Customers of Public Service Co. of New Mexico got a big break this week when state regulators rejected the utility’s effort to recover millions of dollars from customers on investments made in a coal-fired power plant.
The Public Regulation Commission means they wo’t have to bear some of the costs linked to the firm’s stake in the Four Corners Power Plant near Farmington and from the Palo Verde Generating station outside of Phoenix, Arizona. Commissioners concluded the investments were not prudent.
The Associated Press reported that as a reslt, residential customers will see a drop in rates instead of a nearly 10% increase sought by the utility. The decision affects nearly 500,000 custoers across New Mexico.
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