ALBUQUERQUE, N.M., Dec. 7, 2016 /PRNewswire/ -- PNM Resources'
(NYSE: PNM) New Mexico utility,
PNM, today filed with the New Mexico Public Regulation Commission
(NMPRC) its request for an increase in electric rates of
$99 million that, if approved, would
take effect January 1, 2018. The
average system bill impact from this increase would be 11.2
percent.
"This rate filing represents important changes that will
transform the generation portfolio that serves our New Mexico customers as we use carbon-free
nuclear energy to replace two coal-fired units that will be shut
down," said Pat Vincent-Collawn, PNM
Resources' chairman, president, and CEO. "We know that this change
comes at a price, but we also know that it is important to our
customers, and to all of us, to have reliable, affordable and
sustainable energy."
The rate request reflects the implementation of the San Juan
Generating Station (SJGS) plan that was broadly supported by the
intervenors to the filing and approved by the NMPRC in December 2015. This plan paves the way for PNM
customers to receive power from a more sustainable generation
resource portfolio by approving the use of PNM's interest in the
Palo Verde Nuclear Generating Station Unit 3 to serve retail
customers following the shutdown of SJGS Units 2 and 3. The values
for these items were set in the December
2015 NMPRC approval. In addition to the SJGS plan, this rate
filing includes other environmental improvements to generation
resources, normal capital expenditures that ensure reliable service
for customers and adjusts for the lower sales due to the company's
successful energy efficiency programs.
In the rate filing, PNM also proposes changes to rate design to
better align electric rates with the actual costs to serve
customers and encourage continued energy efficiency while proposing
a rate mechanism that eliminates the disincentives associated with
energy efficiency and load management programs.
PNM management will hold an analyst meeting and live webcast
Wednesday, Dec. 14 at 10 a.m. Eastern to discuss PNM's general rate
case filing and other company updates. The presentation for the
live webcast will be available prior to the start of the meeting on
PNM Resources' website at
http://www.pnmresources.com/investors/events.cfm. Listeners are
encouraged to visit the website at least 30 minutes before the
event to register, download and install any necessary audio
software. The webcast archive will be available following the
meeting on the PNM Resources website.
Documents related to the PNM rate filing can be found at
www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy
holding company based in Albuquerque,
N.M., with 2015 consolidated operating revenues of
$1.4 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources has approximately 2,787
megawatts of generation capacity and provides electricity to more
than 760,000 homes and businesses in New
Mexico and Texas. For more
information, visit the company's website at
www.PNMResources.com.
CONTACTS:
Analysts
|
Media
|
Jimmie
Blotter
|
Dan Ware
|
(505)
241-2227
|
(505)
241-2786
|
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release that
relate to future events or PNM Resources, Inc.'s ("PNMR"), Public
Service Company of New Mexico's
("PNM"), or Texas-New Mexico Power Company's ("TNMP")
(collectively, the "Company") expectations, projections, estimates,
intentions, goals, targets, and strategies 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. 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. For a
discussion of risk factors and other important factors affecting
forward-looking statements, please see the Company's Form 10-K and
Form 10-Q filings with the Securities and Exchange Commission,
which factors are specifically incorporated by reference
herein.
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SOURCE PNM Resources, Inc.