The request submitted to the Federal Energy Regulatory Commission (FERC) will not impact retail rates for New Mexico customers.
PNM has asked FERC for its approval by March 2013. The hike will impact wholesale customers who use PNM transmission lines to deliver power.
In the latest filing, the firm has proposed a return on equity of 10.81%, based on a rate base of $317.5m and a revenue requirement of $82.1m.
After receiving the approval, an annual adjustment will be made in June of every year to update for the previous year’s costs reflected in the latest FERC Form 1 filing.
PNM Resources chairman, president and CEO Pat Collawn said, "This filing represents another step we are taking to more closely align rate recovery with expenditures, allowing us to continue to provide safe, reliable service for our transmission customers."
