ALBUQUERQUE, N.M. (AP) — Three Democratic state senators who initially supported New Mexico's landmark energy law say changes are needed to protect utility customers from significant rate hikes.
The 2019 Energy Transition Act allows Public Service Co. of New Mexico to recover from customers 100% of the costs of closing its coal-fired power plant.
The lawmakers are warning that a deregulation provision in the law could expose customers to potentially astronomical costs stemming from other power plant closures in the future. That includes a nuclear plant in Arizona in which PNM holds a share. Some consumer advocates raised similar concerns when the law was being debated.