If approved, this rate adjustment would lead to an approximate monthly increase of $6.70 for residential customers beginning in October 2024. This represents an approximately 11% rise compared to current residential billing rates.
The NMGC has justified this request by pointing to the need to cover expenses associated with maintaining a skilled workforce and complying with expanding regulatory mandates.
The gas company is seeking additional revenues totaling $49 million, which they plan to allocate toward essential infrastructure and system upgrades. These improvements are crucial to ensuring the continued provision of safe and dependable natural gas services to the people of New Mexico.
The proposal will undergo a thorough evaluation by the New Mexico Public Regulation Commission over the coming months, with a final decision expected in late summer 2024. NMGC recognizes the challenges associated with a rate increase but emphasizes its necessity for fulfilling its commitment to delivering reliable natural gas services to the residents of New Mexico.
It’s worth noting that NMGC had already implemented a rate increase in January, resulting in an approximate monthly uptick of $2.70 for customers. This latest request underscores the company’s dedication to maintaining the quality and safety of its services in the face of rising costs and evolving regulatory demands.