CARLSBAD, N.M. (AP) — Xcel Energy is seeking a rate hike of 5.2 percent or $4.40 a month for its eastern New Mexico power customers.
The Carlsbad Current Argus (http://bit.ly/qGmm8P ) reports the utility company and key customer groups in New Mexico have filed a proposed settlement of the company’s rate case with the New Mexico Public Regulation Commission that company officials say will help the utility recover the cost of investments in the region’s growing power grid.
Xcel spokesman Wes Reeves says the current base rates are based upon costs for 2007-2008. Since that time, the company has absorbed higher costs for materials to expand and maintain its systems of transmission and distribution facilities.
The agreement allows Xcel Energy to increase its overall New Mexico retail revenues in January by 4.7 percent, or a total of $13.5 million.