New Mexico Supreme Court Declines to Rule on Applicability of Energy Transition Act

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Oct 03, 2019, 21:21 ET

ALBUQUERQUE, N.M., Oct. 3, 2019 /PRNewswire/ -- Today the New Mexico Supreme Court denied a joint petition from PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), along with Western Resource Advocates, Coalition for Clean Affordable Energy, Sierra Club, IBEW Local 611, San Juan Citizens' Alliance and Diné Care, to provide clarification about the applicability of the Energy Transition Act (ETA) to PNM's application for San Juan Generating Station abandonment, securitization and replacement power.

The denial of the petition by the New Mexico Supreme Court means that the New Mexico Public Regulation Commission (NMPRC) will handle the question of the ETA's applicability through its scheduled proceeding.

"Today's ruling comes as a disappointment, although we respect the Court's decision not to grant our request for an immediate ruling," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We continue to believe that the ETA applies to all aspects of our San Juan filing. As we work through the NMPRC process, we will seek further legal remedy for any Commission ruling that is not consistent with the law."

The ETA, described by New Mexico Governor Lujan-Grisham's office as landmark legislation that sets bold statewide renewable energy standards and establishes a pathway for a low-carbon energy transition away from coal while providing workforce training and transition assistance to affected communities, became effective in June 2019 after being passed in the legislative session and signed into law by the Governor.

Today's order, and other documents related to the San Juan filing, can be found 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 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. ("PNMR") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or 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 and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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.

SOURCE PNM Resources, Inc.