $12 starting in January 2026. The agreement that PNM and the intervenors reached significantly reduces that impact.
Under the latest agreement, an average bill will increase by nearly $3 starting in July, with a $7 increase coming in April 2026.
Under the agreement, PNM has also committed to a one-time shareholder contribution of $1.5 million to its Good Neighbor Fund, an assistance program helping low-income families that are at risk of disconnection due to nonpayment.
PNM has also said it will work with the intervenors to “identify and explore options for monetizing investment tax credits to provide refunds to customers ahead of what is currently planned.”
The utility agreed to continue to update the public to changes to agreements related to the Four Corners Power Plant, which it plans to leave in 2031.
I don’t understand how rates go up every 6 months
Re: “Almost no one shows up to sound off on PNM rate increase”
Yes, some of us are tired of fighting. We expect our elected officials to fight for us but all too often it appears the utilities and our representatives are in cahoots.
I’m sure PNM isn’t strapped for cash.
Remember that the Energy Transistional Act was supposed to result in stable prices. The rate increases disproportionately hit the poor and San Juan County lost hundreds of jobs that can’t and aren’t being replaced with solar panels. Interesting that many in Santa Fe County don’t want solar farms.
Trump signed executive order to reduce our power bill along with everything else that has has hyperinflation during Biden administration so our power bill food costs and housing including rent should go down…not in the failed State of New Mexico where everything is going up and the economy sucks.. great job governor stop patting yourself on the back..