ALBUQUERQUE, N.M., Sept. 30,
2022 /PRNewswire/ -- After nearly half a century of
reliable service and more than five years of planning towards its
closure, the last unit of the coal-fired San Juan Generating
Station has been removed from service, as Public Service Company of
New Mexico (PNM), wholly-owned
subsidiary of PNM Resources, Inc. (NYSE: PNM), achieves significant
progress towards its ESG goals for reducing carbon emissions from
its generation portfolio.
The four-unit, coal-fired San Juan Generating Station, whose
first unit was brought online in 1973, was reduced to two units at
the end of 2017 with the closure of Units 2 and 3. Unit 1 was shut
down in June 2022, and Unit 4 has now
been shut down in September 2022.
Coal-fired generation now comprises less than 10% of resource
portfolio capacity for PNM. Carbon-free generation comprises 55% of
the company's 2.7-gigawatt capacity serving New Mexico customers, with additional
renewable resources under development for implementation in the
coming years.
PNM Resources previously published emissions goals for 2025
including a 60% reduction of carbon emissions from owned generation
facilities based on 2005 levels. The closure of San Juan Generating
Station achieves this interim goal and places the company in
position to reach its industry-leading goal to completely eliminate
carbon emissions from its generation portfolio by 2040.
Read more about PNM Resources ESG goals and plans at
https://www.pnmresources.com/esg-commitment.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2021
consolidated operating revenues of $1.8
billion. Through its regulated utilities, PNM and TNMP, PNM
Resources provides electricity to approximately 800,000 homes and
businesses in New Mexico and
Texas. PNM serves its customers
with a diverse mix of generation and purchased power resources
totaling 2.7 gigawatts of capacity, with a goal to achieve 100%
emissions-free generation by 2040. For more information, visit the
company's website at www.PNMResources.com.
CONTACTS:
|
|
|
Analysts
|
Media
|
|
Lisa Goodman
|
Ray Sandoval
|
|
(505)
241-2160
|
(505)
241-2782
|
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release for
PNM Resources, Inc. ("PNMR"), Public Service Company of
New Mexico ("PNM"), or Texas-New
Mexico Power Company ("TNMP") (collectively, the "Company") that
relate to future events or expectations, projections, estimates,
intentions, goals, targets, and strategies, including the unaudited
financial results and earnings guidance, are made pursuant to the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that all forward-looking statements are based upon
current expectations and estimates and apply only as of the date of
this report. PNMR, PNM, and TNMP assume no obligation to update
this information. Because actual results may differ materially from
those expressed or implied by these forward-looking statements,
PNMR, PNM, and TNMP caution readers not to place undue reliance on
these statements. PNMR's, PNM's, and TNMP's business, financial
condition, cash flow, and operating results are influenced by many
factors, which are often beyond their control, that can cause
actual results to differ from those expressed or implied by the
forward-looking statements. Additionally, there are risks and
uncertainties in connection with the proposed acquisition of us by
AVANGRID which may adversely affect our business, future
opportunities, employees and common stock, including without
limitation, (i) the expected timing and likelihood of completion of
the pending Merger, including the timing, receipt and terms and
conditions of any remaining required governmental and regulatory
approvals of the pending Merger that could reduce anticipated
benefits or cause the parties to abandon the transaction, (ii) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Merger Agreement, (iii) the
risk that the parties may not be able to satisfy the conditions to
the proposed Merger in a timely manner or at all, and (iv) the risk
that the proposed transaction could have an adverse effect on the
ability of PNMR to retain and hire key personnel and maintain
relationships with its customers and suppliers, and on its
operating results and businesses generally. For a discussion of
risk factors and other important factors affecting forward-looking
statements, please see the Company's Form 10-K, Form 10-Q filings
and the information included in the Company's Forms 8-K with the
Securities and Exchange Commission, which factors are specifically
incorporated by reference herein.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pnm-reaches-interim-carbon-reduction-goal-with-closure-of-coal-fired-san-juan-generating-station-301637427.html
SOURCE PNM Resources, Inc.