2025 Rate Request - Customer Notice

This is NOTICE of a rate proceeding before the New Mexico Public Regulation Commission and how it could impact your bill, and information about how you can participate in the process.

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About the 2025 Rate Request

PNM filed a 2025 Rate Request with the New Mexico Public Regulation Commission. This is the first step in a year-long process. Any rate adjustment requires approval from the New Mexico Public Regulation Commission which will hold a public process to review the rate request and determine a final rate adjustment.

This rate request reflects our core mission of providing dependable electricity with reasonable rates as PNM bills remain below the national average. Our dedicated team works tirelessly to keep power flowing to you and enhance your quality of life by minimizing power interruptions.

Reliable energy is essential to our everyday lives. Without a reliable and resilient grid our communities are diminished. This rate request ensures we can continue to keep our commitment to you.

Everyday uses for electricity are expanding rapidly, and PNM needs to make investments to fulfill its promise of reliable energy service as we transition to a carbon-free future.

For the past five years, PNM has navigated this rapidly changing landscape, during a time of high inflation, with minimal rate increases. Unfortunately, that cannot continue without risking reliability and slowing clean energy progress.

The proposed rate change will be applied over two phases in mid-2025 and January 2026 to mitigate customer impact. Monthly increase for average residential customers is projected to be $11.12 per month in mid-2025 and $12.48 per month in January 2026.


Improvements to the electric system are required to ensure customers have the power when they need it every hour of the day.

Replacing and upgrading equipment and adding needed generation capacity through battery storage facilities to maintain power reliability and support the state’s transition to carbon-free electricity.

Enhancing reliability even further by investing in technologies that monitor the electric system.

Protecting against cyber security and physical threats.

Reinforcing wildfire risk management, including wildfire mitigation and vegetation management to manage the risks associated with increased wildfire activity.

Building new infrastructure to enable new renewable resources to serve growing customer needs.

Balancing diverse resources used to ensure a reliable and resilient system for our customers, while continuing the transition to carbon-free energy. This includes recovery of energy storage costs and aligning the costs associated with our exit of the Four Corners coal plant in 2031.

Adjusting our return on equity to give us access to capital markets under more favorable terms which is vital to supporting the level of investments needed to meet customers’ needs.



Rate Drivers Final


Rate Pie Chart no typo


Resources:






We offer a variety of programs, tips, and tools to help you become more efficient and save money.

Time-of-Day Rate Plan is a voluntary program where customers shift their power usage to lower cost time periods to lower their electric bill.

Energy Efficiency programs reduce customers’ energy use and costs, including incentives, discounts, and rebates.

Budget Billing provides customers a predictable bill to manage their budgets by balancing seasonal highs and lows throughout the year

LIHEAP (Low-Income Home Energy Assistance Program) is for income-eligible customers needing financial support with payment assistance.

Energy Calculators help customers learn where their dollars are going. These calculators will help customers find ways to save money and energy around their home and discover what the costs and potential savings could be if they make changes to their energy use.


Final Small Changes big results

Learn about these programs and more at PNM.com/Help

There are many reasons that an energy bill can fluctuate.

  • Increase electricity usage. Customers are using more electricity today than they have in past years. For example, the addition of new electronics can continue to use power even when not in use - if the standby mode is constantly running, that means your electric meter is also running. By making small changes, customers can save money on their electric bills. Learn more at PNM.com/Help.
  • Extreme weather. The effects of climate change and the increased frequency of extreme weather events, including wildfires, can have a direct impact on customer bills. These weather events can result in customers using more electricity, especially in cases of excessive heat. These events can also increase the cost of power as price fluctuations occur in the wholesale market where PNM purchases additional energy when customer demand has exceeded resource availability.
  • Any rate adjustment requires approval from state regulators. PNM’s rate requests reflect investments in keeping the lights on 24/7. These investments are critical to power reliability and grid security, including the poles, wires and other equipment needed to maintain and protect the system, along with supporting New Mexico’s clean energy transition to carbon-free electricity.


Average Residential Customer Bill

Final 2025 Bill Below Average


Comparison of Average Residential Customer Bills 

Comparison of Average Residential Bills