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(SANTA FE, NM—June 29, 2022)—Today, the New Mexico Public Regulation Commission (PRC) unanimously decided that Public Service Company of New Mexico (PNM) must provide a rate reduction to customers when its San Juan Generating Station goes completely offline at the end of September 2022. Under the Energy Transition Act (ETA) and a previous Financing Order, PNM is authorized to issue low-cost bonds to recover its undepreciated investments in Units 1 and 4 of the generating station. The PRC’s decision also states that PNM is unlawfully delaying the issuance of these bonds to avoid reducing its rates until after the Commission rules on a rate case that PNM intends to file in December 2022.