Public Service Company of New Mexico

PUBLIC SERVICE COMPANY OF NEW MEXICO: Public Service Company of New Mexico, the state's largest utility, says it will cut 15 percent of its work force over the course of the next year as part of a company-wide restructuring plan. PNM made the announcement recently in a memo to employees, saying it will let go 150 workers at the end of the week and another 350 people next year. PNM officials said the job cuts are a result of the increasing costs of doing business. The job cuts are part of an effort to restructure the entire utility. An analysis identified jobs that could be eliminated without compromising service. PNM employs about 3,300 workers and serves about 487,000 electricity customers and about 490,000 natural gas customers in dozens of communities around New Mexico. 11/26