Regulators have declined an effort by New Mexico’s biggest electrical energy to recover from consumers millions of dollars of financialinvestments made in a coal-fired power plant in the northwestern corner of the state
BySUSAN MONTOYA BRYAN Associated Press
FILE – The Four Corners Power Plant in Waterflow, N.M., near the San Juan River in northwestern New Mexico, is seen in April2006 Regulators have turneddown an effort by New Mexico’s biggest electrical energy to recover from clients millions of dollars of financialinvestments made in a coal-fired power plant in the northwestern corner of the state, Wednesday, Jan. 3,2024 (AP Photo/Susan Montoya Bryan, File)
The Associated Press
ALBUQUERQUE, N.M. — Regulators declined on Wednesday an effort by New Mexico’s biggest electrical energy to recover from consumers millions of dollars of financialinvestments made in a coal-fired power plant in the northwestern corner of the state and a nuclear power plant in surrounding Arizona.
The Public Regulation Commission’s choice implies Public Service Co. of New Mexico clients will not have to bear some expenses associated with PNM’s stake in the Four Corners Power Plant near Farmington or in the Palo Verde Generating Station outdoors of Phoenix. Commissioners stated those financialinvestments were not sensible.
Overall, property clients will see a decline in rates rather of the 9.7% boost that the energy was lookingfor.
The commission stated in a declaration that PNM still will be able to gather a sensible return on its financialinvestments while supplying trustworthy service to more than 500,000 consumers around the state.
PNM submitted a demand for its veryfirst rate walking in years in late 2022, stating the almost $64 million in extra profits was required as part of a long-lasting strategy to recover $2.6 billion in financialinvestments required to improve t