Customer electric bill savings on the way as PNM settles case for $115M in rate credits - Santa Fe New Mexican
Customer electric bill savings on the way as PNM settles case for $115M in rate credits | Local News | santafenewmexican.com
Water flows into an evaporation pond at the south side of the coal-fired San Juan Generating Station in 2019. Millions of dollars in PNM customer rate credits tied to the closure of the plant are part of a rate case expected to go before the PRC in September. Hannah Grover/The Daily Times File Photo via The Associated Press
Customers of the state’s largest electric utility will see combined savings of $115 million from last year’s shutdown of the coal-fired San Juan Generating Station in northwestern New Mexico under a settlement agreement filed Friday in the New Mexico Supreme Court.
The agreement between Public Service Company of New Mexico and several parties representing ratepayers means most residential customers will receive rate credits that will shave 11% off electric bills, or an average of $9.28 a month for each household for 12 months.
The rate credits, to be paid out over one year, will be implemented 30 days after a Supreme Court case on the matter is remanded to the state Public Regulation Commission for approval of the agreement.
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