Renewable Energy, Grid Investments Help Protect Utility Customers in New Mexico From Fossil Fuel Price Spikes
Fossil fuel prices have risen worldwide since Russia invaded Ukraine last February, but investments in renewable energy are helping the Public Service Company of New Mexico keep customers’ costs down.
Unlike in coal-dependent Indiana where utility costs are skyrocketing — and despite a nearly 10% increase in New Mexican fuel costs — PNM customers will see an average increase of just 75¢ (less than 1%) on their electricity bill under a regulatory filing from the utility Monday.
Customers are insulated from rising fuel costs, the utility said, by the closing of the San Juan coal-fired power plant and its efforts to transition to renewable energy and modernize the grid.
As reported by New Mexico Political Report:
[PNM spokesman Ray] Sandoval said PNM is not working toward net zero — which would involve offsetting carbon emissions through efforts like planting trees. Instead, he said PNM is working to achieve zero carbon emissions.
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