NEW MEXICO (KRQE) – As inflation rises, electricity bills in New Mexico could also become more expensive. The Public Service Company of New Mexico (PNM) plans to increase its monthly rates starting in June 2025.

“We submitted our 2025 tariff proposal, which was commissioned on June 14. The proposal is for a future test year that runs from June 1, 2025 to June 30, 2026,” says Don Tarry, PNM’s president and COO. The tariff increase was announced during a quarterly earnings conference call in July.

PNM offers some customers a new special “Time of Day” tariff

PNM sent this request to the New Mexico Public Regulation Commission back in June. According to their website, the average customer would have to pay $11.12 per month starting in June 2025 and $12.48 six months later, for a total cost of $23.60 per month.

Before the tariff can be approved, there will be a public hearing in November and February. In a previous interview about the tariff increase process, Ray Sandoval, PNM’s communications director, said how long the process may take.

“This public process, which can take almost a year to a year and six months, sometimes even two years, actually gives everyone the opportunity to examine whether these sentences are appropriate or not,” Sandoval said.

The public hearing will be held on November 7th from 4:00 p.m. to 7:00 p.m. at 1021 Eubank Blvd. NE.

Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports and streaming video, visit KRQE NEWS 13 – Breaking News, Albuquerque News, New Mexico News, Weather and Videos.