PNM, a wholly-owned subsidiary of TXNM Energy, along with other parties, has filed an unopposed comprehensive stipulation with the New Mexico Public Regulation Commission (NMPRC) in its 2025 Rate Request application. This agreement outlines a phased-in approach to increasing customer rates.
The stipulation provides for a $105.0 million increase to PNM's revenue requirements, based on a 9.45% return on equity and a 51% equity capitalization structure on $3.0 billion of rate base. This represents an increase from PNM's currently authorized rates, which are based on a 9.26% return on equity and 50% equity capitalization structure.
Customer rates under the stipulation will be phased in, with 50% of the increase becoming effective on July 1, 2025, and the remaining increase taking effect on April 1, 2026. The agreement also includes a $1.5 million contribution to the PNM Good Neighbor Fund for customer bill assistance.
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