Price of Electricity for TNMP Customers

Drops by Nearly 15 Percent

(ALBUQUERQUE, N.M.) – Electricity prices for New Mexico customers of Texas-New Mexico Power Co. have done something that’s a rarity these days:  they’ve shrunk.

Rates for TNMP’s 49,000 customers in southern New Mexico have been lowered as a result of PNM Resources’ acquisition of TNMP last year.  PNM Resources is the parent company of PNM.

The rates of residential customers are now 14.6 percent lower, reducing the average monthly bill from $62.53 to $53.42, for a monthly savings of $9.11.  Business rates are now 13.3 to 17.3 percent lower, depending on the type and size of the business.  Customers will begin to see the full effect of the reduction in their bills this month

Aside from two smaller electric rate reductions in 2008 and 2009, TNMP’s electric rates will be frozen through 2010 – giving customers price certainty at a time when energy prices are rising.

“This will save our customers in southern New Mexico $53 million during the next five years,” said Doug Hobbs, TNMP president and a senior vice president of PNM Resources.  “Because competitive electric rates are important to growing businesses and creating jobs, this should help strengthen the economic development appeal of the communities we serve.”

TNMP serves customers in and around Ruidoso, Alamogordo, Lordsburg, Silver City and Bayard.