New Mexico
New Mexico regulators reject utility's effort to recoup some investments in coal and nuclear plants
ALBUQUERQUE, N.M. (AP) — Regulators rejected on Wednesday an effort by New Mexico’s largest electric utility to recoup from customers millions of dollars of investments made in a coal-fired power plant in the northwestern corner of the state and a nuclear power plant in neighboring Arizona.
The Public Regulation Commission’s decision means Public Service Co. of New Mexico customers will not have to bear some costs associated with PNM’s stake in the Four Corners Power Plant near Farmington or in the Palo Verde Generating Station outside of Phoenix. Commissioners said those investments were not prudent.
Overall, residential customers will see a decrease in rates instead of the 9.7% increase that the utility was seeking.
The commission said in a statement that PNM still will be able to collect a reasonable return on its investments while providing reliable service to more than 500,000 customers around the state.
PNM filed a request for its first rate hike in years in late 2022, saying the nearly $64 million in additional revenue was needed as part of a long-term plan to recoup $2.6 billion in investments necessary to modernize the grid and meet state mandates for transitioning away from coal and natural gas.
The utility also had cited the expiration of lease agreements for electricity from the Palo Verde plant and the desire to refinance debt to take advantage of lower interest rates.
Hearing examiners with the Public Regulation Commission who reviewed the case recommended in December that the commission reject costs associated with the sale of leases at Palo Verde to a third party. They also said PNM’s 2016 decision to invest in extending the life of the Four Corners plant wasn’t prudent.
PNM officials said late Wednesday that they were reviewing the commission’s order. The utility has until Feb. 2 to seek a rehearing before the commission.
Consumer advocates and environmental groups were pleased the commission opted to reject some of the costs associated with PNM’s investments.
“The commission recognized that PNM failed to do its due diligence before reinvesting in Four Corners after 2016, when there were clear signs that coal is a costly and deadly fuel,” said Matthew Gerhart, a senior attorney with Sierra Club.
The utility had tried to divest itself from Four Corners by transferring its shares to a Navajo energy company. However, regulators rejected that proposal, a decision that was later upheld by the New Mexico Supreme Court.
Located on the Navajo Nation, the Four Corners plant is operated by Arizona Public Service Co. The utility owns a majority of shares in the plant’s two remaining units.
Navajo Transitional Energy Co. had sought to take over PNM’s shares, saying that preventing an early closure of the power plant would help soften the economic blow to communities that have long relied on tax revenue and jobs tied to coal-fired generation.
The nearby San Juan Generating Station was shuttered in 2022, sending financial ripples through the surrounding communities. PNM had operated that plant for decades.
After Lance St. Louis served as the starting long snapper for the Texas Longhorns for four seasons, special teams coordinator Jeff Banks landed an experienced replacement when New Mexico Lobos transfer Trey Dubuc pledged while on a visit to the Forty Acres.
The pledge from Dubuc ensures that Texas has experienced replacements for three specialists despite signing high school prospects at each position — with the SEC expanding to 105 scholarships in 2026, Longhorns head coach Steve Sarkisian can afford to develop high school recruits at those positions behind experienced transfers like Dubuc.
The Fort Lauderdale product started his career at USF after playing on two state championship teams at Cardinal Gibbons. A 6’1, 209-pounder, Dubuc redshirted during his freshman season in 2023 before appearing in one game as the backup long snapper the following year.
After transferring to New Mexico, Dubuc served as the starting long snapper while making two tackles for the Lobos.
SALT LAKE CITY — A missionary for The Church of Jesus Christ of Latter-day Saints from Utah has passed away in his sleep unexpectedly Saturday in New Mexico, according to a news release from The Church.
Elder Caleb Gene Martin, 21, died from a medical cause that has not been determined, Church spokesman Sam Penrod said in a statement.
According to The Church, Martin had been serving in the New Mexico Farmington Mission since May 2024. He was from Salem, Utah.
Elder Caleb Gene Martin, 21, died in his sleep on Jan. 3 from a medical cause that has yet to be determined. He was serving in the New Mexico Farmington Mission. (The Church of Jesus Christ of Latter-day Saints)
“We extend our heartfelt condolences to his family, friends and fellow missionaries. We pray they will find comfort and strength through their faith in the gospel of Jesus Christ and feel the Savior’s love as they honor Elder Martin’s life and devoted missionary service,” the statement said.
According to the release, an autopsy is planned.
This is a developing story and may be updated.
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