Title: PNM Customers to Receive Monthly Credit in Settlement Deal for San Juan Generating Station Closure
Subtitle: Advocacy groups and Attorney General secure $115 million in rate credits
SANTA FE, N.M. — PNM customers can expect some relief when they open their utility bills this summer, as a settlement has been reached that will provide a credit of approximately $9 per month for residential power customers. The settlement is related to the closure of the San Juan Generating Station and aims to address concerns regarding station financing backed by ratepayers.
While the San Juan Generating Station ceased operations last year, advocacy groups and the Attorney General’s office expressed dissatisfaction with PNM’s delay in providing credits for the station’s financing. In response, a settlement was reached that includes $115 million in rate credits for PNM customers.
Attorney General Raúl Torrez emphasized the significance of these credits, stating, “It’s not something that’s going to reset where they are in life in terms of their finances, but every little bit helps.” He further highlighted the importance of reducing costs for individuals living on fixed incomes, explaining that “paying electricity bills… that’s not optional.”
The settlement not only benefits residential customers but also extends to businesses. Business owners are advised to contact PNM to estimate their rate credit amount.
Aside from rate credits, the settlement also imposes a cap on the amount that PNM can charge its customers for financing expenses related to the closure of the San Juan Generating Station. This provision ensures that customers are protected from exorbitant charges in the future.
The settlement deal has received approval from both advocacy groups and the Attorney General’s office, marking an important step towards resolving the issues surrounding the closure of the San Juan Generating Station and addressing concerns over ratepayer financing.
While the $9 monthly credit may not dramatically change the financial situation for PNM customers, it serves as a small but meaningful reduction in their expenses. With the closure of the San Juan Generating Station, this settlement provides some relief for individuals and businesses who rely on PNM for their electricity needs.