The Hearing Examiners of the New Mexico Public Regulation Commission (NMPRC) have issued a Certification of Stipulation, recommending the approval of the unopposed stipulation filed by PNM, a wholly-owned subsidiary of TXNM Energy. This recommendation pertains to PNM's 2025 Rate Request application.
The stipulation, originally filed in November 2024, proposes a phased-in increase to customer rates. If approved by the NMPRC, 50% of the $105.0 million increase to PNM's revenue requirements will become effective on July 1, 2025, with the remaining increase taking effect on April 1, 2026.
This recommended approval is based on a 9.45% return on equity and a 51% equity capitalization structure on $3.0 billion of rate base. The broad support for the stipulation from various parties, including the New Mexico Department of Justice and Utility Division Staff, underscores its comprehensive nature.
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