Content area
Full Text
PNM Resources Inc. subsidiary Public Service Co. of New Mexico filed June 1 for an increase in the average electric customer's rates by a total of 21.2% in two steps.
The first and larger increase should occur April 1, 2011, the company said in an application to the New Mexico Public Regulation Commission, while the second should take effect Jan. 1, 2012.
Together, the increases in annual revenues would total $165.2 million, PNM said in a news release.
The overall increase is split between PNM's northern customers, who are being asked for a $152.9 million increase, and its southern customers, formerly served by Texas-New Mexico Power, who are being asked for a $12.3 million increase.
The actual percentage rate increase proposed varies by customer class. Overall, PNM northern customers would see a 15.5% rate increase in the first phase, with a 5.8% increase in the second phase. PNM southern customers would see rates rise 13.6% in the in the first phase and 5.7% in the second phase.
If the request is approved, revenues collected through base rates would increase from $717.3 million currently collected...