PNM Resources announces settlement agreement in San Juan coal plant case

PNM Resources reported that the New Mexico Public Regulation Commission – NMPRC – approved the unanimous settlement agreement reached by Public Service Company of New Mexico – PNM -, a wholly-owned subsidiary of PNM Resources, and parties in the case resolving all remaining steps involved in the retirement of the San Juan coal plant under New Mexico’s Energy Transition Act. These steps include bill credits issued to customers and the issuance of lower-cost securitization bonds to fund the energy transition. Under the terms of the agreement, $115M in rate credits will be provided to customers over a one-year period. In addition, customers will be protected from rising interest rates if the weighted-average rate on the securitization bonds exceeds 5.5%.