In a press release, El Paso Electric announced it has requested a New Mexico rate increase. The increase must be approved by the New Mexico Public Regulation Commission.
According to the release, the proposal "currently contemplates (i) a rate decrease for small-to-medium commercial customers (ii) a total rate increase of $6.879 million or $8.79 increase per month, on average, for a residential electric customer in the summer and $5.30 increase per month on average in the winter and (iii) the removal of the coal-fired Four Corners Power Plant from rates which EPE no longer owns and the addition of Montana Power Station Units 3 and 4 into rate base (EPE brought these power plants online in 2016). EPE will work closely with the NMPRC and any intervenors throughout this process."
The regulatory process can take anywhere from 9 months to a year to reach a final approved decision. The next step in the process will be for the NMPRC to assign a Hearing Examiner and establish a procedural schedule in the next few months.
The NMPRC last approved a rate change for EPE in 2016.