ALBUQUERQUE, N.M. (AP) - New Mexico's largest utility plans to file a request with regulators next month for a rate increase that chief executive officer Patricia Vincent-Collawn has characterized as big.
Public Service Company of New Mexico, known as PNM, will file with the state Public Regulation Commission on June 1.
The utility has raised rates by an average of 24 percent in the past three years.
PNM spokeswoman Susan Sponar says it did not have an electricity rate increase for 20 years before 2007.
PNM officials say they won't release the dollar amount of the proposed increase until they file it with regulators.
Sponsor says PNM has made significant investments that are not recovered in today's rates.
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