The decision by the New Mexico Public Regulation Commission was in response to a joint motion filed by PNM and the International Brotherhood of Electrical Workers Local 611, to implement an emergency fuel and purchased power clause that would enable the utility to recoup rising costs not recovered in base rates.
PNM has said that New Mexico’s attorney general, Gary King, whose office serves as the residential and small business consumer advocate in rate case proceedings, supported the motion.
Pat Vincent-Collawn, utilities president at PNM, said: This decision goes a long way toward giving PNM the ability to recover changes in fuel and purchased power costs in a timely manner. This is an important step toward restoring the financial health of the utility.
