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March 31, 2015 11:34 PM ET

Electric Utilities

Company Overview of Public Service Company of New Mexico

Company Overview

Public Service Company of New Mexico, an electric utility company, is engaged in the generation, transmission, and distribution of electricity for retail electric customers in New Mexico. The company generates electricity using coal, nuclear fuel, and gas and oil sources. It is also involved in the provision of transmission services to third parties; and the generation and sale of electricity into the wholesale market. The company offers retail electric service to customers in north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, as well as various other areas of southern New Mexico; and owns or leases transmission lines, interconnected with other utilities...

414 Silver Avenue SW

Albuquerque, NM 87102

United States

Founded in 1917

1,093 Employees

Phone:

505-241-2700

Key Executives for Public Service Company of New Mexico

Chairman, Chief Executive Officer, President, Chairman of PNM Resources Inc, Chief Executive Officer of PNM Resources Inc and President of Pnm Resources Inc
Age: 55
Chief Financial Officer, Executive Vice President, Director and Chief Financial Officer of PNM Resources Inc
Age: 60
Principal Accounting Officer, Vice President, Corporate Controller, Principal Accounting Officer of Pnm Resources Inc, Vice President of Pnm Resources Inc and Corporate Controller of Pnm Resources Inc
Age: 60
Senior Vice President of Public Policy
Age: 65
Vice President and Treasurer
Age: 62
Compensation as of Fiscal Year 2014.

Public Service Company of New Mexico Key Developments

Public Service Co. of New Mexico Files Settlement with New Mexico Regulators on San Juan Generating Station Plan

PNM Resources' Public Service Co. of New Mexico filed with the N.M. Public Regulation Commission (NMPRC) a settlement that -- if approved -- would settle PNM's request for approvals of changes at the San Juan Generating Station (SJGS). An approved settlement would allow PNM to implement a revised state plan that is beneficial to customers and to comply with federal visibility regulations under the Clean Air Act. The settlement was reached with staff of the NMPRC, the N.M. Attorney General, Renewable Energy Industries Association of N.M., N.M. Independent Power Producers and Western Resources Advocates. Other parties have indicated they may support the filing, but have not yet received internal approval to do so. The settlement requires approval from the NMPRC to be implemented. The U.S. Environmental Protection Agency announced its final approval of the revised state plan on Sept. 26. The settlement identifies the regulatory treatment for the following items: A Certificate of Public Convenience and Necessity (CCN) for PNM's ownership in Palo Verde Nuclear Generating Station (PVNGS) Unit 3; approval to include in rates the cost of Selective Non-Catalytic Reduction (SNCR) equipment for SJGS Units 1 and 4; and retirement of SJGS Units 2 and 3; and a CCN for an additional 132 MWs of SJGS Unit 4. There are two other power resources proposed by the Company that partially make up the power generation lost with the shutdown of SJGS Units 2 and 3. PNM requested that 40 MWs of solar generation be approved in its 2015 Renewable Plan filing. A settlement between the Company, staff of the NMPRC, the N.M. Attorney General, N.M. Industrial Energy Consumers, Western Resources Advocates and the Coalition for Clean Affordable Energy was filed on Sept. 25 that, if approved by the NMPRC, would allow construction of the solar facility with costs up to $79 million for recovery in the general rate case that is expected to be filed by year-end. The other proposed generation source is a $189 million 177 MW gas peaking generation facility that will be constructed at SJGS. An application for a CCN will likely be filed for this resource next year. The resulting net rate base from the settlement and the other proposed power resources would be approximately $406 million in 2018. This is in line with the Company's current capital plan that results in a 6% to 8% increase in rate base from 2014 to 2018.

PNM Declares Regular Quarterly Dividend on Preferred Stock, Payable on April 15, 2014

The Board of Directors of PNM has declared the regular quarterly dividend of $1.145 per share on the 4.58% series of cumulative preferred stock. The preferred stock dividend is payable April 15, 2014, to shareholders of record at the close of business April 1, 2014.

Public Service Company of New Mexico Enters into Term Loan Agreement

On March 5, 2014, Public Service Company Of New Mexico entered into a new $175 million term loan agreement among PNM and the bank of Tokyo-Mitsubishi UFJ, LTD., as lender and administrative agent. on March 5, 2014, PNM used a portion of the funds borrowed under the new term loan agreement to repay all amounts outstanding under PNM’S existing $75 million term loan agreement by and among pnm, the lenders party thereto, and Union Bank, N.A., as administrative agent, and terminated such agreement. The balance of the funds was used to repay other short term amounts outstanding. The existing pnm term loan would otherwise have terminated on October 21, 2014. There were no prepayment penalties paid in connection with the termination of the existing pnm term loan. PNM must pay interest on its borrowing under the new term loan agreement from time to time following funding and must repay all amounts on or before the maturity date of august 28, 2015. The new term loan agreement includes customary covenants, including requirements to not exceed a maximum consolidated debt-to-consolidated capitalization ratio. The new term loan agreement also includes customary events of default. The new term loan agreement has a cross default provision and a change of control provision. If an event of default occurs, the administrative agent may, or upon the request and direction of the lenders holding a specified percentage of loans shall, declare the obligations outstanding under the new term loan agreement to be due and payable. Such acceleration will occur automatically in the event of an insolvency or bankruptcy default.

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