Click here to read New Energy Economy's May 23, 2016 Brief-In-Chief as part of their rate case.
PNM'S Next Big Rate Hike
Last December, the PRC gave PNM a green light for more coal and more nuclear even though solar and wind energy are readily available, cheaper, better for our health and the environment, and create local family-supporting jobs.
Now, PNM wants another rubber stamp from the PRC for a $123.5 million rate hike. A few key facts:
1. More expensive power. Rates for residents would increase another 15.83% on top of the 57% increase in residential rates since 2008.
2. Steep mandatory fixed fees. Monthly fees that PNM customers have to pay regardless of electricity usage would increase by 163%. They’d be higher than any of PNM’s utility peers’ fixed charges in the region.
3. More coal. PNM bill-payers would be locked into paying over a half billion dollars for coal for the Four Corners Power Plant for the next 15 years. We’d have to pay every penny even if the plant were transitioned sooner to cleaner sources.
4. More nuclear. PNM customers would pay for more out-of-state nuclear power for 30 years without knowing if other options would be cheaper. PNM did not compare the nuclear costs against any other energy alternatives.
5. Executive pay. The top five executives at PNM make $9 million per year. The average Navajo household living with the pollution from PNM’s coal operations survives on $7,200 per year.