Environmental Project
PRC accuses PNM of misleading regulators, requires utility to issue rate credits upon San Juan unit closures
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While accusing the state’s largest electric utility of purposefully misleading regulators, the New Mexico Public Regulation Commission ordered the Public Service Company of New Mexico (PNM) to issue rate credits to customers upon the closure of each remaining unit of the San Juan Generating Station. In its order, approved by a unanimous vote Wednesday, the PRC adopted the hearing examiners’ recommended decision that was made public earlier this month. PNM will also be required to include a prudency evaluation of its decision to delay issuing bonds in its next rate case. If it is found that the delay led to increased interest rates, the shareholders could be asked to absorb the costs of the increased interest rates. Unit One of the San Juan Generating Station will close this week and Unit Four will close this fall.