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PNM Receives FERC Approval for Transmission Rate Case Settlement

  PNM Receives FERC Approval for Transmission Rate Case Settlement

Business Wire

ALBUQUERQUE, N.M. -- January 3, 2013

PNM Resources' (NYSE: PNM) New Mexico utility, PNM, yesterday received
approval from the Federal Energy Regulatory Commission (FERC) for an unopposed
transmission rate case settlement that was filed July 3, 2012. The $2.9
million rate increase does not impact retail rates for New Mexico residential
or business customers.

PNM originally filed for a transmission rate increase in October 2010. As
permitted by FERC rules, in June 2011 PNM began billing at the higher rates
associated with the original filing subject to refund.

The agreement is a "black-box settlement," meaning the parties agreed to a
specific revenue number but no specific return on equity. The settlement
parties also agreed not to oppose the concept of a formula-based transmission
rate filing. The company made that formula-based transmission rate filing on
Monday, Dec. 31, 2012.

"We are pleased that our settlement agreement was approved. This approval,
together with our current efforts to move ahead with a formula-based
transmission rate filing, are important steps in improving the alignment of
wholesale transmission costs and revenues,” said Pat Collawn, PNM Resources
chairman, president and CEO.

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.

Contact:

PNM Resources, Inc.
Analysts
Terry Horn, 505-241-2119
Media
Valerie Smith, 505-241-2892
 
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