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PNM says residential customers can expect an electric rate hike

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SANTA FE, N.M. (AP) — Residential customers of New Mexico's largest electric provider can expect to see an average increase of about 46 cents on their monthly bill beginning next month.

Public Service Co. of New Mexico (PNM) calculated the increase as part of a compliance filing made Tuesday with the New Mexico Public Regulation Commission.

The filing marks one of the final steps in a contentious rate case that began last year. Regulators last week ended up adopting a revamped version of an agreement that was initially negotiated by the utility, the attorney general's office, consumer groups and others.

Aside from the 2018 increase, residential customers can expect an additional monthly increase of about 42 cents in 2019.

With the increase, the utility can recover costs associated with grid improvements, the partial closure of the coal-fired San Juan Generating Station and other changes.

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