PUBLIC SERVICE COMPANY OF NEW MEXICO MAY NOT GET THE 14-POINT-4 PERCENT RATE HIKE IT WANTS. CEO PAT VINCENT-COLLAWN SAYS THEY NEED IT TO RECOVER 655-MILLION DOLLARS THEY INVESTED IN A NEW SYSTEM FIVE YEARS AGO. THE ALBUQUERQUE JOURNAL REPORTS STATE HEARING EXAMINER CAROLYN GLICK ON THURSDAY RECOMMENDED CUTTING THE RATE HIKE DOWN TO 6-POINT-4 PERCENT. THAT WOULD GIVE PNM 41-POINT-3 MILLION DOLLARS A YEAR INSTEAD OF 123-AND-A-HALF MILLION.
MUCH OF THE DECREASE CONCERNS THE NEARLY 153 MILLION DOLLARS PNM SPENT TO BUY POWER FROM THE PALO VERDE GENERATING STATION. GLICK SAYS A PUBLIC REGUATION COMMISSION DECISION DOESN’T REQUIRE CUSTOMERS TO PAY FOR BAD BUSINESS DECISIONS OR THE COMPANY’S LACK OF HONEST.
GLICK’S RECOMMENDATION HAS TO BE APPROVED BY THE PUBLIC REGULATION COMMISSION.
