Hearing Examiner in El Paso Electric’s New Mexico Rate Case Issues Recommended Decision
February 17 2016 - 4:41PM
Business Wire
El Paso Electric Company (EPE) (NYSE: EE) announced that the
Hearing Examiner assigned by the New Mexico Public Regulation
Commission (NMPRC) to EPE’s rate case (Case No. 15-00127-UT) issued
a Recommended Decision in the case on February 16, 2016. In the
Recommended Decision, the Hearing Examiner recommends an annual
increase in non-fuel base rates of approximately $0.64 million.
EPE had initially requested an annual increase in non-fuel base
rates of approximately $8.6 million, or 7.1%. EPE later reduced its
requested increase in non-fuel base rates to approximately $6.4
million. A hearing on the matter was held before the Hearing
Examiner in November 2015. Today the NMPRC issued an order
extending the suspension period in the rate case from March 10,
2016 until April 8, 2016, by which time the NMPRC is expected to
issue a Final Order. All parties will be allowed to file Exceptions
before the NMPRC ultimately rules on the issues by Final Order.
“While we do not agree with some of the Hearing Examiner’s
recommendations, we also recognize that this is just one more step
in the process of establishing fair rates in New Mexico," said Mary
Kipp, El Paso Electric CEO. “The rate case involves some complex
legal and accounting issues, and we look forward to presenting our
position to the full New Mexico Commission."
EPE will provide an update on the New Mexico rate case during
the earnings conference call scheduled for February 24, 2016, at
10:30 a.m., Eastern Time.
El Paso Electric is a regional electric utility providing
generation, transmission and distribution service to approximately
400,000 retail and wholesale customers in a 10,000 square mile area
of the Rio Grande valley in west Texas and southern New Mexico. El
Paso Electric has a net dependable generating capability of 2,055
MW.
Safe Harbor
This news release includes statements, including statements
regarding the NMPRC’s expected procedural schedule, that may
constitute forward-looking statements made pursuant to the safe
harbor provisions within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). This information often involves risks and
uncertainties that could cause actual results to differ materially
from such forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to: (i)
increased prices for fuel and purchased power and the possibility
that regulators may not permit EPE to pass through all such
increased costs to customers or to recover previously incurred fuel
costs in rates; (ii) full and timely recovery of capital
investments and operating costs through rates in New Mexico; and
(iii) other factors detailed by EPE in its public filings with the
Securities and Exchange Commission. EPE's filings are available
from the Securities and Exchange Commission or may be obtained
through EPE's website, http://www.epelectric.com. Although El Paso
Electric believes that the expectations reflected in such
forward-looking statements are reasonable, no assurances can be
given that these expectations will prove to be correct. Any such
forward-looking statement is qualified by reference to these risks
and factors. EPE cautions that these risks and factors are not
exclusive. EPE does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf of EPE
except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160217006621/en/
El Paso Electric CompanyPublic RelationsEddie Gutierrez,
915-543-5763eduardo.gutierrez@epelectric.comorInvestor
RelationsLisa Budtke,
915-543-5947lisa.budtke@epelectric.comorRichard Gonzalez,
915-543-2236richard.gonzalez@epelectric.com
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