PNM Files for Transmission Formula Rate Increase
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--
PNM Resources' (NYSE: PNM) New Mexico utility, PNM, today filed a
request with the Federal Energy Regulatory Commission (FERC) for a $3.2
million transmission rate increase and permission to adjust transmission
rates annually based on an approved formula. The request will not impact
retail rates for New Mexico customers, only wholesale customers who use
PNM transmission lines to deliver power. PNM has asked for FERC approval
by March 2013.
The filing proposes a return on equity of 10.81 percent, based on a rate
base of $317.5 million and a revenue requirement of $82.1 million. Once
approved, an annual adjustment will be made each June to update for the
prior year's costs reflected in the latest FERC Form 1 filing.
"This filing represents another step we are taking to more closely align
rate recovery with expenditures, allowing us to continue to provide
safe, reliable service for our transmission customers," said Pat
Collawn, PNM Resources chairman, president and CEO.
PNM currently has a transmission rate settlement pending before FERC.
That case was filed in 2010 with new rates implemented subject to refund
on June 1, 2011. The $3.2 million increase associated with today's
formula rate filing is in addition to that settled $2.9 million increase.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2011 consolidated operating revenues of $1.3
billion, excluding First Choice Power. Through its regulated utilities,
PNM and TNMP, PNM Resources has approximately 2,550 megawatts of
generation capacity and serves electricity to more than 735,000 homes
and businesses in New Mexico and Texas. For more information, visit the
company's Web site at www.PNMResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
Statements made in this news release that relate to PNM's expectations,
projections and estimates 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 PNM assumes no obligation to update this information.
PNM Resources, Inc.
Analysts
Terry Horn, 505-241-2119
Media
Valerie
Smith, 505-241-2892
Source: PNM Resources, Inc.
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