El Paso Electric Plans to Seek Delay of 2017 New Mexico Rate Case
March 22 2017 - 11:59AM
Business Wire
El Paso Electric Company (NYSE: EE) announced today that it
plans to seek a delay of its 2017 rate case filing in New
Mexico.
Case No. 15-00109-UT, the docket in which the New Mexico Public
Regulation Commission (“NMPRC”) authorized the Company to sell its
interest in the Four Corners Power Plant, requires the Company to
make a general rate case filing in the second quarter of 2017 using
a historical test year ended December 31, 2016. The Company has met
with Staff of the NMPRC and the Office of the New Mexico Attorney
General to discuss filing a motion to amend the order in Case No.
15-00109-UT to allow for the delay of a rate case filing, and the
proposal will be circulated among other intervening parties in that
case for their positions. Any motion would be subject to approval
by the Commission.
“Our preliminary analysis indicates that the revenue deficiency
in New Mexico does not justify the expense necessary to proceed
with a rate case using the dates outlined in the order from the
Four Corners Power Plant case,” said Mary Kipp, El Paso Electric
CEO. “If allowed to delay the rate increase request in New Mexico
our resources can be utilized to work on other corporate
initiatives and to provide enough time to fully analyze our options
regarding our investments in Palo Verde Unit 3. While recovery of
our significant investments like Montana Power Station Units 3 and
4 is important and will be pursued at a later time if the delay is
approved, we don’t expect the postponement of this rate case to
significantly impact our financial performance.”
El Paso Electric is a regional electric utility providing
generation, transmission and distribution service to approximately
411,000 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’s common stock trades on the New York Stock Exchange
under the symbol EE.
Safe Harbor
This news release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. 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 the Company 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 Texas and New
Mexico; and (iii) other factors detailed by the Company in its
public filings with the U.S. Securities and Exchange Commission
(the “SEC”). The Company’s SEC filings are available from the SEC
or may be obtained through the Company's website,
http://www.epelectric.com. Although the Company believes that the
expectations reflected in these 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. The Company
cautions that these risks and factors are not exclusive. The
Company does not undertake to update any forward-looking statement
that may be made from time to time by or on behalf of the Company
except as required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170322005896/en/
El Paso Electric CompanyPublic RelationsEddie Gutierrez,
915-497-3495eduardo.gutierrez@epelectric.comorInvestor
RelationsLisa Budtke,
915-543-5947lisa.budtke@epelectric.com
Excelerate Energy (NYSE:EE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Excelerate Energy (NYSE:EE)
Historical Stock Chart
From Sep 2023 to Sep 2024