NM Court Upholds $34M Electric Rate Hike For PNM

SANTA FE, N.M. (AP) — The state Supreme Court has upheld a $34 million electric rate increase for New Mexico's largest utility.

The Public Regulation Commission granted the increase for Public Service Co. of New Mexico, a subsidiary of PNM Resources Inc., last year, but the utility appealed the order.

The utility requested a $77 million rate increase and objected that regulators had rejected costs for reclamation of coal mine sites near power plants.

The court ruled Tuesday the rate decision was reasonable.

Electric rates for all customers increased an average of slightly more than 6 percent. The actual increase varied for different types of customers, such as residential or large businesses.