By Tracy Dingmann
Outrage over the Public Service of New Mexico’s plan to raise rates on New Mexico customers while paying its top executives millions has prompted one local group to form a “Shame Campaign” against PNM.
Prosperity Works, a nonprofit that works to bring energy efficiency and economic stability to New Mexico families, recently launched the campaign after the Albuquerque Journal reported that PNM’s new top executive, CEO Pat Vincent-Collawn received a $1.22 million bonus in addition to her $550k salary, for a total compensation of $1.7 million.
The company’s other top four officers received bonuses ranging from $166,466 to $525,466, and the chairman of PNM’s board was paid $1.2 million, for a total of about $ 5 million in bonuses.
This news comes approximately one month before PNM’s hearing before the Public Regulation Commission regarding its request to raise New Mexico’s rates by $85 million, as well as charge an additional $20 million in fees and riders.