ALBUQUERQUE, N.M.,
July 7,
2023 /PRNewswire/ -- The New Mexico Supreme Court
(Court) issued a decision yesterday to uphold the New Mexico Public
Regulation Commission (NMPRC) decision to deny the application by
Public Service Company of New
Mexico (PNM), a wholly owned subsidiary of PNM Resources
(NYSE: PNM), to abandon, sell and securitize its minority interest
in the Four Corners Power Plant and affirmed the NMPRC's decision
to defer resolution of prudence issues for PNM's prior investments
in the plant.
In its application, PNM brought forth a plan to exit its 13%
minority ownership (200 megawatts) in the coal-fired plant through
a sale to Navajo Transitional Energy Company (NTEC) at the end of
2024. The NMPRC order delays PNM's exit from coal until possibly
2031, when current ownership and coal supply agreements expire, and
postpones savings for customers as well as significant annual
carbon emission reductions from the plant through seasonal
operations.
The NMPRC's final order, upheld by the Court, provides an option
for PNM to file a new application identifying proposed replacement
resources. PNM will review the decision and determine next
steps.
The Court's decision and additional materials pertaining to the
application for abandonment and securitization are available at
https://www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2022
consolidated operating revenues of $2.2
billion. Through its regulated utilities, PNM and TNMP, PNM
Resources provides electricity to more than 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 energy 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 the Company by Avangrid, Inc.
(the "Merger") which may adversely affect the Company's 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 and its announcement could have an
adverse effect on the ability of the Company 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/new-mexico-supreme-court-upholds-new-mexico-public-regulation-commission-denial-of-pnm-application-for-abandonment-securitization-of-four-corners-coal-plant-301871764.html
SOURCE PNM Resources, Inc.