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Violation Tracker Individual Record

Company: Public Service Company of New Mexico
Current Parent CompanyPNM Resources
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $115,000,000
Year: 2023
Date: August 18, 2023
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: New Mexico Attorney General Torrez announced that a settlement was reached with the Public Service Company of New Mexico (PNM) to resolve the outstanding appeal related to the closure of the San Juan Generating Station (SJGS). Under the terms of the settlement, ratepayers will receive a $115 million rate credit over a one-year period and PNM will be permitted to issue bonds under the Energy Transition Act. In addition, the parties have agreed that the interest rate on the bonds will be capped at 5.5%, with an additional rate credit to be paid if the interest rate exceeds the cap.
Level of Government: state
Action Type: agency action
Agency: New Mexico Attorney General
Civil or Criminal Case: civil
Facility State: New Mexico
HQ Country of Current Parent: USA
HQ State of Current Parent: New Mexico
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: utilities and power generation
Specific Industry of Current Parent: utilities
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.