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News Release
May 13, 2004
Competitive Electric Rates a Strong Sell
for New Mexico
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Rorie
Hanrahan
N.M. Economic Development Dept.
Telephone: (505) 476-3747 |
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Santa Fe: New Mexico Secretary of Economic Development
Rick Homans and Jeff Sterba, leader of the state's largest
electric and gas utility, have a message for out-of-state
businesses thinking of relocating to New Mexico: our electricity
is not only reliable, but it's also substantially cheaper.
New data from the Department of Energy's Energy Information
Administration shows the electric rates of Public Service
Co. of New Mexico (PNM), which serves 400,000 electric customers
in New Mexico, are now nearly 5 percent below the national
average and more than 19 percent below the regional average.
The region includes New Mexico, Texas, Colorado, Arizona,
Nevada, Utah and California.
The data shows average PNM rates for commercial customers
are nearly 25 percent below the regional average, while those
for industrial customers are more than 21 percent below the
regional average.
"Energy that's well priced and reliable is a key to a
profitable business, and we've got it here in abundance, as
this new data shows," Homans said. "Our energy advantages,
the quality of our work force, and the lower overall cost
of doing business help us to drive New Mexico forward by creating
new high-wage jobs."
"PNM's intense focus on quality improvement has produced
a paradox that's rarely seen in the utility industry: better
reliability, improved customer service and lower rates for
customers both large and small," said Sterba, PNM's chairman,
president and CEO. "We are proud to play a strong role
in keeping New Mexico businesses competitive and attracting
new businesses to the state."
Sterba said PNM electric rates have dropped nearly 18 percent
since 1992, without adjusting for inflation. Under the terms
of an electric rate agreement approved in 2002, PNM rates
are set to go down by an additional 2.4 percent in September
2005 — and will remain at that level through 2007.
Homans said the state will be promoting the competitiveness
of PNM's electric rates at this week's CoreNet real estate
conference in Chicago and through the department's "Make
It In New Mexico" marketing campaign.
For more information on doing business in New Mexico, visit
www.nmsitesearch.com or www.goNM.biz.
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