PNM rates talks 'dead in the water,' CEO says.(Business)

Byline: THE ASSOCIATED PRESS

OTHER BUSINESS NEWS

The Public Service Company of New Mexico has called off negotiations that could have eliminated the need for a review of its rates.

"PNM called us a couple of days after we met and told us we were too far apart and they didn't have enough time to talk and didn't think we would be able to get anywhere," said Steve Michel, general counsel for New Mexico Industrial Energy Consumers.

The talks are "dead in the water," PNM President and CEO Ben Montoya said during an interview after the company's annual shareholders' meeting Tuesday.

Public Utility Commission representatives and the …