Report: High Profits, High Rates For PNM
Profits at New Mexico’s largest electric company have skyrocketed in the last few years, according to a new report, and demonstrators are planning to protest outside of PNM’s shareholder meeting Tuesday morning.
PNM has quadrupled its profits between 2008 and 2014, and in the same time period, rates increased by more than 50 percent. Those numbers came this week from New Energy Economy, a climate change nonprofit that is also opposing PNM’senergy replacement plan for the San Juan generating station.
2008 was an especially bad year for the utility profits-wise, according to PNM annual reports.
The report highlights that for the fifth time since 2008, the Public Service Company of New Mexico is trying to raise its prices. If the Public Regulation Commission allows the hike, the report asserts many New Mexicans will be paying about 30 percent more for power than people in neighboring states. Plus, if the PRC approves the rate case, anyone who installs a solar rooftop system could be charged up to $250 a year for plugging into PNM’s power grid.