TNMP Receives Approval for Distribution Investment Recovery

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Jun 14, 2024, 06:30 ET

ALBUQUERQUE, N.M., June 14, 2024 /PRNewswire/ -- The Public Utility Commission of Texas (PUCT) approved the application from Texas-New Mexico Power Company (TNMP), the Texas utility subsidiary of PNM Resources, Inc. (NYSE: PNM), to recover over $205 million in net distribution infrastructure investments to reliably serve customers' power needs since its last filing.

TNMP filed the Distribution Cost Recovery Factor (DCRF) application in April 2024 and received approval for the requested $15.7 million increase (on an annual basis) with rates effective July 28, 2024.

Legislation passed during the 2023 Texas legislative session permits the historically annual filings on a semi-annual basis, further reducing regulatory lag associated with distribution capital investments. Recovery of investments under these filings, combined with recovery of transmission investments under semi-annual Transmission Cost of Service Filings, continues to support the robust investment plan to support reliable growth across the TNMP service territory.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2023 consolidated operating revenues of $1.9 billion. Through its regulated utilities, TNMP and PNM, PNM Resources provides electricity to more than 800,000 homes and businesses in Texas and New Mexico. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 3.3 gigawatts of installed capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company's website at www.PNMResources.com.

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