In the aftermath of last summer’s Las Conchas wildfire—the largest in New Mexico history—a wall of black, muddy, log-choked water came roaring down Bandelier National Monument’s Frijoles Canyon. The National Park Service had prepared for the Aug. 21 flood, wrapping the historic visitor center in heavy plastic and erecting concrete barriers to deflect the waters.

Do New Mexicans deserve low-cost electricity or clear skies? That question lies at the heart of the latest dust-up between federal regulators and the Public Service Company of New Mexico.