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ALBUQUERQUE, N.M. — New Mexico Gas Co. has filed an application with state regulators to recover costs associated with dramatic spikes in natural gas prices that were prompted by a deep freeze earlier this year, utility officials announced.
The proposal calls for spreading the recovery of the costs through December 2023 in order to minimize the effects on customers’ monthly bills. If the state Public Regulation Commission approves, customers could see their bills increase by an average of about $5.70 per month, or roughly 10%.
Even by spreading out the costs over a longer period of time, utility officials acknowledged that it will be tough for some customers to absorb the astronomical price increases that upended the natural gas market in February.