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Remember that in the period Feb 11-18, the cold spell cause some sharp increase in natural gas prices, particularly in TX where NM utilities get their gas.
Today, Southwestern Public Service, (SPS)one of the three IOU or Investor Owned Utilities providing electric service in NM, said that because of the price spike, the March bill for an average customer would go up $40. However, the company would like to have a plan to charge 1/24 of the increase over the next 24 months and the company would bear the costs of carrying the debt.
The NM PRC will issue an order to allow this and expects other IOU and Gas utilities to ask the NM PRC to do the same or close to it.
SPS operates in the SE part of NM from the Clovis area south and also in TX from about Lubbock and north. It is a subsidiary of Xcel Energy which provides service in several Great Plains/Midwestern states.
The NM PRC is proposing to ask all of its regulated electric/gas utilities and the 20 Electric Co-Ops about their experience with the price spike last month but will try to get the questions being asking by the NM Attorney General to avoid duplication. A member of the NM AG may present next week to the NM PRC
Here is an example of the problem of the TX price spike:
A co-op seeks shelter from $2 billion in electricity costs, the state sues a shut-down Griddy, and a San Antonio utility may pull back on its clean energy goals.
To read the full article: https://www.greentechmedia.com/articles/read/texas-crisis-drives-first-public-power-bankruptcy-with-more-fallout-expected?utm_medium=email&utm_source=Daily&utm_campaign=GTMDaily
George Richmond
Observer to the NM Public Regulation Commission
-- George M. Richmond 152 Juniper Hill Road, NE Albuquerque, NM 87122-1913 C: 505-280-2105 E: geomrich1@comcast.net