SANTA FE — The Public Regulation Commission today voted 3-2 to grant a rate increase to Public Service Company of New Mexico.
The last-minute substitute measure will allow the company to increase electricity rates by $178 million during the next three years, said Commissioner Jason Marks, architect of the plan. Marks said his plan was justifiable and lower than an increase of $216.3 million over three years that was recommended by the PRC staff and the attorney general.
Commissioners Jerome Block Jr. and Theresa Becenti-Aguilar voted with Marks for the increase. Commissioners Patrick Lyons and Ben Hall dissented.
Lyons, the chairman, said Marks' plan would lead to more litigation and in the end would cost ratepayers more. Public Service Company of New Mexico has about 500,000 customers.