New Mexico residents served by Public Service Company of New Mexico (PNM) will soon pay more for electricity, following the New Mexico Public Regulation Commission (PRC) approval of a phased rate increase. As reported by KOAT News 7, the average residential customer will see their monthly bill rise by $6.23, split between two increases—one in July 2025 and another in April 2026.
PNM says the rate hikes are necessary to support infrastructure upgrades and meet the demands of New Mexico’s state-imposed energy mandates. “This outcome ensures we can continue investing in the infrastructure and technologies necessary to meet our customers’ needs and support New Mexico’s clean energy future,” said Don Tarry, PNM’s president and CEO. “We are grateful to the other parties who worked with us to reach a fair settlement.”
The rising costs are directly tied to the state’s Energy Transition Act (ETA)—legislation passed in 2019 and signed into law by Governor Michelle Lujan Grisham. The ETA mandates that New Mexico’s utilities shift to 50% renewable electricity by 2030 and 100% carbon-free generation by 2045. As a result, utilities like PNM have shuttered affordable baseload power sources, such as coal-fired plants like the San Juan Generating Station, and replaced them with higher-cost solar, wind, and battery storage infrastructure.
These new technologies require substantial upfront investment, which PNM is now possibly recouping through customer rate increases. The costs of building new transmission lines, acquiring battery storage systems, and integrating intermittent power sources have added billions to utility budgets—burdens that are now being passed on to ratepayers.
According to filings with the PRC, utilities are justifying rate hikes by using them to fund capital investments in renewable resources and “grid modernization.” But for many New Mexicans, this green energy push has translated into growing monthly expenses, even as the reliability of the electric grid faces new challenges.
The Energy Transition Act also allows utilities to recover costs through a mechanism known as “securitization,” in which utilities are allowed to issue bonds backed by ratepayer obligations. This financial structure was promoted as a way to lower the cost of transition, but in practice, it has contributed to long-term repayment obligations that lock consumers into decades of higher bills.
In effect, New Mexico’s attempt to implement its version of the “Green New Deal” is coming at a steep price. While PNM and the state tout environmental progress, ratepayers are being forced to fund the transition, regardless of whether they can afford it.
To make matters worse, during the 2025 Legislative Session, Democrats passed legislation that would also permit utilities to have socialist rate structures for low-income consumers to have low rates that middle-class and higher-income New Mexicans would be forced to pay with higher rates, further increasing the cost of utilities in the state.
The first PNM rate hike will hit in July 2025, offering New Mexicans an unwelcome reminder of how state-mandated energy policy directly impacts their pocketbooks. For PNM rate information, click here.
the morons of NM dont care. they will continue to vote democrat even though they cant pay their bills. NM a hopeless place because of its voters. the green fantasy is alive and well and is going to bankrupt people here
You are right. People that vote for Democrats (and some RINOS) are voting for their own destruction but they’re too dumb to know it or they just don’t care….unfortunately they are dragging the rest of us down with them!,
sadly, NM has become a slave state under the corruptacrats
Someday New Mexicans will pull there heads out of their butts and vote in a conservatives instead of the lefty loons that our destroying our state.
Don’t hold your breath….
Don’t hold your breath….
Thank the ignorant folks that voted to allow the governor to select public utility commissioners rather than vote them in or out.
“In effect, New Mexico’s attempt to implement its version of the “Green New Deal” is coming at a steep price. While PNM and the state tout environmental progress, ratepayers are being forced to fund the transition, regardless of whether they can afford it.”
This is pure insanity! NM Democratic leaders are living in a fantasy land.
Wake up voters!
Gas just went up 40 cents here in Las Cruces. Uhh I wonder why? 🤔
Memorial Day, they always charge more around the holidays so they can allow the CEO’s a two week vacay in Aruba.
Majority of people are stupid. Once that fact is accepted, nothing is surprising.
PNM Resources, Inc. (PNM) reported a total revenue of $1.5 billion in 2022, with a net income of $210 million and earnings per share (EPS) of $1.65, reflecting a stable financial position.
The company’s financial performance showed an increase in revenue from $1.42 billion in 2020 to $1.5 billion in 2022, with a corresponding rise in net income from $100 million to $120 million, and a net profit margin increasing from 9.5% to 11.5% over the same period.
In the third quarter of 2023, PNM’s financial metrics continued to show growth, with total revenue reaching $1.16 billion, net income at $158 million, and earnings per share (EPS) at $0.73.
As of 2022, PNM’s total assets stood at $5.2 billion, and the market capitalization was $2.6 billion.
PNM’s revenue breakdown by customer segment in 2022 was as follows: Residential customers contributed 54.5% of total revenue with $600 million, Commercial customers contributed 29.5% with $325 million, and Industrial customers contributed 16.0% with $175 million.
Dear Two,
That is some serious cent$ right there…
Thank you for posting useful information.
Cheers!
Now copy and paste this to your rep and demand they help their constituents, or step down, with this fraud PNM is proposing. Otherwise, everyone can b*** an complain without anything being done.
Can anyone deny that working people paying for deadbeats and illegal aliens is raw communism? The fraud called the “green new deal “ is a scam from hell only intended to gain more government control over resources and our lives. PNM being a corporation is of course going to pass the additional expense on to the ratepayers who under the new legislation will be productive citizens. The deadbeats and criminals will enjoy the fruits of communism till the “government “ no longer finds them useful. The proponents of the green scam keep telling us that lower rates due to wind and solar are “ in the future “ however it’s been shown repeatedly that harnessing that “free” energy has proven more costly to implement and utilize and harms the environment worse than traditional methods. I’m sure the manufacturers of wind turbines and solar panels have bribed the corrupted legislature to perpetuate this fraud!!
“the New Green Deal” is indeed a scam and fraud. But the people here in NM seem to ignore the truths and vote in the Democraps (aka communists/socialists) into office. We need to rise up against these ungodly people. But until the people of NM wake up, it will never change. Sad but true.
And the turbines are destructive to our environment!
With that, I totally agree with you. Praying for Gods mercy!
I guess the Politicians of NM haven’t gotten the memo yet that the ‘Green New Deal’ is not sustainable! Sustainable energy??? Nope. Oil, Gas, Precious Metals are the hope of the NM and the USA. All the Politicians want is money and NM is their Money Pit. Wake up, People! It won’t get better until YOU stand up and VOTE THEM OUT!
You do all realize New Mexico has been using Dominion voting machines and gerrymandering the district lines? There has been voter fraud for years now. Am I missing something?