ALBUQUERQUE, N.M.,
Sept. 21,
2023 /PRNewswire/ -- Today the New Mexico Public
Regulation Commission (NMPRC) approved the unanimous settlement
agreement reached by Public Service Company of New Mexico (PNM), a wholly-owned subsidiary of
PNM Resources (NYSE: PNM), and parties in the case resolving
all remaining steps involved in the retirement of the San Juan coal plant under New Mexico's Energy Transition Act. These
steps include bill credits issued to customers and the issuance of
lower-cost securitization bonds to fund the energy transition.
"We are looking forward to completing the retirement of the
San Juan coal plant under the
Energy Transition Act and are pleased to have reached the unanimous
agreement with parties approved today," said Pat Vincent-Collawn, CEO of PNM. "As we continue
to bring new renewable resources and battery storage capabilities
to our system, we remain focused on reliably meeting New Mexicans'
energy needs and achieving our clean energy goals."
The unanimous settlement agreement to resolve outstanding issues
was reached on August 18, 2023, and a
New Mexico Supreme Court order granting the unopposed joint motion
for abeyance and remand of the associated case to the NMPRC was
issued September 14, 2023.
Under the terms of the agreement, $115
million in rate credits will be provided to customers over a
one-year period. In addition, customers will be protected from
rising interest rates if the weighted-average rate on the
securitization bonds exceeds 5.5%.
Parties to the settlement agreement are PNM, the New Mexico
Office of the Attorney General, Western Resource Advocates (WRA),
New Energy Economy (NEE), New Mexico Affordable Reliable Energy
Alliance (NM AREA), Albuquerque Bernalillo County Water Utility
Authority (ABCWUA), Coalition for Clean Affordable Energy (CCAE),
Prosperity Works and Utility Division Staff of the New Mexico
Public Regulation Commission (Staff).
Today's order, the settlement agreement and additional materials
pertaining to the related filings 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.
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SOURCE PNM Resources, Inc.