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November 25, 2015 6:22 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, engages 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; provides electricity to firm-requirements wholesale customers in New Mexico a...

414 Silver Avenue SW

Albuquerque, NM 87102

United States

Founded in 1917

1,093 Employees



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: 56
Chief Financial Officer, Executive Vice President, Director and Chief Financial Officer of PNM Resources Inc
Age: 61
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: 61
Senior Vice President of Public Policy
Age: 66
Vice President and Treasurer
Age: 63
Compensation as of Fiscal Year 2015.

Public Service Company of New Mexico Key Developments

Public Service Co. of New Mexico Closes $250 Million Senior Note Offering

Public Service Co. of New Mexico closed its offering of $250 million of 3.850% senior unsecured notes due August 1, 2025. The offering was priced at 99.722% of the principal amount. Interest on the notes is payable semiannually on February 1 and August 1 of each year, beginning February 1, 2016. The PNM Resources Inc. subsidiary plans to use proceeds from the offering to repay its existing $175 million term loan; to repay outstanding borrowings under its existing $400 million unsecured revolving credit facility; to repay outstanding borrowings under its existing $50 million unsecured revolving credit facility; to repay outstanding borrowings under its intercompany loan agreement with the parent company; and for other utility financing purposes.

Public Service Co. of New Mexico Secures New Coal Supply Contract, Ownership Agreement for San Juan Plant

Public Service Co. of New Mexico on May 1, 2015 announced that it has secured a substantially final coal supply agreement with Westmoreland Coal Co. as the new intended owner of a mine supplying the San Juan generating station, plus a restructuring of the plant's ownership. The new coal supply agreement expires in 2022, but PNM and the plant's other remaining owners can extend the agreement to align with their plans to continue operating the plant after that date. The new coal supply agreement and the agreement in principle for Westmoreland to purchase the San Juan mine will not be final or binding until all parties have secured internal approvals.

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.

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