ALBUQUERQUE, N.M. — A lower-than-expected rate increase is moving forward as PNM announced a key deal Tuesday.

PNM and other parties reached a stipulation specifying a rate increase that would amount to $9.79 per month – reportedly around $2.79 in July and $7 in April 2026. That is down from the $23 increase that PNM initially requested.

PNM claims this will bring in about $105 million in increased revenue.

The stipulation involved the utility division staff of the NMPRC, the New Mexico Department of Justice, the City of Albuquerque, Bernalillo County, companies like Kroger and Walmart and other parties.

It is now set to go before the New Mexico Public Regulation Commission for approval.