PNM Resources says rate decision disappointing

NEW YORK, March 6 (Reuters) - PNM Resources Inc (PNM.N: Quote, Profile, Research, Stock Buzz) said on Thursday that a recommended rate decision by the New Mexico Public Regulation Commission is extremely disappointing and potentially devastating for its main subsidiary PNM.

Regulators recommended a $24.2 million rate increase for the New Mexico power company, about one-third of the requested $76.9 million hike.

Regulators will issue their final rate decision by May 7, PNM said. (Reporting by Chris Reiter)