Texas-New Mexico Power, an electric distribution and transmission utility, has reportedly gained the approval to raise their annual revenue by a considerable amount.
While the increase will only directly affect retail electricity providers initially there is a good possibility that some of those companies will make up for the increase by passing it along to their energy customers.
The number of electricity consumers that have the potential to be affected by this in the long wrong is approximately 230,000, spread out among 76 Texas cities.
- The increase in annual revenues that has been approved is $10.25 million.
- The retail electricity providers could see rate increases as early as February 1st of this year.
- If the rate increase is passed along to energy consumers those electricity customers will see an increase in their monthly bills of approximately $2.62.
- In order to increase their revenue PNM Resources and Texas-New Mexico Power had to gain approval from Texas regulators.
These days many energy companies are requesting to be able to implement rate increases.
In some cases the increases are for renewable energy projects and in others the extra funds are used to update infrastructures.
Either way electricity consumers have a tendency to get nervous when they hear the words “rate increase” and for a long time there was nothing that they could do about it.
Now that the electricity market in Texas is deregulated though consumers have the option of looking for an energy company that does not plan to increase their rates.
Contact a representative at Electric Rates and they can help you learn more about Texas electricity deregulation and they can help you compare multiple energy company rates.
You may find that a different company has even more to offer than lower energy rates too.
Don’t be stuck with an electricity company that charges you more so that they can make more money.
Call Electric Rates at 1-800-971-4020 and compare rates to save.