PNM, other parties urge reconsideration of general rate review rejection

Public Service Co. of New Mexico (PNM) requested last week that the New Mexico Public Regulation Commission reconsider their rejection of its general rate review settlement agreement filed May 23.

PNM noted in a news release that the signatories do not oppose the request and that several parties have filed requests seeking reconsideration and approval of the agreement as well. If the Commission does not approve the agreement, the rate review is expected to move forward to litigation.

“The settlement agreement continues to have overwhelming support from the parties to our rate review and it should be upheld by the Commission,” Pat Vincent-Collawn, chairman, president and CEO of PNM’s parent company PNM Resources, said. “Each of the settlement parties recognizes the significance and complexities of transitioning to coal-free generation and made concessions in this agreement to continue down this path. If we proceed to litigation, it will be to protect our ability to achieve this transition in a responsible way for all stakeholders.”

The signatories to the settlement agreement include PNM; New Mexico Attorney General Hector Balderas; the Utility Division Staff; the City of Albuquerque, New Mexico; Bernalillo County; New Mexico Industrial Energy Consumers; Albuquerque Bernalillo County Water Authority; Coalition for Clean Affordable Energy; Wal-Mart Stores East, LP and Sam’s East, Inc.; Kroger Co.; Sierra Club; Renewable Energy Industries Association; and Western Resource Advocates.