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PNM Resources Announces Conclusion of Mediation Phase in PNM Rate Case

ALBUQUERQUE, N.M.--(BUSINESS WIRE)-- PNM Resources (NYSE: PNM) today announced the mediation phase of the pending electric rate case filed by its New Mexico utility, PNM, has concluded without a settlement. The conclusion of the mediation phase does not preclude PNM from resuming settlement discussions with key parties in the future.

The mediation process is a recently enacted policy by the New Mexico Public Regulation Commission that is incorporated into rate cases in an effort to avoid litigation. The case now will move toward the public hearing phase under the Commission's procedures.

In June, PNM filed for an increase in electric rates for its northern and southern operations of $165.2 million, or 21.2 percent. The filing included a phase-in to mitigate the impact on customers and a future test period instead of a historical test period, based on a bill passed unanimously by state legislators in 2009. If ultimately approved by the Commission, the increase in rates would be only PNM's third in nearly 25 years.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2009 consolidated operating revenues from continuing operations of $1.6 billion. Through its utility and energy subsidiaries, PNM Resources has more than 2,710 megawatts of generation resources and serves electricity to more than 875,300 homes and businesses in New Mexico and Texas. The company also has a 50-percent ownership of Optim Energy, which owns nearly 1,200 megawatts of generation resources. For more information, visit the company's Web site at www.PNMResources.com.

PNM Resources
Analysts
Gina Jacobi
Director, Investor Relations
(505) 241-2211
or
Analysts & Media
Frederick Bermudez
(505) 241-4831

Source: PNM Resources

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