New Mexico Public Service Company sends new rate proposal

SANTA FE, N.M. (AP) — Public Service Company of New Mexico has submitted a new rate proposal after having an earlier one rejected. The Santa Fe New Mexican reports the proposal had been sent to the New Mexico Public Regulation Commission Tuesday. The previous proposal had been rejected by the commission because it wouldn't have affected all customers equally and would have overburdened regulators. The company still seeks a 9.2 percent rate increase throughout the next two years, which would begin in 2018. But the new proposal takes into consideration that not all customers would have been paying equal amounts under the previous plan. Company spokesman Pahl Shipley says the new agreement also removed a request to accelerate how quickly the company can recover costs associated with two coal plants that face potential retirement.