January 2, 2019
The distribution utility subsidiary of PNM Resources (Public Service Company of New Mexico), Texas New Mexico Power Co. (TNMP), says it’s implemented new rates approved by the Texas Public Utility Commission.
PNM has also named two new members to its board of directors.
In a unanimous decision, the PUC granted approval to TNMP’s unopposed general rate review settlement on December 20th.
It was filed with the commission on November 2nd.
The company said the settlement provides a return on equity of nearly 10%.
It also incorporates the return of federal tax savings to customers.
The settlement reflects a $10 million net increase to base rates for retail and wholesale customers and a $73 million increase to rate base, which is incremental to previous Transmission Cost of Service (TCOS) filings and Advanced Metering System (AMS) investments.
TNMP also said the increase “includes the integration of AMS recovery into base rates, including collection of the remaining unrecovered investment.”
Meanwhile PNM’s board announced Wednesday that two new directors have joined.
Vicky A. Bailey served on the US Blue Ribbon Commission on America’s Nuclear Future, and was on the Federal Energy Regulatory Commission (FERC).
She was also a trustee of the North American Electric Reliability Corporation, and president and director of PSI Energy, Inc., Indiana’s largest electric utility, now Duke Indiana.
And James A. Hughes is the CEO and managing director of Prisma Energy LLC, a private entity focused on investments in energy storage, and is the former CEO and director of publicly traded First Solar, Inc. and is a corporate director at Eos Energy Storage, a private company developing low-cost energy solutions for the electric utility and transportation industries.
The terms for both directors began January 1st, 2019.