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.
When a famly unexpectedly loses a loved one, or has someone go missing, the details of what comes next can be overwhelming.
ALBUQUERQUE, N.M. – When a famly unexpectedly loses a loved one, or has someone go missing, the details of what comes next can be overwhelming.
But they don’t have to do it alone thanks to an organization helping New Mexico families with some of those burdens.
Watch the video above for more.
New Mexico state lawmakers held the first meeting of their Epstein “Truth Commission” on Monday, launching a formal investigation into convicted sex offender Jeffrey Epstein’s Zorro Ranch and its potential use for criminal activity, human trafficking, and sexual abuse.
The four-person commission’s meeting lasted less than an hour but served as an opportunity for lawmakers to outline their plan and goals — and for Epstein survivors to have their voices heard.
RELATED STORY | New Mexico AG calls on Epstein survivors to come forward amid Zorro Ranch investigation
The only known Epstein survivor living in New Mexico, identified only as Rachel, spoke about her experiences. Lawmakers also heard from the family of the late Virginia Roberts Giuffre, an Epstein victim who died by suicide in April of last year. Giuffre’s brother and sister-in-law told the commission that Giuffre had repeatedly described being abused at Zorro Ranch, and that she paid the price for systems that for so long did not believe survivors.
“Virginia was not only abused by Jeffrey Epstein and Ghislaine Maxwell,” Giuffre’s brother Sky Roberts said. “She was trafficked to extremely wealthy, powerful and dangerous individuals. Some of that trafficking happened right here in New Mexico at Zorro Ranch. That is not speculation. That is not rumor. That is testimony. And New Mexico now stands at crossroads. This state can either repeat the failures we have already witnessed across institutions and protected power over people. Or New Mexico can lead.”
Federal investigations into Epstein were conducted in Florida and New York, but no federal probe was launched in New Mexico. Giuffre’s family addressed that gap directly, expressing hope that a meaningful separation between state and federal government could benefit survivors. They said that when an Epstein survivor feels the federal government has wronged them, the state government should be able to step in and conduct its own investigation — and they hope something meaningful can come from this probe.
The commission left Monday’s meeting with 14 subpoenas. The subpoenas are not directed at specific individuals but target the Epstein Estate, as well as banks and other entities tied to Epstein or related investigations.
State Rep. Andrea Reeb, one of the lawmakers on the commission, told Scripps News there is a possibility they will need more resources before a final report can be completed. The commission faces a deadline of July 31 to produce an interim report, with a final report scheduled for later this year.
IN CASE YOU MISSED IT | Epstein’s former New Mexico ranch searched in criminal investigation
Reeb said she is prepared to name names if she believes someone is involved, and that the commission is prepared to refer additional survivors to the Department of Justice at any time they come forward, in case they want to pursue legal action. The commission also said it will issue formal referrals to the state of New Mexico, Florida, New York, the U.S. Virgin Islands, and other relevant international jurisdictions.
The commission said it is also prepared to make full legislative recommendations. At the time Epstein lived in New Mexico, he was not required to register as a convicted sex offender — and that law remains on the books today. The commission believes targeted changes to that law could make a significant difference.
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